The opinions expressed by entrepreneurs contributors are theirs.
The uncertainty, turbulence and rapidly evolving commercial environments are serious threats to entrepreneurs. Businessmen cut all the sails for the weather all the time when you are looking for new markets, reconsidering their approaches to team management and risks to survive competition. Entrepreneurs cannot engage in passive difficult times.
Without a doubt, despite the traps, crises give birth to new ideas and commercial opportunities. Roughly Half of fortune 500 Companies were founded in time of recession or economic crisis, according to Morgan Stanley. Here are seven tips on how to overcome unfavorable externalities and successfully develop your business.
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1. be able to take risks
These are the basics of entrepreneurship – this is where the path of a businessman begins. Any business is on Take risks; Consequently, the ability to manage them should be innate to an entrepreneur. Businessmen must be able to face the risks all the time. Above all, failure should not be considered as a reverse but as a springboard towards future growth.
Even if a decision leads to failure, do not react or do not excessively dramatize the situation. See him as a educational experience This puts you on a steep learning curve. It is your golden opportunity to try again, this time by capitalizing on your failures and taking into account the path you have traveled. Another recommendation is to take calculated risks, because sometimes as saying the saying, a bird in the hand is worth two in the bush.
2. Exit the beaten track
As a child, I wanted to become an oceanologist and learn the mysteries of the deep blue ocean. When he is still preschool, I learned to clearly pronounce the oceanologist. I believe that my aspiration resulted in business, which led to my holistic strategy on the blue oceans. In other words, these are niches with little competition. Today is the moment of “ready -to -use thought“-Think differently from everyone and have a creative approach to solve the problems. Make sure you have a brainstorming session in your business so that everyone can contribute. Even if the ideas seem weird and impracticable at first, record them and think about them later.
3. Take advantage of what you do
Never take a job if you don’t like it. In fact, studies of Falsification Show that employees emotionally engaged in their work are 17% more productive and 23% more profitable than those who are disengaged. This principle also applies to entrepreneurs. Never do something that seems futile, is not aligned with your vision or does not work as you wish. It’s really the same thing as living someone else’s life.
If the management of a company gives you pleasure and positive vibrations, your level of endorphin increases, bringing you unconditional happiness. Money should not be the key motivator. I barely noticed it when I did my first million – I just did what I liked, without ever paying a lot of attention to the results. I was not amazed when I saw benefits. Instead, I felt immense joy of being able to find something valid. As the ball rolled, there was the feeling that it is a good start, life is wonderful and there are a lot of interesting things to come.
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4. Choose the right team
Business is made by people and people you choose to condition the success of your business. The compatibility of life and strategic values has always been important to me, in particular to create ideas and achieve objectives. If people care about creating something valid, aspire to reach great peaks and do something important, they are our tribe.
For me personally, this is the first criterion when hire employees. The second important characteristic is emotional intelligence. Business is a question of communication – the possibility of continuing people, collaborating effectively and managing people’s emotions and yours. The third superpower is energy, persuasion and consistency in achieving your objectives. And the fourth essential factor is analytical intelligence (ie Qi, the knowledge and expertise necessary for a particular position).
5. Be ready for a crisis at any time
Seizures are inevitable. You will face challenges throughout the path, especially if you play for long -term outfits. Build your business by understanding that turbulent times can come at any time. Many depends on how you prove your proven during this period, because a crisis is not only a force test and resilience But also a period of new opportunities. The crises can come out of blue, and if you are not prepared, they can ruin your business. As the ancient Romans said, “Spera Meriora, para te ad peiora” – Hopefully, prepare for the worst. This remains the best strategy for any entrepreneur.
6. Set long -term objectives
When I started the business, there was no strategies or kpi; Everything people wanted was buying a car. While the company developed, I started planning further and set clear goals. Each businessman must understand where they go and where they want to be in five, 10 or 20 years. Long -term objectives are set for 10 years or more. Think about the level and scale of your business should be in 10 years. What commercial tasks should be resolved during this decade? What new companies would you like to dive in? This is essential because it affects your motivation and the incentives of your employees; It also considerably increases labor productivity.
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7. Save customer time
A well -known rule in business is like this: the one who Save customer time will make money. Trade ideas often come from personal experience as a consumer, especially when the service has left a lot to be desired – being too bad or too slow – and that arouses a burning desire to make life better and more practical.
The development strategy for our Fintech services is based on the desire to save user time. Now, it is not necessary to go to the bank and fill out the documents to take a loan – just download a request on your phone and obtain the amount required online. Whoever learns to serve customers faster while keeping good quality of service will gain a competitive advantage.