Page 189 - Accelerating out of the Great Recession

ACCELERATING OUT OF THE GREAT RECESSION

ricula, with many schools agreeing on the need to emphasize
linkages across markets and to place the fundamentals of business
in the context of the current crisis. Also, some business schools,
such as New York University’s Stern School and Chicago’s Booth
School, expect an increase in interest in classes on economic his-
tory, particularly lessons from the Great Depression.
While it is too early to say whether these changes represent
a decisive break from the recent past, what is clear is that it is
unlikely to be business as usual.

■ MOBILIZING FOR GROWTH ■

There are, as we have seen, many examples of companies that
have driven growth during challenging economic times. They
had the courage and confidence to back their judgment about
where opportunities could be exploited. Chapters 4 and 5
described the strategies. But changing the managerial mind-set
will be the toughest challenge of all.
Management teams are acutely aware of the increased pres-
sure that comes with constrained economic growth. If anything,
this reinforces defensive tendencies and promotes a mind-set
inclined to explain why growth is hard to achieve—rather than
an attitude of actively seeking growth and a disproportionate
share of the market.
This “crisis mode” reinforces what already—in normal
times—are obstacles to growth: a risk-averse culture that
increases in parallel with the increasing cost of failure for any
individual; decision-making that slows down as managers seek
extra reassurance before taking action; and leaders who become
more reluctant to empower their management teams.

■ 168 ■