June 30, 2021
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This article has been translated from our English version.
Opinions expressed by collaborators entrepreneur It’s personal.
After the Spanish Flu of 1918-1920, the 1920s swept the United States, leading to the spread of Cooperat and the consumerism In a way the country has never seen before. And in the middle of it bubble she was Aspiring Entrepreneurs They are ready to revolutionize and take risks and compete mercilessly.
Now, let’s move on to 2020: We are just beginning to recover from the Covid-19 pandemic and the economic recession that it has left in its wake. The Innovations in science and technology They change every aspect of life and work, just as they did in the 1920s. but with digital transformationToday’s entrepreneurs and business leaders operate in a completely different environment than Henry Ford a JP Morgan. Let’s take a look at some of these differences and why they are important.
The need for fitness
The digital transformation It has become a buzzword, but it is mainly about using technology to replace manual processes and respond quickly to emerging consumer and business requirements.
The business tycoons of the 1920s moved as fast as they could with innovations, whether it was getting electricity to every home in America or using the radio to launch mass advertising and increase consumption. To move quickly today, CEOs must own digital knowledge e Invest in technology The right business, be it artificial intelligence (AI), automation tools, or customer relationship management (CRM) systems. They also need digitally savvy CEOs on their boards.
– Entrepreneur in Spanish (SoyEntrepreneur) June 29, 2021
Diversity in leadership
When we think of the 1920s, we often picture a powerful CEO, perhaps sitting behind a mahogany desk in a posh office, making all the important decisions himself and giving orders to the rest of the company. He meets two equally powerful friends, and they decide fate and fortunes while smoking a cigar. These CEOs may still be around today, but most modern companies They are led by teams of CEOs who have laptops and smartphones.
Over the decades, the top management has gone through many inventions. Today, the typical team includes leaders representing specific business areas, such as sales and marketing. More and more non-tech companies are adding CEOs and CIOs to compete in the digital economy.
Today, many boards of directors, whether voluntarily or in compliance with the law, Include women and minoritiesSomething unheard of in the 1920s, when society was just beginning to accept women’s suffrage. Again, there is still a lot to improve, but we are heading in the right direction.
While diverse experiences and perspectives help avoid blind spots and make better decisions, it also takes extra effort to make teams come together. Therefore, entrepreneurs today need to spend as much time developing team culture and alignment as they do on other mission-critical initiatives.
New Consumer Expectations
In the 1920s, a few entrepreneurs dictated consumer behavior in practice, whether it was with the mass production of cheap cars, the expansion of chain stores and telecommunications or other business and product innovations aimed at improving bottom lines. From these efforts, the American consumer was born, and as a side effect, a new way of life was born.
With each decade, the new way of life is becoming faster and more focused on consumption. s The average consumer is becoming more demanding, sophisticated and powerful.
What do new consumer expectations mean for business leaders? Well, all business decisions today should revolve around Create great customer experiences, as well as anticipating and meeting customers’ needs in a way that adapts to their preferences, and not to those of the company. Of course, this should increase the end result at the same time.
The modern CEO is engaged in technological innovation, has better communication with his team, and is aware of his moral and social responsibility. Image via Depositphotos.com
Real-time data access
Today, business decision makers have access to key data at their fingertips. Real-time digital dashboards provide insight into every part of the business, facilitating timely troubleshooting and rerouting. No need to wait for end-of-quarter numbers or for offices to report.
With access to real-time data comes the pressure on executives to connect different data points in useful ways, think faster, and make informed decisions.
Fast and open connection
Email, instant messaging, and social media platforms have accelerated communications, making company executives more accessible than ever before. Technique They read customers’ emails and reply to them directly. Anyone can contact Jack Dorsey chirp him.
We can discuss the pros and cons of instant communication, but the point is that today’s business leaders are more accessible to their employees and customers, unless they make an effort not to. The way CEOs communicate with various stakeholders has a huge impact on the company’s image, which brings us to our next point.
Social responsibility and work ethic
The 1920s, an era of opportunity for inventors and entrepreneurs, was cruel to farmers, unions, and minorities. With pro-business government, unbridled power, and complete control of the narrative, business executives have evaded practices that would be illegal and considered unethical today.
Fortunately, times have changed. Today, many CEOs Speak out against injustice and create or support initiatives for Building a more equitable society s Anti-discrimination. There’s also more peer pressure than there was in the 1920s, and ignoring it can irreversibly damage your reputation, relationships with clients, and your business.
We still have a lot of work to do to create a more just and equitable society. And entrepreneurs, once again, have the opportunity to lead the way.
We often make the 1920s romantic and the businessmen who defined it. But success means something different to entrepreneurs today. The business goals may have remained the same – getting more customers, growing the business, outsmarting the competition – but the way you do business and leadership is different. that’s good.