Industries facing severe structural change go through a seven-step progression before they manage to deal with it, said Rita McGrath, an associate professor at Columbia Business School.
1. Shock.
2. Denial. "This can't be happening to me."
3. Sadness. 'This is awful."
4. Anger. "I don't deserve this."
5. Bargaining.
6. Acceptance.
7. Renegotiation. It is then that companies find ways to change their business model to survive.
- Posted: Saturday, February 07, 2009
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