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Uncertainty, turbulence and rapidly changing business around entrepreneurs for entrepreneurs. Entrepreneurs cut their sails to the weather all the time when looking for new markets, re -evaluating their approaches to team management and risk to survive competition. Entrepreneurs cannot indulge in to be passive in difficult times.
Undoubtedly, despite the pitfalls, the crisis evokes new business ideas and opportunities. According to Morgan Stanley, about half of the Fortune 500 was founded during the economic crisis of the Requel Gold. Here are seven tips on how to pump externalities and the successful development of your company.
Related: 4 steps to an entrepreneur as an entrepreneur when he moves
1. Being able to risk
This is the basics of business – it is where the entrepreneur’s journey begins. Any business is about risking; Therefore, the ability to handle is to be congenital for entrepreneurs. Entrepreneurs must be able to constantly address the risk. Importantly, failure should not be introduced as a failure, but as a springboard for future growth.
Even if the decision results in failure, do not react or dramatize the situation. You see it as an educational experience that gives you a steep learning curve. This is your unique opportunity to try again, this time to earn your failures and take into account the path you traveled. Another recommendation is to undergo calculated risks, because, as they say, the bird in the bush has a value of two.
2. Think outside the box
As a child, I wanted to become an ocean and learn the secrets of a dark blue ocean. When I was a preschooler, I learned to clearly pronounce the oceanologist. I believe my suction was reflected in business, and this led to my holistic strategy about the blue oceans. In other words, these are niches with little competition. Today, the time is “Out-of-the-Box thinking”-think differently from all others and have a creative approach to solving problems. Do not forget to have a brainstorm session in your company so everyone can contribute. Although thoughts first seem bizarre and impractical, record them and think about them later.
3. Enjoy what you do
If you don’t like it, never come to work. In fact, Gallup studies show that employed who are emotionally involved in their work are 17% more productive and 23% more profitable than those who are disillusioned. This principle also applied to entrepreneurs. Never do something that feels in vain is in line with your vision or does not work as you wish. It’s really the same as living someone else’s life.
If the entrepreneur gives you pleasure and positive vibrations, the level of endorphin of sleep out, which will bring you unconditional happiness. Money should not be a key motivator. I barely noticed when I earned my first million – I just did what I liked, and I never paid much attention to the bottom lines. I was not impressed by seeing unexpected profits; Instead, I felt immense joy that I could come up with something valid. When the ball moved, it came to the feeling that it was a good start, life is amazing and there are many interests before us.
Related: 10 inspiring citations that keep you in difficult times
4. Select the right team
Business is carried out by people and people who choose the success of your business. Compatibility of life and strategic values has always been important to me, especially in creating ideas and achieving goals. If people take care of creating something worth it, strive to achieve large heights and achieve someone significant, they are our tribe.
For me personally, this is the first criterion of hiring. The second important characteristic is emotional intelligence. Business is about communication – the ability to continue with people, effective cooperation and management of emotions and your own. The third superpower is energy, persuasiveness and consistency in achieving your goals. And the fourth necessary factor is analytical intelligence (ie IQ, knowledge and expertise necessary for a particular position).
5. Be prepared at any time for crisis
The crises are inevitable. All the time you will face challenges, especially if you play for long -term maintenance. Be your business with understanding that turbulent times can come at any time. It depends a lot on how you prove yourself during this period, because the crisis is not just a test of strength and resistance, but also the times of new opportunities. Czech can come from blue, and if you are unprepared, thesy can destroy your business. As he said ancient novels, “SERA MELIOR, Para te ad peiora” – I hope in the best, preparing for the worst. This will remide the best strategy for every entrepreneur.
6. Long -term goals set out
When I started a business, there are no strategies or KPI; All people wanted to buy a car. As business grew, I started to plan further and set clear goals. Each entrepreneur was supposed to understand where they were heading and where they want to be in five, 10 or 20 years. Long -term goals are set for 10 years or more. Think about the level and scale that your business should be in 10 years. What business tasks must be resolved in this decade? Which new businesses would you like to dive? This is necessary because it affects your motivation and incentives of your employed; It also signals labor productivity.
Related: 7 ways to stay resistant as a leader in turbulent times
7. Save customers time
The well -known rule in business is as follows: Whoever saves the customer’s time, earns money. Business ideas often stem from some personal experience as a consumer, especially when the service has left much desirable – either too bad or slow down – and that causes a burning desire to make life better and more comfortable.
The development strategy of our fintech services is based on the urge to save users. Now there is no need to go to the bank and fill in the documents to borrow – just download your request to the phone and get the required love online. Anyone will learn how to serve customers faster while maintaining good quality of services will gain a competitive advantage.
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