I recently discovered that for the first time in 500 years the east has developed a higher gross domestic product than in the west. Consequently, we have lost the concept of entrepreneurship while our competitors in the east created a new business platform founded on their success.

As emerging markets continue to gain momentum, complacency lingers among western leaders. Why should they boldly invest in the long term when shorttermism is the simple option? Corporate boards sadly endorse this attitude, where ‘good governance’ standards have sanitised the decision making process and turned our largest companies into fortresses of conservatism.

If Europe and more specifically Scandinavia are to succeed, this attitude and approach must change. The general estimated growth prospects ( between 1.2 – 3.3 per cent – according to IMF ), shouldn’t be cause for much celebration and doesn’t caterpillar us into a more blooming future.

Our business should emphasise an entrepreneurial approach and put it back at the centre of our economic model. The chief executives of large corporations should be encouraged to behave accordingly. Learning from the smaller passionate business’ for which entrepreneurship is raised above everything else.

Large corporations should be assessed on simple metrics including revenue growth and profit margins, rather than their company’s share performance that can be impacted by expansive monetary policies more than value creation.

If we want to revitalize Scandinavian and European business creation and performance, we need to address what’s wrong.

Globalisation and crises isn’t to blame, but it is our own business conduct that is to blame for the blurry estimated growth prospects – which point to the fact that we forgot to drive and innovate in every sense.

We are suffering form a chronic Entrepreneurial Deficit Disorder, which needs the right diagnosis and stimulus – and since the highly skilled from the top of the business pyramid perhaps has forgotten about passion, belief, value creation and dedication – then just maybe
this stimulus should come bottom up!