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Before discussing my thoughts on the subject matter, I would like to define some terms.

Corporation

- A corporation is a legal entity separate from the persons who own it or the persons who manage or operate it. In British tradition it is the term designating a body corporate, where it can be either a corporation sole (an office held by an individual natural person, which is a legal entity separate from that person) or a corporation aggregate (involving more persons). In American and, increasingly, international usage, the term denotes a body corporate formed to conduct business. Corporations exist in a product of corporate law, and their rules balance the interests of the management w2ho operate the corporation. People work together in corporations to produce value and generate income. In modern times, corporations have become an increasingly dominant part of economic life. People rely on corporations for various reasons such as for employment, for their goods and services, for the value of the benefits that these people may acquire as they get involve in the corporations, for economic growth and academic advantage, and for social involvement and development.

The term 21^st Century Corporation (21CC) refers to any corporate, professional service, an organization may be cultural, social or membership driven, or any type of organization that:

1. Has a mission to fulfill.
2. Must operate in the midst of a global economy, rapid technological changes, economic uncertainty, cultural and demographic transitions.
3. Is impacted by external factors – social, technological, environmental, economics and technological. Specifically, increasing government regulations, social trends or competition.
4. Is consistently seeking new innovative ideas to cultivate opportunities to increase market share, number of customers, profits or value for its stakeholders.
5. Needs to learn how to learn and how to manage knowledge.

Though I am not really into that business but as a student I have those foresights on the status of the 21^st century companies, and as to how they will look like. For me, with the 21^st century corporations, Innovation is really the no. 1 priority especially that everyone is resorting to any least possible way just to fend for themselves.

Corporations today, no matter how they are structured and organized, must find ways to internalize and manage both sets of concerns simultaneously. In essence, they must simultaneously build internally contradictory and inconsistent structures, competencies and cultures: fostering more efficient and reliable processes while encouraging the experiments and explorations needed to re-create the future. The challenge is that such innovative activities are all too often seen by those running the organization as a threat to its current priorities, practices and basis of success.

Organizations have experienced a significant transformation in the last decade. Progressive organizations have led this change: others have reached to the change; and the remaining ones continue to do business as usual. The market will be dominated by organizations that lead change and are able to adapt to change. Those entities that function in a reactive state will become second tier players in the market. Organizations refusing or unable to rapidly adapt to change will cease to exist. The 21CC embodies a mindset that future growth will rely on being adept at identifying opportunities and thwarting threats. Organizational flexibility will be the objective for the 21CC allowing it to meet these challenges. Continuity will be achieved not from having a massive size of the traditional 20^th Century organizational infrastructure, but on an infrastructure this is adaptable to the environment. Sustain growth and evolution will be realized by developing what TSC refers to as “pliable adaptability” which is the ability to change with change. The ability to change with change is fundamental to any evolutionary process. Pliable adaptability will be at the root of every winning organization’s competitive advantage. This ability to adapt primes an organization or identifying and exploiting opportunities for growth, finding new revenue the sources and creating value for customers and other stakeholders.

In a 21CC, corporations will shift from satisfying existing needs to anticipating needs, will not only serve customers but will lead them, will shift from a product-focus to a benefit or value-added-focus, and will shift from focusing on core businesses to focusing on core competencies.

The organizational areas that will experience major changes in this transformation are: leadership, the organization, assets and resources, operations, personnel, future creation, interpersonal. These characteristics are independent. Transformation in these areas is revolutionizing how businesses perform. It does not matter whether the business is a small retail outlet; all organizations will have to concentrate on these areas in order to effectively in the market. Creative strategies and tactics are essential to accessing new markets, amazing customers, inspiring employees, and ultimately delivering more value to all stakeholders.

What will drive that continuous organizational evolution allowing an organization to achieve pliable adaptability? Pliable adaptability will be achieved from having a well formulated and executable strategy; superior operational effectiveness; understanding of corporate competencies and capabilities; innovation framework for delivering breakthrough ideas and concepts, knowledge of customer needs – now and in the future; capable of learning; willingness to change.

An organization will not be able to succeed in the 21^st century without being flexible and an organization cannot be flexible without focusing. Having a strategic management process is the core of being able to achieve pliable adaptability.

