There once was a time when being the largest, most experienced corporate kid in town guaranteed success and dominance. However, in the new economy, companies and individuals that lack the commitment and capacity for leveraging size and experience strategically will see these attributes as vices instead of virtues.

Our new economy will require an entrepreneurial culture. Competition can come from any direction. Technology will empower smaller, more nimble competitors dramatically. The days of sitting back and depending on corporate size and reputation to attract business are effectively over.

However the relationship between size and entrepreneurial behavior doesn't have to be an inverse one. People like Bill Gates have already demonstrated convincingly that large companies like Microsoft can be as profitable and aggressive as the most entrepreneurial start-up enterprise. Entrepreneurial behavior can no longer be the exclusive preserve of just the young start-up. It needs to apply to all sizes

Our economy now calls for a far more entrepreneurial mindset, where experimentation, risk taking, and the enviable failure, are not only tolerated, but also actually celebrated. The only real alternative to experimentation and risk is decline. Risk is defined as the possibility of failure.

To advance requires a new framework. The process of going outside the conventional method, doing what hasn’t been done before will attract errors. Evolution can be thought of as systematic error management. In a successful entrepreneur you find someone who failed a time or two or three but is confident in is ability to succeed.

The challenges of the new economy leave us little choice. We must experiment, and experimentation carries with it the near certainty of  occasional failure. In a truly entrepreneurial culture, failure tends to be regarded as a learning opportunity, a necessary pre-condition to eventual success. The status quo is simply not a viable option any longer. Your competition won’t be standing still.

As an entrepreneur, inside an organization or independent of one, you should be adapted to the evolving changes of the new economy’s competitive environment. Emboldened by its competitive dynamics and liberated by new technologies.

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