Part 2: Save the bubble with vision, courage and persistence

You recently wrote in Fast Company, "What we're going through now is a simple slowdown, not a long bust. The bubble has been slightly deflated, but it didn't burst." What are the things preventing it from bursting?
The movement to the Internet for communication, transactions, and even advertising goes on. We see more movement to incorporate business processes in private networks as well as movement toward hosted web services. The cost savings are enormous and companies are not going to miss these opportunities.

Wireless opportunities are just beginning. Nanotechnologies will provide a new technology base for devices that will continue to drive down computer and communication costs.

If it is true that this is not a real recession, when do you estimate the bigger companies will resume their aggressive investment in infrastructure and applications development?
This is harder for me because I am not a macro economist. Some experts think there is still some correction necessary. It seems to me that as consumer confidence returns, companies will begin capital spending and inventory buildup again in anticipation of increased consumer buying. That will ripple through the system.

What about those company executives that are panicking in regard to the current state of the market?
Panic is a reaction to take us away from danger and avoid a problem. The executives have to honestly face and assess problems and be decisive in implementing solutions. Vision, persistence, and courage are called for.

Is there room for an open business environment as you have called it, to still exist and if so, how?
There is still a great deal of sharing and openness. We see it at conferences and seminars in formal sessions and in the hallways.

You've said, "One's attitude toward failure is more important than one's attitude toward success." Why is that important to understand?
We learn a great deal from our failures and we should not be mislead by our successes. Too often individuals are discouraged by failure and do not try again. Viewing failure as a learning experience is characteristic of most successful individuals. Our successes should not generate hubris lest we fail to understand why we succeed.

You've given us so much wonderful advice - what was the best business advice you've ever been given?
One of the best pieces of advice was from a lieutenant in the army when I was in officer candidate training. He explained that the value of field(operating) experience is that you learn to ask the right questions about difficult situations. The value of staff experience is that you learn how to get things done without much authority.

Of course, as a manager, there are times when you have to use your authority, but learning how to get it done without using your authority is so important in developing great operating teams.

Thank you Dr. Miller.