Recent news features in print and electronic media have noted the record piles of cash being held by non-financial companies. $837 billion, yes billion with a "b," to be exact. The money isn't being spent, invested in research and development or to hire more people.
Two sub-headings in a USA Today article summarized the current business model: "Scared to spend" and "Waiting for the right opportunity." Each one highlights a lack of leadership.
In a recent discussion, one person defended corporate leaders by imploring, "We're going through very challenging times." Yes we are. However, if you're doing what everyone else is doing that's not leadership; that's following the crowd. It's under pressure when people's real values, skills and abilities become apparent.
The Vision Thing
Ask most people what qualities leaders should have, and even people who've never given it a lot of thought, will tell you the "vision thing." That is the ability to pick a destination for the future and lead everyone successfully towards it. Do nothing does not qualify.
Not Scared to Spend
Being involved in business includes risks. Perhaps, no one exemplifies the willingness to spend successfully or ignore waiting for the right opportunity more than Walt Disney.
Disney took a big risk when he created Snow White and the Seven Dwarfs. No one, including Disney's wife, thought people would pay to see a long cartoon. It was referred to by doubters as "Disney's Folly."
Developed from 1934 to 1937 during the Depression, Disney ran out of money in the middle of 1937. The film was near enough to completion for the bank to finance its completion. The film went on to become the most successful film of all time (1938) and Disney received a special, honorary Oscar (with seven miniature Oscars) for his innovations.
Disney was willing to invest in his ideas that had the potential to work. He would later once again risk everything when he created Disneyland.
It's Not Easy
Effective leadership is not easy. One corporate client of mine has continued to work on new opportunities. It's very hard work, especially in this economic environment. However, they are convinced they will have the advantage by being already in the marketplace or ready to go to market when the economy gets better.
GE (General Electric), HP (Hewlett-Packard) and Microsoft were all started during recessions. Their founders didn't wait for the "right conditions."
Somewhere right now a new company is being started that will be a household name ten years from now. And somewhere right now is an existing company creating a new product or service that will explode its growth. Is it your company?
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