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Uncertainty, riots and rapidly changing business environments pose serious threats to entrepreneurs. Businessmen shorten their weather navigations all the time when they are looking for new markets, reviewing their team management approaches and taking risks to survive from competition. Entrepreneurs cannot enjoy being passive in difficult times.
Undoubtedly, despite traps, crises create new business ideas and opportunities. Approximately half of Fortune 500 companies were established in times of recession or economic crisis, according to Morgan Stanley. Here are seven tips on how to overcome unfavorable externation and successfully develop your business.
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1. Be able to take risks
This is the basis of entrepreneurship – is where the path of a businessman begins. Businessdo business is about taking risks; Therefore, the ability to handle them must be born for an entrepreneur. Businessmen should be able to take risk all the time. Importantly, failure should not be seen as an obstacle, but as a growing stone for future growth.
Even if a decision results in failure, do not overlap 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 capitalizing on your failures and taking into account the path you have traveled. Another recommendation is to get calculated risks, because sometimes as saying, a bird in hand is worth two in the shrub.
2. Think outside the box
As a kid, I wanted to become an oceanologist and learn the mysteries of the deep blue ocean. When a preschool still, I learned to pronounce the oceanologist clearly. I believe that my aspiration was translated into business, and this led to my holistic strategy for the blue oceans. In other words, everything is about niches with little competition. Today is the time of “thinking outside the box”-think differently from everyone else and having a creative approach to problem solving. Make sure you have a brain storm session in your company so that everyone can contribute. Even if the ideas look weird and impractical at first, record them and meditate on them later.
3. Enjoy what you are doing
Never get a job if you don’t like it. In fact, Gallup studies show that employees who are emotionally engaged in their work are 17% more productive and 23% more profitable than those who are detached. This principle also applies to entrepreneurs. Never do something that feels in vain, it is not compatible with your vision or does not work the way you want. Really really the same as living someone else’s life.
If running a business gives you positive pleasure and vibrations, your endorphin levels rise, bringing you unconditional happiness. Money should not be the main motivator. I barely noticed it when I did my first millions – I was just doing what I liked, never paying much attention to the bottom lines. I was not bored seeing profits in the wind; On the contrary, I felt tremendous joy when I was able to come up with something valuable. As the ball rolled, there was a feeling that this is a good start, life is great, and there are many interesting things ahead.
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4. Select the right team
Business is done by people, and the people you choose will condition the success of your business. The 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 valuable, aspire to reach high heights and achieve something significant, they are our tribe.
For me personally, this is the first criterion when hiring employees. The second important feature is emotional intelligence. Business is about communication – the ability to continue with people, to work effectively and manage the emotions of people and yours. The third superpower is the energy, conviction and endurance in achieving your goals. And the fourth essential factor is analytical intelligence (ie, IQ, knowledge and expertise needed for a particular position).
5 get ready for a crisis at any time
Crises are inevitable. You will face challenges all the way, especially if you are playing for long -term holdings. Build your business with the understanding that troubled times can come at any moment. Much depends on how you try yourself during this period as a crisis is not only a test of strength and resistance, but also a time of new opportunities. Crises can come out of blue, and if you are unprepared, they can ruin your business. As the ancient Romans said, “Spera Meliora, front to ad Peiora” – I hope for the best, prepare for the worst. This remains the best strategy for any entrepreneur.
6. Set up long -term goals
When I started business, there was no strategy or KPI; All the people they wanted was to buy a car. As the business is growing, I started planning farther and set out clear objectives. Everyone businessman needs to understand where they are going 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 degree of your business should be in 10 years from now. What business tasks should be resolved during this decade? In which new businesses would you like to dive? This is essential because it affects your motivation and the incentives of your employees; It also significantly increases work productivity.
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7. Save the time of clients
A well -known business rule goes like this: Whoever saves customer time will make money. Business ideas often stem from a personal experience as a consumer, especially when the service left much to be desired – being either very bad or very slow – and it evokes a burning desire to make life better and more convenient.
The strategy of developing our Fintech services is based on encouraging to save users’ time. Now, there is no need to go to the bank and fill out the documents to get a credit – just download an app on your phone and get the required amount on the Internet. Anyone who learns how to serve customers faster by holding good service quality will gain a competitive advantage.