How Much of a Difference Does Attitude REALLY Make?

In short, attitude matters some in shaping an area's economic growth prospects, but not as much as driving factors such as regional business costs, labor skill availability and other factors. At least that is what I said in a recent interview with Crain's Cleveland Business Journal.

Donald T. Iannone, a locally based economic development consultant, acknowledged that attitude may influence economic growth. However, he said its effect should be put in perspective. "Its (attitude's) strength is less than other drivers, such as real cost advantages of doing business in the region and the availability of highly skilled labor and knowledge workers," Mr. Iannone said. "Business success in Northeast Ohio or anywhere else is 80% business strategy and maybe 20% area locational advantage."

I'd like to elaborate on the 80-20 remark. I believe we need to equip businesses in NE Ohio with new business strategies that enable them to become more successful in the global economy by operating here versus other locations. To that end, our economic development efforts need to spend more time helping local companies reengineer their businesses here to fit more successfully into the changing global marketplace. This also says that a business' success here or anywhere else depends four times more on its own business strategy than what the local economic development climate has to offer.

Your view?

Here to read more.