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Discusses the year 2000 (Y2K) problem and the lack of real knowledge about what may or may not happen. States IT aspects of the problem are the only ones with any real focus, as management thinking tends to be scarce ‐ reasoning that awareness and understanding vary widely among managers. Avoids too much speculation and includes a Table of Y2K economic scenarios to aid understanding.

Records that most mergers and acquisitions fail to deliver shareholder value and not much attention is paid to more mundane reality matters meaning loss of priority in important matters. States resource‐based views of strategy highlights the fact that competitive advantage lies not in products or services but in resources and intangible capabilities which produce them.

Looks at business webs, believing that building a powerful team of partners is essential to provide the revolutionary new offerings or value propositions that enable newcomers to outmanoeuvre industry leaders. Describes business webs in full, and gives common features in eight parts, using 6 Figures to aid in explanation. Concludes business webs are creating new business configurations, through high levels of partnering.

Argues managers would be fooled if they thought that the basic rules of economics had changed suddenly — an understanding is needed of how they apply in an information economy. Highlights, in a shaded box, the case of Encyclopaedia Britannica and its problems, plus the effects of being launched free on the Web — on the first day there were ten million hits! Looks at how the information economy has grown and continues to flourish — and any possible future effects.

Discusses how IMD's research project in Lausanne has looked at how strategic management can give organizations early warning of potential or impending problems, suggesting there are ways for alert companies to forestall damaging crises. Makes use of Figures and a highlighted box including case studies of sample food hazards and their implications and results. Concludes organizations and companies would be wrong to assume they are risk free.

Employs Charles Handy’s predictions from 1989, from his book ‘The Age of Unreason’. Further emphasizes these predictions with a highlighted panel listing the predictions for clarity. Claims that Handy had an optimistic dream of work shared out and more leisure time for all — his optimism, by the mid‐1980s, was tempered by a different reality. Depicts, also, Handy’s later book — ‘The Empty Raincoat’ — which reflected that his hopes in his ‘Unreason’ book had not been fulfilled but his fears, unfortunately, had. Identifies nine paradoxes at the heart of current society — each a sign of an imperfect world — and puts the meat on the bare bones of each. Urges an acceptance of change and to go with the flow to improve our, and others, future.

Discusses the digital economy and its spectacular take‐off despite varying views from experts over the previous 4 years. Posits the digital economy is now part of everyday life and business must be managed accordingly. States the development of e‐commerce and e‐business has been so fast that track records, proven experience, detailed research and considered answers are hard to come by. Determines that e‐commerce and e‐business are having an impact on all sectors of the economy.

Concentrates on the concept of tacit knowledge and believes that its role within organizations is underestimated and its effects, for both good and ill, seriously misunderstood. States that, in a business context, tacit knowledge exists at two levels: individual level and organizational level. Uses figures and tables to emphasize arguments within. Warrants that the active management of tacit knowledge should be assured.

Discusses the surge of interest in hi‐tech shares fuelled by dot.com mania. Flags up that most mergers and acquisitions fail to achieve their originally intended benefits — even though this is ignored at times. Looks at Jack Welch, CEO of General Electric (GE) and the way that, in the last 20 years, he has changed one of the world’s largest companies — the value increasing from $14bn to more than $400bn. Concludes GE is now a business built to last.

Discloses that the concept of the unique selling proposition (USP), as defined, means every advertisement has to propose a specific benefit to the consumer, that competition could not or did not offer. Warns it is much more difficult nowadays than 40 years ago to maintain a product difference or benefit. Looks at differentiators — some that don’t work and some that do. Examines the four steps to differentiation stating differentiating ideas must be simple, visible and delivered again and again.