Starting a new entrepreneurial venture is exciting, but also challenging. You never know what obstacles, opportunities, or changes you might face along the way. How do you ensure you're prepared for anything? Here are some tips to help you build resilience and adaptability in your entrepreneurial journey.
Your why is your core motivation, your purpose, your vision. It's what drives you to pursue your venture, and what keeps you going when things get tough. Knowing your why can help you stay focused, aligned, and inspired. It can also help you communicate your value proposition, attract customers, and differentiate yourself from competitors. To find your why, ask yourself: What problem are you solving? ??? Who are you serving? What impact do you want to make? How does your venture reflect your values and passions?
Knowing your ‘WHY’ is for you to maintain the resolve it takes to be a successful entrepreneur! Things are going to be tough, especially at the beginning. What will keep you from throwing in that towel? A true why runs deep in your heart and soul. It keeps you going when all else is failing. Your true why never goes away, it’s part of you. Embrace it, acknowledge it, use it!!
You'll never be prepared for everything. That's a pipe dream. But you have a consistent approach, grounded in your mission and goals.
There are two separate aspects that I think are equally important as core tenets when starting your own company. One is the idea, the dream, let's call it the why...but the other, equally important, is the fact you are willing to embrace the "start up" lifestyle, which is all consuming, make no mistake about it. There is a lot of boring or non interesting and even hard things to do, that are not developing the idea but that are mandatory for a successful start up. The lawyers, the accounting, the HR, the stress of the uncertainty, the endless pitches always repeating the same thing, the self doubt.....I don't want to focus only on the negatives but you need to be aware of those and be able to withstand them if you are wishing to make it.
CEO & Co-founder of Sensei, Applied Science Design Lead at Lloyds Banking Group
“Know your why” - i see this as “Purpose”. That’s the single most important thing that will help you get through challenges at almost every step you face, it’s your self motivation hook and much more!!
The most difficult part of starting venture is often not the START itself, but it is the STAYING in the business. Having a strong why and a valuable purpose behind it is what allows us to keep on doing our best also during difficult times. For me it is good to periodically re-align with my "Why". And keep it always at the top of my mind.
Planning ahead doesn't mean having a rigid blueprint for your venture, but rather having a clear direction, a realistic budget, and a flexible strategy. Planning ahead can help you set goals, measure progress, and anticipate risks. It can also help you allocate resources, prioritize tasks, and delegate responsibilities. To plan ahead, ask yourself: What are your short-term and long-term objectives? What are the key milestones and deliverables? What are the potential threats and opportunities? How will you monitor and evaluate your performance? ???
Put your best imagination to practice and think negatively. Wait hear me out... Think and imagine all the worst that could happen, plot different scenarios in your head. Then ask if you can live with yourself, ask if you can survive that process. Finally map out a counter plan for each of these worst case scenarios. Hopefully this helps.
Having a structure in terms of planning, having milestones and a way to check in and be accountable is key to achieve success in business. You can always change the road (and the plan), but you need to have one (or more) goals. I find it helpful to look at my goal every week, when planning high level the week ahead.
Preparing for a new entrepreneurial adventure involves thorough research, planning, and networking. Define your unique value proposition, manage finances wisely, comply with legal requirements, build a strong team, and develop a solid marketing strategy. Stay agile, continuously learn, and be prepared to adapt to challenges along the way.
As of now, I'm thinking of venturing in to the e-mobility space. It's more long term, say in the next five years. Most of my research has been internet based, which is fine, but I've been getting insights from a colleague which have been an eye opener. In short, planning ahead helps you in making more informed choices.
Nothing ever goes as planned. Make a plan off your second step. Which you cannot see until you make your first step. Getting things going quickly is more important than planning them perfectly. Plans do not need to be elaborate. Complexity attracts but simplicity sells.
