Author Box
Articles Categories
All Categories
Articles Resources

How Entrepreneurs Cope With the Unexpected

June 11, 2012 | Comments: 0 | Views: 169

Entrepreneurs a just like everyone else in this respect: They prefer smooth-sailing to their destination. But we all know that there are times when we must navigate unexpected changes in the wind and choppy waters. However, it's not whether such seas come upon that determine our success; rather it's how we react that matter. What do you do when the water becomes choppy?

The expression taken aback comes from the days of tall ships. These vessels had vast sails that were designed to capture large volumes of wind that would propel the ship forward. But, in order to accomplish this, considerable skill was required at the wheel. Inattention at helm or a sudden gust from an unexpected quarter could cause the sails to collapse, and instead of bounding through the waves, the ship would suddenly stop. It would be taken aback.

The same thing can happen in business. You make steady progress in the number and quality of customers, the creation and delivery of new products, and market share, and then in what seems like overnight, everything stops. The number of orders drop off; creativity wanes, or there are disruptions in your supply chain. These things seem to happen all at once.

How can you as an entrepreneur cope with the unexpected?

1. Remind yourself of your vision.

Whenever life gets in the way, or events don't pan out as you anticipated, there's a temptation to give in. By reminding yourself of why you started this enterprise in the first place, you can regain your perspective and determination.

2. Revisit your assumptions.

Undoubtedly, you'd be the first to admit that your circumstances are changing around you all the time. Technology enables more to be done. Customer requirements change. Equipment becomes obsolete. It never stops. But, in the context of what you know, have you changed the assumption that you made at the beginning?

3. Reassess your strategies and tactics.

Are they consistent with the assumptions that are safe to make? Or are they based on yesterday's guesswork?

4. Revise your game plan.

After you have revisited your assumptions and reassessed your strategies and tactics, you need to make a course correction. Think of it in terms of satellite TV. If your dish is off by a fraction of an inch, you won't get the signal.

5. Reevaluate your progress.

Are you moving forward again? What evidence is there that the wind is at your back again?

By the way, if you'd like more information, then you might like to get my free eBook on How to BE an Entrepreneur.

Or, if you want some help in finding your niche, then you might be interested in http://www.terrydeaninterview.com.

Source: EzineArticles
Was this Helpful ?

 
0
 
0
 
Rate this Article
 vote(s)
Feedback
Print
Re-Publish

Article Tags:

Unexpected Changes

,

Taken Aback

,

Water Becomes Choppy

,

Strategy

,

Tactics

,

Vision

In India, employment opportunities are set to grow by a good margin in the coming year, a phase which was started in the turn of the second decade of the 21st century. organisation, candidates with

By: Sarkariexam l Business > Careers Employment l April 01, 2013 lViews: 11718

Sometimes it is amazing to see that certain jobs can precipitate huge turnouts in the recruitment drives. It is as if thousands of people were waiting for the vacancy advertisements and the moment

By: Sarkariexam l Business > Careers Employment l December 30, 2012 lViews: 692

In recent times, jobs in healthcare segments have grown tremendously. It is anticipated that this growth curve will continue for the times to come. Various factors are responsible for this

By: Sarkariexam l Business > Career Advice l December 27, 2012 lViews: 449

Are you in a dilemma whether to choose web based CRM or not? If yes, don’t worry. You aren’t the sole person having this doubt.There are numerous firms trying to make out whether investing in a

By: Reneta Vasileva l Business > Customer Service l December 23, 2012 lViews: 410

If you think about it you will realize the fact that each business has its own set of risks that are involved in it.The trade secrets that you have and the information related to the business is what

By: brumbrum1 l Business > Risk Management l December 23, 2012 lViews: 264

As the time is changing, concierge management services are now growing despite the slowing economies of the world. The main reason of it is the need that is highly specific to the people who like to

By: willsmith10 l Business > Management l December 23, 2012 lViews: 334

The "acid test" comes from the world of metallurgy, and refers to the purification of gold. This metal rarely occurs in the form of pure nuggets. Instead it has to be extracted from ore, a tedious

By: Bruce Hoagl Business > Entrepreneurialisml June 11, 2012 lViews: 217

Achilles was a character in Greek mythology made famous by his heel, which his mother had failed to protect when she dipped him in the River Styx. Paris discovered this secret weakness and exploited

By: Bruce Hoagl Business > Entrepreneurialisml June 11, 2012 lViews: 169

When you start a lawn service business, you need to choose the right equipment and tools. You need to mow the most lawns in the least amount of time.

By: John C Millsl Business > Entrepreneurialisml June 08, 2012 lViews: 187

February the second is Groundhog Day, the American holiday which inspired the 1993 movie of the same name, starring Bill Murray and Andie MacDowell. Bill's character, a weatherman, finds himself

By: Laura Ashley-Timmsl Business > Entrepreneurialisml June 08, 2012 lViews: 234

The frozen yogurt business is thriving and this tasty frozen dessert is becoming more popular by the day. If you are like many forward-thinking entrepreneurs, you are thinking about taking advantage

By: M McHalel Business > Entrepreneurialisml June 07, 2012 lViews: 308

Maslow stated if you only have one tool and it is a hammer, you look at every problem as if it is a nail. Regardless of your position in your company or if you are a solo-preneur consider for a

By: Mitch Tublinl Business > Entrepreneurialisml June 06, 2012 lViews: 187

The "acid test" comes from the world of metallurgy, and refers to the purification of gold. This metal rarely occurs in the form of pure nuggets. Instead it has to be extracted from ore, a tedious

By: Bruce Hoagl Business > Entrepreneurialisml June 11, 2012 lViews: 217

Achilles was a character in Greek mythology made famous by his heel, which his mother had failed to protect when she dipped him in the River Styx. Paris discovered this secret weakness and exploited

By: Bruce Hoagl Business > Entrepreneurialisml June 11, 2012 lViews: 169

Discuss this Article

comments powered by Disqus