Many people today are starting side-hustles to earn extra income, or with a view, if it works, to kiss their day job goodbye and become full-time entrepreneurs. In part, this is a response to the difficult economic environment where employment opportunities are diminishing as companies, for their own reasons, down-size or outsource employment elsewhere, even to other countries. As a result many have gone "back to school" to learn how to do business in the online space, the digital economy.
Courses such as the Build Your Own Business Bootcamp or the Digital Course Academy teach necessary skills and concepts to those wanting to start their own businesses. However, at the end of the course, many are still uncertain of how to begin, so overwhelmed by the sheer volume of concepts, ideas, techniques, equipment requirements, marketing strategies, digital platforms, and Customer Relationship Management programs, that they struggle to find a clear path forward, and the confidence to launch.
This is nothing new to anyone with experience in selling. Most sales training programs were great at teaching students the attributes and features of the product or service they were to market. But they stopped at the point of motivating the customer to buy. They did not teach the "How" of the Sales process. Similarly, many online business programs stop at the point of how to put everything together, and build a business that actually works, and generates income.
The current business environment is dynamic and ever-evolving; characterized by rapid change, disruption, and complexity. For a small or new business, succeeding in such a complex environment requires a combination of strategic thinking, agility, innovation, and resilience, a tall order. The question is exactly HOW to do it. Here are some tips found on the internet:
1. Embrace Change: Recognize that uncertainty is the new norm. Instead of fearing change, embrace it as an opportunity for growth and innovation.
2. Stay Informed: Keep a pulse on industry trends, economic shifts, and geopolitical events that could impact your business. Stay informed through reliable sources and networks.
3. Agility: Foster an agile mindset within your organization. Encourage flexibility, quick decision-making, and the ability to pivot when necessary.
4. Effective Communication: Transparent and timely communication is crucial during uncertain times. Keep your team informed about the state of the business, changes in strategy, and expectations.
5. Focus on Core Values: In times of uncertainty, your organization's core values can serve as guiding principles. Ensure that decision-making aligns with these values to maintain integrity and trust.
6. Scenario Planning: Anticipate various scenarios and develop contingency plans for each. This allows you to be better prepared to navigate unexpected challenges.
7. Empower Your Team: Trust your team to make decisions and take ownership of their work. Empower them with the resources and support they need to succeed.
8. Adaptability: Be willing to adapt your strategies and approaches based on changing circumstances. Flexibility is key to staying relevant and competitive.
9. Manage Risk: Identify potential risks to your business and develop strategies to mitigate them. This includes financial risk, operational risk, cybersecurity risk, and more.
10. Self-Care: As a leader, prioritize your own well-being. Practice self-care, seek support when needed, and maintain a healthy work-life balance to sustain your effectiveness in leading others.
Excellent tips, but exactly HOW do you do it?
I am struck by the similarities between the challenges facing a Combat Team Commander in the Advance to Contact phase of military tactics, with those faced by a business leader or entrepreneur in our uncertain economic times and fluid business environment.
The military has a lot of experience in successfully navigating a path through such challenges to achieve the objective. I believe the techniques and procedures they have developed are directly transferable into the business leadership space. In fact, I believe they are the key to business success in our contemporary situation. Indeed, they provide the "HOW" to make business school concepts directly applicable in a proven and practical manner that will lead to success, They present a step-by-step guide to clearly identify the objective, formulate strategies to achieve it, adapt appropriately to changing circumstances, and successfully accomplish the mission.
For more, see my blog posts.
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