Insecurity may be pervasive, but it's not your friend.
4 min read
The opinions expressed by the entrepreneur's contributors are their own.
The crisis is one of the most unlikely times for an entrepreneur to change. When it comes to a shutdown like now, it can feel impossible. However, for those willing to venture into the direction of uncertainty, there are plenty of options hidden in the chaos of pandemics, mandatory closings, and economic uncertainty. Here are three powerful ways to turn your business into an empire, regardless of the turbulent environment around you.
Related: Make an empire, not a business
1. Make up your mind
Most entrepreneurs fail when they can't make up their own, and there's a lot of research to prove it. In fact, decision-making is one of the most important skills in an entrepreneur's toolkit. If you cannot make up your mind about how to proceed without a doubt, the less likely that you own the decision and the consequences of its decision.
Pandemics and government mandates make us feel like circumstances are beyond our control. However, these situations are little different from those of a vendor who doesn't pay your bill or an employee who quits without notice. There is uncertainty on the entrepreneurial path. If you conclude that decisions are out of your control, the more likely you are to fail. To overcome this feeling, you need to make decisions even when you are out of control. It is the process and discipline of making assertive decisions that fuel a successful prospect. This ability is invaluable in chaos.
Related Topics: The Best of Both Worlds: How Supporting Entrepreneurial Thinkers Drives Growth for Employers
2. Watch out for turning points
Presumably every company has a mission, but what happens to that mission when chaos occurs? Most business owners have the option to buckle up and weather the storm or toss in the towel. Only the most seasoned entrepreneurs know the importance of looking out for turning points and pivoting accordingly. If you can develop the ability to identify turning points and move with them, you will be poised for success even when things are out of your control.
Turning points are everywhere, in every industry and in every space, and they enable innovation, disruption and progress. When we pay attention to them, we see opportunities develop before our eyes, even during a crisis. Apparel companies start making masks, automotive companies start making ventilators, and cleaning teams start disinfecting. Turning points enable companies to leverage core strengths, maintain core roles, and grow even when the world seems to be falling apart. What are the turning points around your company and your industry? If you can't see any, you need to take a closer look.
Related: 10 Steps To Achieve A Growth Philosophy In Business
3. Prefer discipline over instinct
Our instincts often undermine our discipline during a crisis. Fight or flight is the predominant instinct in almost all circumstances, for that is how humans have survived for all of humanity. This is mainly because the fight or flight paradox is due to circumstances fraught with fear and fear. However, in a business crisis there is a chance to give in to discipline rather than instinct. This also increases our ability to control and overcome chaotic circumstances.
Jocko Willink, former Navy Seal and author of Extreme Ownership, says we should regularly do things that we don't want because discipline equals freedom. Discipline creates a path based on ownership of the process rather than an instinct created by fear and fear. In business, this approach is invaluable. The more we train ourselves in dealing with uncertainty, the more familiar this uncertainty becomes. The more familiar we are with uncertainty, the more likely it is that we will make wise and effective decisions in the midst of absolute chaos. How do you develop your self-discipline muscle? If you find yourself in the flow during the crisis, it may be a sign that you need to turn around and swim against the tide.
Transformation is critical to the growth and longevity of businesses, and times of crisis offer tremendous opportunities for transformation. Implement these three techniques in any crisis and you are sure to get meaningful results.