Successful turnarounds The role of appropriate entrepreneurial strategies:

Abstract

All organisations are set up with an objective to create value to the society. This necessitates organisations to generate revenues to support all its stakeholders. However, in the rat race to succeed, most organisations are unable to generate revenues for sustainable operations. It is obvious that organisations cannot survive without profits/surpluses and the inability to generate surpluses would lead to industrial sickness. Bringing such organisations back to health requires entrepreneurial strategies at two levels, namely, from the negative to the breakeven and from breakeven to the positive. Hence, the turnaround management is a doubly entrepreneurial act. The objective of this paper is to understand the strategies used in successful turnarounds and compare them with those of the failed ones and thereby help turnaround managers to increase their success rate so as to enhance the value of these organisations to society.