Since 21^st century corporations will achieve pliable adaptability, this thing associates the following changes that will incorporate the global imperatives--economic, environmental, and social idea of how is the 21^st century be look like:

1. Satisfy existing needs to anticipating needs.

2. Serving the people at the same time leading them.

Since leadership is being stressed out, there has been many reflections released on how the leadership needs of 21^st century corporations be managed. Some of these reflections are as follows:

1. Listen to the Cry for Accountability.

Across the world of business, there is a blood cry for 'accountability'. With the most revered role models run aground--and more being bailed out--it is high time we open our windows to let the feedback in, even though we know it will not be pretty. Leadership is accountable to customers, investors, shareholders, regulators - but most of all, to our own people. As navigators, we are accountable for keeping the ship on course - more so in stormy weather. So rather than blot out the questions, we need to put into place systems and processes that foster transparency and make leaders more accountable.

2. Get into the trenches.

Emerging leaders are moving up to the top floors. To corner suites. Away from the shop floors and the real action. We need to roll up our sleeves and get back into the trenches. I cannot repeat myself often enough - we need to demolish the 'CEO office'. We need to break down the walls of hierarchy, for our future role as leaders is not about leading from the top, but co-innovating at the front lines.

3. Get emotional.

Have we perhaps forgotten the price of Marie Antoinette's statement "If they don't have bread, let them eat cake?" With the increasing commoditization of people as "resources selling time," we risk not seeing people as individuals any more. And these individuals - employees and customers alike - are hurting and wary of the future. As leaders, we need to feel their pain and find the right solution. Its no longer about improving the top-line by simply reminding our sales force to up sell and say: "Will you have fries with that?" We need to understand the real pain points of our customers and help them find real solutions to their business problems.

4. Chase the rainbow.

As everyone watches the thunder, emerging leaders are the ones who will look hard into the dark and spot the light at the end of the tunnel. There is a rainbow waiting to break out, and abundant opportunities beyond. The sooner you spot it the greater the advantage your organization can reap.

5. From Me to We.

Collaboration is the need of the hour. In the US, President-Elect Barack Obama has proven just that by co-opting the strength of his former arch rival, Hillary Clinton. History has shown us that, be it the thawing of the Cold War or the formation of the European Union, dealing with cross border terrorism or cross border recession, the power of collaboration is our only answer. The world needs the collective strength of all countries, organizations and individuals to pull together today.

6. Nimble feet.

The world will continue to flirt with unpredictability for a while ahead. As leaders, we need to stay agile, alert and nimble footed to change tactics mid-course with our eyes unwavering from the goal.

7. Keep it Simple.

The sub-prime crisis has made the world wary of complex financial instruments and foggy conditions. Somewhere along the way, complexity has gained respect in the world of business. It is time to wipe the mist off the glass and master the art of converting complexity into simplicity.

8. Ask the right questions.

Leadership today has changed from providing all the answers to asking the right questions. Keep an open mind and let fresh minds provide you with fresh ideas. The battle between grey hair and grey matter has never been fiercer, as Generation Y stakes its claim to leadership. Innovation is the passport to success and 'Green' might just be the color that pulls businesses out of the red.

9. Adapt to the new work order.

Business today works across geographical borders on the back of a cross-culture, cross-currency, cross-product, cross-time zones workforce. Markets too have transformed, with the West no longer the only or even predominant market. So in 2009, emerging leaders will have to adapt to the reality of time zones, to multiple cultures, multiple currencies, multiple pricing. We in India, and particularly in the IT services industry, have learned this lesson very quickly. In fact, insights into how to run a global corporation will come out of the Indian multinationals.

10. Yes we can I think we have all realized by now that there are no question marks about this.

Change comes to those who believe in it. As leaders, our greatest responsibility is to bring back confidence and the forward momentum and catalyze the positive energy of our people today to light the way to a brighter tomorrow.

3. Shift from a product-focus to a benefit or value-added-focus.

Diverting the manner of giving much focus on the product as to its components to a manner of giving much importance on the values and positive response of the products towards consumers.

4. Shift from focusing on core businesses to focusing on core competencies.

A business that sells investment consulting services didn't get into business because they were good at marketing, because they were good at sales, or because they knew how to write software. They got into business because they felt they had a compelling opportunity to offer investors. That's why the business might choose to outsource marketing to an agency, outsource sales, and call on a software development firm to set up their systems. This allows them to focus on what they are best at, and allow experts to handle the other functions of their business.

Sources:

http://www.en.wikipedia.org/wiki/Corporation
http://www.globalissues.org/issue/50/corporations
http://www.ezinearticles.com/?Becoming-Successful-21st-Century-Corporations&id=584009
http://www.articlesbase.com/outsourcing-articles/outsource-your-business-focus-on-core-competencies-783742.html
http://www.facebook.com/topic.php?uid=57552533176&topic=7310
http://www.jussemper.org/Resources/Corporate Activity/corporation2020.html