Learning fast means being open to feedback, experimenting with new ideas, and adapting to changing circumstances. Learning fast can help you improve your product, service, or process, and discover new ways to create value for your customers. It can also help you avoid costly mistakes, overcome failures, and seize opportunities. To learn fast, ask yourself: What are the assumptions and hypotheses behind your venture? How can you test and validate them? What are the key metrics and indicators of success? ??? How can you learn from your customers, competitors, and mentors?
Embarking on a new venture means navigating unknown challenges. Learning fast involves swiftly identifying and addressing these issues. Upon encountering an unknown, my three-step approach begins: Quick Fix, an immediate solution to stabilize; Sustainable Solution, addressing the root cause for a lasting remedy; Foresight for the Future, ensuring long-term relevance by anticipating business developments. This proactive strategy turns uncertainties into opportunities for growth, providing the agility needed in the dynamic landscape of entrepreneurship.
As an entrepreneur, I believe that the Dunning-Kruger effect is a feature, not a bug. The Dunning-Kruger effect is the tendency of people who are very uninformed and unskilled at something to believe that they know everything and are great at it, while experts in a field typically underrate their own skill. I think this instinct developed because we are learning machines. We are great at figuring stuff out as we go, and while the tendency to say things like "Plasma physics? How hard can it really be?" often leads us to dive in way over our heads, without that kind of instinct, I don't think we'd ever learn to swim. Learning fast is a human super power. Be bold enough to get yourself into trouble, and sharp enough to learn your way out.
you learn fast, by falling fast. Cats only know to not touch fire, after they've already touched it. The sooner they touch it, the sooner they have that knowledge and can plan accordingly. The sooner you break something in your process, the faster you can reinforce that section so it wont break again. Thats why you should do things manually before automating them. Do it manually, then teach it to someone else, see where it breaks - fix it, THEN automate it.
Establish mentoring relationships to have access to people who have been successful at building businesses and engage often in joined thinking to have an edge in leadership, creativity, overcoming issues, impact, marketing, risk management and sales. And always be learning! Learning right! Identify the areas where you need to go narrow and deep - those will be longer learning areas and they require practice and persistence. And the areas where you need to go shallow and wide, those will be faster learning areas but they will compound over time.
Understand the difference between learning and intelligence: 1. Learning is understanding with no behavioral change. 2. Intelligence is understanding with behavioral change. When you learn be swift in implementation. Charlie Munger said: “Those who keep learning, will keep rising.”
Building a network means connecting with people who can support, advise, or collaborate with you on your venture. Building a network can help you access resources, information, and opportunities that you might not have otherwise. It can also help you gain exposure, credibility, and trust in your market. To build a network, ask yourself: Who are the key stakeholders and influencers in your industry? How can you reach out to them and build relationships? How can you provide value to them and leverage their expertise, contacts, or platforms?
Le réseau est clé dans la réussite d un projet. Pour cela, il faut être transparent, donner des éléments intéressants à vos interlocuteurs, accepter de donner sans forcément attendre en retour, et tout simplement oser demander et poser des questions aux personnes dont vous avez envie d avoir le point de vue !
If no one knows who you are.. no one is hitting you up, no one is emailing you, messaging you, no one is calling you, no hits to your website, no optins to your webinars... then no one knows who you are.. And you need to go out to them! Your fastest path to cash is likely going to be conversations. Consider two people at a bar - neither want to go home alone. Person A sits at the bar and waits for people to talk to them. Person B talks to every single person inside the bar. Who do you think is going home alone? The one who didnt network.
Entrepreneurs build networks by attending events, joining communities, utilizing social media, seeking mentorship, asking for referrals, volunteering, focusing on relationship building, staying connected through follow-ups, joining networking groups, and engaging in online forums. These strategies help expand connections, gain valuable insights, and open doors to opportunities for collaboration and growth.
Know that you will not be prepared for everything. Talk to Jesus about it to make sure you’re making the right decision. He will help you tremendously along the way. If you know, this is the right path, do your best and be humble. If you don’t know the answer, say you don’t know the answer. People are typically gracious with people who are really trying to do their best. If you were kind and a really trying to help people, people will typically work with you because they know that no one knows everything and not prepared for every situation. Get a mentor to shorten the learning curve. Work with others and learn from others.
