November 8, 2015
As James Freeman Clarke famously said “Strong convictions precede great actions” – a statement that clearly vindicates that entrepreneurs who can see around corners are the ones with an unshakable belief in an idea that can turn things around in a business. Highly-adaptable entrepreneurs are those who can see around corners and are prepared to face the uncertainties. They know how to roll with the punches, expect rapidly changing markets and distribution channels, and they are always ready to explore what others cannot see. To be one of these types of entrepreneurs, follow these 7 tips:
1. Focus on Execution and Engage Energies Appropriately
Business persons with an entrepreneurial mindset get on with execution instead of analyzing new ideas to death. Typical entrepreneurs will keep on analyzing what they have until such time they cannot execute what they have been analyzing. Then again they are adaptive, because they can change directions as real opportunity evolves.
Smart entrepreneurs involve many people in their pursuit of an opportunity. According to ListTribe, leadership style plays a significant role in an entrepreneur’s success; it helps create as well as sustain networks of relationships rather than going all alone. This makes the most of the intellectual and other resources people have to offer and help others to achieve their goals.
2. Overcoming Uncertainty by Seeing an Opportunity
The more uncertain a project is the better – that is what smart entrepreneurs are all about. Uncertainty widens the business because there is a larger universe of possible returns. Seeing an opportunity in uncertainty means more of the profits might be earned as the business succeeds; where there is a greater chance of risk, the higher the possibility of a profit. While ordinary entrepreneurs focus most of their time on the existing business, extraordinary entrepreneurs view the uncertain environment as something within their control. These entrepreneurs know how to protect themselves against the downside and position for the upside.
3. Anticipate Change by Sensing for Signals
In most occasions, keen entrepreneurs know how to differentiate between a diverse group of leaders and perceptions. They conduct extensive research to unearth imminent changes across different business environs. According to SME Research and Statistics, 93 percent of entrepreneurs are quick to respond to opportunities, overlooking the risks around the corner.
One of the biggest dangers most entrepreneurs face is to be blindsided by change because they do not see it on the horizon and cannot forsee what is coming next. This is the main reason why entrepreneurs who see around corners are referred to as smart entrepreneurs. They do not focus too much on running the business to the extent that they do not have time to survey the surroundings.
4. Pursue the Very Best of Opportunities
Smart entrepreneurs pursue only the very best of opportunities and avoid the ones that will exhaust their resources. The most successful aspect of an entrepreneur’s achievement is their being pitilessly disciplined about limiting the number of businesses they pursue. They go after a strongly controlled portfolio of opportunities. They tightly associate their strategy with their choice of businesses, instead of diluting their efforts too broadly. They go beyond ordinary decision making to decide on what is really resourceful to the business, and not just what is essential for the business.
5. Seeing and Exploiting a New Path
Highly-adaptable entrepreneurs are always linked to internal and external realities. These are the kind of entrepreneurs who know how to woo stakeholders and investors. They closely monitor debt and cash flow in order to have full knowledge of when to modify the long-term and short-term balance and when to accelerate. Extraordinary entrepreneurs use financial ratios and other measures to maintain financial health. They do so to portray the business in a favorable light, so as to impress stakeholders and investors.
6. Ability to Make the Business Agile
Successful entrepreneurs are characterized by agility. The ability to move quickly and effectively is defined by humility, openness and clarity. Clarity allows these entrepreneurs to embrace new ideas and make the right decisions, especially around corners. Humility encourages smart entrepreneurs to listen and understand all constituents. Think agile, be proactive, and get something. Adaptable entrepreneurs know what the business needs is the ability to do business better, faster, and effectively.
7. Be Aware of the Impact of the People
The best entrepreneurs can recognize the best – and the right – talent. They recognize their own inadequacies and surround themselves with people who bring strength to the business. Entrepreneurs need to create environments where people can flourish. New ventures develop to the extent that entrepreneurs can attract people with various perspectives. Never underestimate the value of experience because it is like a sixth sense. It gives people the ability to read between the lines and to see what is missing in a business situation.
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