Opinions expressed by entrepreneurs’ colleagues are their very own.
Uncertainty, turbulence and rapidly changing business environments pose serious threats to entrepreneurs. Businessmen are continually cutting the sails in the weather, looking for recent markets, again considering their approach to team management and taking the risk to survive the competition. Entrepreneurs cannot indulge in passive in difficult times.
Undoubtedly, despite the traps, crises cause recent ideas and business opportunities. More or less Half of the Fortune 500 list According to Morgan Stanley, corporations were founded during the recession or economic crisis. Here are seven suggestions on how one can overcome hostile external effects and effectively develop your business.
1. Be capable of take a risk
These are the basics of entrepreneurship – that is where the businessman’s path begins. Each company is about taking risks; Therefore, the ability to deal with them must be innate for the entrepreneur. Businessmen must find a way to deal with risk all the time. Importantly, failure shouldn’t be seen as failure, but as a stepping stone to future growth.
Even if the decision causes failure, do not react excessively or dramatize the situation. See it as an educational experience that puts you on a steep learning curve. This is your golden opportunity to try again, this time using your failures and taking into account the path you have taken. Another suggestion is to take the calculated risks, because sometimes, as the saying goes, the bird in your hand is price two in the bush.
2. Think out of the box
As a child, I desired to develop into an oceanologist and learn the secrets of deep blue ocean. When he is still a preschooler, I learned to pronounce an oceanologist clearly. I think that my aspiration translated into business, which led to my comprehensive strategy about blue oceans. In other words, it’s about niches with little competition. Today is the time of “unusual thinking”-to look in another way than everyone else and have a creative approach to solving problems. Remember to have a brainstorming session in your organization so that everybody can contribute. Even if the ideas seem strange and impractical initially, write them down and consider them later.
3. Enjoy what you do
Never work if you don’t love it. In fact, the study by Gallup Show that employees who are emotionally involved in their work are 17% more productive and 23% more profitable than those that are turned off. This rule also applies to entrepreneurs. Never do something that is in vain, it is not in line with your vision or does not work as you want. It’s really the same as the life of one other person.
If running a company gives pleasure and positive vibrations, the level of endorphin increases, bringing unconditional happiness. Money shouldn’t be a key motivating factor. I didn’t notice it when I earned my first million – I just did what I liked, never taking note of the lower results. I used to be not surprised to see profits from sensitivity; Instead, I felt great joy with the possibility of inventing something vital. When the ball was going on, the impression arose that this is a good start, life is wonderful and many interesting things await.
4. Choose the appropriate team
Business takes place through people, and the people you select will condition your organization’s success. The compatibility of life and strategic values has all the time been vital to me, especially in creating ideas and achieving goals. If people care about creating something priceless, they strive to attain great highlands and achieve something significant, they are our tribe.
For me, this is the first criterion for employing employees. Emotional intelligence is the second vital feature. Business concerns communication – the ability to deal with people, effective cooperation and managing people’s emotions and own. The third superpower is energy, persuasion and consistency in achieving your goals. And the fourth vital factor is analytical intelligence (i.e. IQ, knowledge and specialist knowledge obligatory for a specific position).
5. Prepare for a crisis at any time
Crises are inevitable. You will have to face challenges all the time, especially if you play a long -term stop. Build your business by understanding that turbulent times can come at any time. Much depends on the way you prove yourself during this era, because the crisis is not only a test of strength and immunity, but also a time of recent possibilities. Crises can get out of blue, and if you are unprepared, they will destroy your business. As the ancient Romans said, (*7*) – I hope for the best, get ready for the worst. This stays the best strategy for every entrepreneur.
6. Set long -term goals
When I began my business, there have been no strategies or indicators of KPI; All people desired to buy a automobile. As the company developed, I started to plan and set clear goals. Every businessman must understand where they are going and where they need to be in five, 10 or 20 years. Long -term goals are set for 10 years or longer. Think about level and scales your organization must be in 10 years. What business tasks must be solved in this decade? What recent corporations would you wish to immerse in? This is obligatory because it affects your motivation and incentives of your employees; Significantly increases work productivity.
7. Save customer time
The well -known principle in business is this: whoever saves customer time earns money. Business ideas often result from some personal experience as a consumer, especially when the service left much to be desired – being too bad or too free – and this causes a burning desire to make life higher and more convenient.
The development strategy of our fintech services is based on the need to avoid wasting users’ time. Now there is no have to go to the bank and complete the documents to take a loan – just download the application to the phone and get the required online amount. Whoever learns faster customer support, while maintaining good quality of services, will gain a competitive advantage.