Developing a network is an invaluable undertaking. It is crucial to engage individuals who possess knowledge and expertise that are beyond your own. It is recommended that a team comprising a financial advisor, an accountant, a lawyer, a mentor, a coach, and a trusted advisor be established to help identify unfavorable trajectories. It is imperative that the team members are not all of a similar mindset, as this will inevitably lead to complacency and stagnation. Rather, the team should include individuals who are unafraid to challenge and push you to exceed your potential.
Embracing uncertainty means accepting that you can't control everything, and that you might have to deal with unexpected challenges or changes. Embracing uncertainty can help you cope with stress, anxiety, and doubt that might arise from your venture. It can also help you develop a growth mindset, a positive attitude, and a creative approach to problem-solving. To embrace uncertainty, ask yourself: What are the worst-case and best-case scenarios for your venture? How can you prepare for them and mitigate the risks? How can you turn challenges into opportunities and learn from them?
Uncertainty is the only certain thing there is in business and life. When we are flexible in mind and work to build resilience we have much better chances to navigate changes without big troubles.
As long as you are passionate about what you want to do, don't give up and there is never a right way of getting there. You will fail 100 times but don't give up and surround yourself around people who motivate you and are positive. Nothing is perfect but your passion will bring success.
Change this to "Be Curious" No one is coming to save you or help you. No one is coming to fix your problem or give you a hand out. So its ALL up to you. Isnt it much better to be curious about how to solve something, than it is to be uncertain on how to solve it? Id rather be curious how I can find another job, than be uncertain if i could find another job. Id rather be curious how to handle an upset client, than be uncertain if I can help this client.. Be curious - NOT uncertain.
Thorough planning is no doubt essential in the realm of entrepreneurial ventures. However, uncertainty is a significantly overlooked factor during preparation. Despite our meticulous planning, unforeseen challenges are bound to arise. Rather than dreading uncertainty, view it as a potential opportunity to grow. Imagine yourself as an experienced explorer navigating uncharted territories. It's your chance to showcase adaptability and innovation. Every unexpected twist is a chance to prove your resilience. So, while planning is essential, remember to embrace uncertainty—doing so will help you to enjoy the sometimes topsy-turvy world of entrepreneurship.
Entrepreneurs embrace uncertainty by adopting a mindset shift, staying adaptable, managing risks, committing to continuous learning, cultivating resourcefulness, building a strong support network, focusing on what can be controlled, maintaining resilience, embracing experimentation, and celebrating progress. These strategies enable entrepreneurs to navigate uncertain environments with confidence and agility, ultimately driving success despite challenges.
How do you ensure that you’re prepared for anything? One might start by recognizing the absurdity of the notion, and accepting that you can’t be prepared for anything… if prepared is defined as having a preconceived plan for all contingencies. An element of hubris is strongly suggested. The unexpected will occur at a time of its choosing. You can best prepare by building a team that understands this, and can quickly adapt and change course. Intelligent and operational flexibility are crucial.
Entrepreneurs learn fast and reduce the risk of failure by adopting a growth mindset, prioritizing continuous learning, experimenting and iterating quickly, seeking feedback, embracing failure as a learning opportunity, leveraging networking and mentorship, making data-driven decisions, building diverse teams, adapting to feedback, and staying agile. These strategies enable entrepreneurs to navigate uncertainties, innovate, and make informed decisions, ultimately increasing their chances of success in the fast-paced world of entrepreneurship.
Embrace continuous learning, adaptability, and resilience. Develop a robust business plan, conduct thorough market research, and maintain financial prudence.
Maybe most important of all, ensure that your self-leadership meets your high entrepreneurial standards. The hardest person to lead is yourself. As an entrepreneur that could take many shapes; skills, risk taking, communication, consistency, teaching others, valuing people, customer service, health, tech, networking…. How you lead yourself in all the spaces you enter is how you lead everyone else!