Driven by the prolonged economic recession, many companies have either delayed any investment decision or started to engage in an emergency management mode. The prevailing view is that the sluggish economy will continue into the first semester of this year. Certainly, it reflects the mood of the economy and society, but is this the sole reason? Economic recession is nothing new and it is not something confined to Korea.  There always are companies that leverage the bad times to become a leader. I believe there are four major challenges facing Korean companies to instill an entrepreneurial spirit and build top-notch competitiveness.