Today’s economy presents both challenges and opportunities. Many business veterans, having successfully taken certain steps in the past, are quite comfortable managing in such turbulent times.

Their success was often predicated on “riding out” the uncertainties until the historic fundamentals were somewhat restored. Today’s economic climate is significantly different, however, and it is in the difference that opportunities await the entrepreneur.

If you assume no major new oil discovery and if you assume continued economic growth in just the four countries of Brazil, Russia, India, and China (the BRIC countries), then the reality of high fuel costs are not going to go away.

Simple supply/demand awareness allows that there must be continued pressure for price increases and there is no reason to suspect that this is going to significantly diminish anytime soon.

This single factor has tremendous multiplicative implications for our entire economy, specifically in the area of inflation. So if one of the economic fundamentals (relatively cheap energy) is permanently changing, then everyone’s business model must change, some more drastically than others.

While politicians, economists, business leaders, baseball players and soccer moms all have solutions, suffice it to say that many will be founded on opinions that will be presented as facts.

Yet historically we know that the single biggest threat and barrier to inflation is sustainable increases in productivity. This implies that innovation is not an option; it is a requirement for survival. As innovation can only come from creative minds, the battle for talent and what’s at stake in this battle have never been greater or more important.

But look at the potential opportunity. Individuals and companies that can devise ways to do things more cheaply, more quickly, better or all three will be direct contributors to this required productivity drive.

As every household and business will be under continued pressure to reduce costs, these productivity enhancements will have to be given an audience. The willingness of existing companies to listen to wild ideas by crazy entrepreneurs will be a requirement. This same opportunity will apply to investment capital as these innovative ideas for productivity enhancement are commercialized. And, of course, this doesn’t even touch on the opportunities that will be available to those with innovative and creative thinking in the whole arena of energy from production to distribution to conservation.

A book has been written on the topic of tipping points, what they are, what causes them, and what are their consequences. Many feel that today’s global dependence on oil has pushed the most developed economies to a new tipping point. As with every tip, it remains for courageous entrepreneurs to seize the moment, to take creativity and innovation and apply it to a new business model. Companies that can profitably incorporate creativity, innovation, and productivity will succeed. Only those that can sustain these advantages will continue to flourish.

John F. Riddell Jr., director of the Center for Entrepreneurial Growth-Hamilton County, writes each Tuesday about entrepreneurs and their impact on companies and the marketplace. Submit comments to his attention by writing to Business Editor John Vass Jr., Chattanooga Times Free Press, P.O. Box 1447, Chattanooga, TN 37401-1447, or by e-mailing him at business@timesfreepress.com