Colombo School of Business & Management recently featured Dr. Nayana Dehigama, Founder/Executive Chairman, Epic Technology Group. Mr. Dehigama spoke on the topic “surviving in the next normal” encompassing the upcoming entrepreneurial and management challenges the business forefront will face due to the economic slump. Addressing the value of approaching circumstances in a crisis he states how even though crisis is considered an uncontrollable situation it ought to be looked at as another ‘state’ (an alternate situation) with different parameters and dynamics. Just like other dynamics there are opportunities in a crisis market and survival is based on the mindful engagement of identifying these key areas.
Mr. Dehigama describes entrepreneurship in organizations as the “ability to introduce ‘innovation’ in response to perceived opportunities (goals). The virtual circle of survival can be described as entrepreneurial innovation and growth strategies that result in profitability. It is vital to maintain this cycle through all states of normal, by adjusting goals in anticipation of change. He recommended organizations promote adaptability, look into new business models, adopt technology for efficiency, upskill human resources and contain costs. This means the workforce has to be sharper than ever before to stay in the race. Believing that uncertainty is the only certainty will help further adapt mindsets to stay focused on the need for change.