Word: dotcoms
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Dates: during 2000-2000
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...Obuchi's pump-priming efforts, however, the economy has barely begun to inch out of its decade-long doldrums. There have been some timid signs of a recovery: the stock market is booming, companies are restructuring, dotcom fever is starting to catch on. But the economy slid back into a recession last year and unemployment, once unheard of, is at an all-time high of 4.9%. Rather than pushing for the serious structural reforms that the country desperately needs, Mori is likely to offer more government largesse in order to beef up his popularity during...
...most glaring weaknesses among Internet companies has been poor follow-through. The trouble with "many dotcom people, as with many entrepreneurs," notes Bernard, is that "too often they are in love with the idea but not the implementation." By and large, they've done a great job marketing their sites and proving there's demand for what they do, but then they neglect the housekeeping chores necessary to run the business and fulfill their promises to their customers, such as hiring enough production managers, says Dale Kutnick, CEO of the Meta Group, a technology-research and advisory firm...
More attention must be paid to "plain old operations," Kutnick says. Even if a company outsources some of that, it will still need knowledgeable, experienced managers to coordinate those relationships. That will be even more important as dotcom competition deepens and any potential shake-out looms...
...competent HR person can also help establish some basic personnel policies and practices that are important but often missing at a dotcom, Bernard says. Everyone should have a clear job description, for example, and undergo routine evaluation so that there's no confusion (or surprise pink slips) and the company can make sure it's got all legal bases covered. Rewards should be doled out fairly. Handing out raises or shares "willy-nilly," Bernard says, creates resentment among the staff...
Does all this mean that the dotcom world is fated to dissolve back into the conventional business world, just dressed in chinos? Don't bet on it. But the new dogs will have to learn some old tricks, and some of the old dogs are just the ones to teach them...