Newspaper article THE JOURNAL RECORD

Employing the Five Freedoms of Business Success

Newspaper article THE JOURNAL RECORD

Employing the Five Freedoms of Business Success

Article excerpt

If you were a professor of business at a prestigious university and began to notice over the course of the years that it seemed some of your best graduates did not fare nearly as well as some of your poorer students, what would you do?

Professor Dan Thomas of Stanford University formed a management consultant firm after he noticed the trend. But he did some research first.

Not only did he notice that there were a few very bright students who were not very successful in their careers, but he noticed that there were several of his poorest students who were enjoying phenomenal success. His book, "Business Sense: Exercising Management's Five Freedoms" by the Free Press publishers, which came out in October, cites the five freedoms he "discovered" as: Choosing the right business to enter. Employing a great strategy if stuck in the not-so-great-business. Predicting the future of the industry. Designing the organizational structure to fit the strategy. Worry about hiring the "right" people last because a success company _ one employing the first four freedoms _ will attract the best people anyway.

Elaborating on a few of the freedoms, Thomas says that "lousy companies are all around you." He claims that a lot of excellent managers are toiling away without the chance of success because their business is going nowhere. Thomas calls for the top manager to look at the competitors, the barriers to enter a business or industry, and to know intimately the insides of the business one is in so that a successful strategy can be created.

Finally, Thomas cautions, all businesses go through cycles. Therefore, once the current strategy is in place, there should be no resting upon laurels. Constantly review and check your company's strategy against the future of your industry.

QUESTION: I am a manager of a department in a large organization. …

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