2020 has taught the world the importance of contingency planning and how our response to a crisis can make a huge difference. As a budding entrepreneur, you should understand that crises will come and go but your leadership determines whether your business venture will survive the onslaught.
Leveraging the chaos.
Disruption is one of the most effective ways to enter an industry and rise rapidly to the top. It is a tactic that has often been employed in the digital era but not always effectively. The recent shutdown of video platform Quibi despite a $2 billion investment within 6 months of its launch is proof of that.
However, risks can return handsome rewards if managed carefully. For example, cfds trading is seeing an enormous boom due to its low investment-high return revenue model despite some inherent risks.
The difference is that successful CFD traders leverage the word of chaos while the management at Quibi succumbed to it.
Certain uncertainty.
As they say, change is the only constant. Consider the companies that have emerged as world leaders over the past few decades. Mega corporations like Google and Facebook worth hundreds of billions of dollars emerged as leaders in their respective fields by bucking the prevailing trends.
They offered the world an alternative to something that they already used but did it in a way that was intriguing, useful and original. This pursuit of customer-focused creative innovation forms the basis of their success, and that of virtually every successful business entity.
They didn’t throw money to try and win like Quibi; the owners spent the effort to ascertain what consumers needed and crafted their product to match those needs.
Staying the course.
Launching a new venture can be a thrilling experience but it is also a demanding one. The odds are that you will be pressed for time, resources and energy, and perhaps all of them at once. It is times like those that your team will look up to you for leadership. If you can drive yourself to conquer the hurdles, you will inspire them both as a business leader and a strong individual.
