Arthur Lok Jack to host talk on recession business solutions
On May 24, 2018, a business conference will be held at the Arthur Lok Jack Global School of Business to discuss hidden opportunities in recession and how disruption and a new mental mindset can lead to growth in an organization.
The School said in a statement issued earlier this week that author Professor Luke Williams, former Group CEO of Neal and Massy (now Massy), Jesus Pazos, Mr. Langston Roach Executive Chairman of Langston Industries, Mr. Derwin Howell, Executive Director, Republic Bank Limited and other distinguished leaders will be present to discuss innovative solutions for surviving and thriving in an economic downturn.
"Trinidad and Tobago is going in a deep recession from which it is not likely to recover until 2018...Whether it has been defined or not, we are in a recession. It is going to be a deep one," said Mariano Browne, Former Minister in the Ministry of Finance at a breakfast seminar in 2016.
CEO of The Arthur Lok Jack Global School of Business, David Dulal-Whiteway said:
“How we do things is more important than what we do. A recession is an opportunity to reposition your organization for emerging opportunities and to build a more resilient organization. You must first survive in order to be around for the next upswing in the economy”.
Business Consultant and Lecturer at the Arthur Lok Jack Global School of Business Bhushan Singh commented:
"It's not always all gloom and doom in a recession. People do not stop living, they just live differently. They spend differently. They recalibrate their perception of value. In the same way, organizations must also adopt this recalibration of value in their operations and in their offerings if it is to find opportunities for growth in an economic downturn."
A focus area for an organization is their business models. According to Singh, “It is shortsighted to think that one business model can take a firm into perpetuity.”
Instead, he suggests an “innovation model” and promotes the concept of Disruptive Innovation during a recession. After all, necessity is the mother of invention. Business owners need to adopt a new mindset, a different mindset, one that includes visionary approaches with the potential to revolutionize industries and create new markets.
In the same vein, master disruptor and Executive Director of W.R. Berkley Innovation Labs Professor Luke Williams, insists that leaders should take a proactive stance and set the conditions for disruption in their industries and markets, be optimistic about the future and utilize a different mindset.
"When the going gets tough, the tough innovate. The question is not whether to innovate or not to innovate during a downturn, the question is always how do we innovate. Creative solutions can achieve desired business turnaround. Organizational adaptability is about building new competencies and adapting faster to change. There is a long legacy of business theories and practices that are rapidly becoming irrelevant in our rapidly changing landscape."
"Globalization, e-commerce and social media has forever changed the business paradigm. This is a new, dynamic environment that panders to and profits from consumer’s fluctuating and fickle preferences. The advantage: always unique opportunities and niches to explore, particularly in a downturn," the School said.
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