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While we’ve always lived in a VUCA world – Volatile, Uncertain, Complex and Ambiguous – these tendencies are a bit more pronounced than in the past, with the speed of disruption exceeding anything seen before. New entrants are pushing innovative products or services onto the market and leveraging novel business models to disrupt entire industries. Many of these new players no longer own assets but instead leverage existing assets and capture value from data and from controlling the customer interface.
Despite their significant market dominance and availability of resources, established businesses are increasingly uncertain about the future and struggle to adjust to this new reality. As a result, many have missed out on new growth opportunities because of their inability to match the speed of execution of new entrants. They realize they need to anticipate disruption and understand emerging technologies that may impact their business before it is too late.
But how to do so? It requires VUCA leadership – Vision, Understanding, Clarity, and Agility – all of which are essential for a novel and entrepreneurial organization. The fundamental question is, how can established firms adopt entrepreneurial thinking and acting?