Word: dotcom
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Underneath the arrogance and naivete in the e-conomy, there's long been a bias against seasoned managers from traditional industries, a belief that experienced folks would clash with the culture and drag the operation down. "Dotcom people describe old-media people as if they were from another century," observes Paul Bernard, head of a New York City-based training and coaching firm, Paul Bernard & Associates...
...getting easier to enlist. When Heidi Miller, 46, one of the most powerful women on Wall Street, announced in late February that she would leave her CFO job at Citigroup to become CFO of Priceline.com it sent shock waves through more than a few oak-paneled boardrooms. That the dotcom wanted Miller wasn't so surprising; that Miller was willing to go to the dotcom was. Nobody expects a mass migration, but her move shows that dotcoms seeking top-notch talent have a good chance of getting...
...most glaring weaknesses among Internet companies has been poor follow-through. The trouble with "many dotcom people, as with many entrepreneurs," notes Bernard, is that "too often they are in love with the idea but not the implementation." By and large, they've done a great job marketing their sites and proving there's demand for what they do, but then they neglect the housekeeping chores necessary to run the business and fulfill their promises to their customers, such as hiring enough production managers, says Dale Kutnick, CEO of the Meta Group, a technology-research and advisory firm...
More attention must be paid to "plain old operations," Kutnick says. Even if a company outsources some of that, it will still need knowledgeable, experienced managers to coordinate those relationships. That will be even more important as dotcom competition deepens and any potential shake-out looms...
MicroStrategy's reversal stems from a practice endemic in dotcom-land--overstating revenues. In the Internet twilight zone, where profits rarely exist, evaluating complex revenue streams can turn more on esoteric judgments than on accounting canon. The right outcome can add billions to a company's stock-market value. "It's a dangerous and uncertain game," says Howard Schilit, president of the Center for Financial Research and Analysis, a forensic accounting firm that issued two early warnings on MicroStrategy. "You know your stock could be dead meat if results are a couple of cents short, so you may sit down...