5 IMPORTANT LESSONS LEARNT BY ENTREPRENEURS IN TIMES OF CRISIS
The global leaders and their businesses that affect the world economy to a large extent must take the responsibility to share their experiences on a more significant scale with other people to increase awareness of crisis management. It is quite evident that every small or big company has a lot to witness shortly once it commences its business activities. Because there is always a risk of facing minor crises irregularly.
All this may lead to an urgently shifted focus on the company’s restrictions as they are continuously being examined on their capability to cope up with crises. This is a situation where no company wants to witness but knows the value of being prepared for any crisis.
It is important for them to observe and examine how other companies or entrepreneurs dealt with crises that they witnessed to learn from their experiences. Here are five valuable lessons taught by millionaire entrepreneurs in times of crisis.
Not ceasing the process of creating
Threadless was founded by Jack Nickell who was incredibly creative, and he launched this website that allows people to vote for designs that artists upload. His passion for creating things was way more than his will to earn money. As a result, he never chose to compromise with the creative aspect of it. So it became necessary for him to consider his creativity as the most prominent asset and he used it to come up with a sustainable business.
Therefore, if you think you are creative on some or the other level, then never hesitate or avoid that and keep on creating things to ensure that you are enjoying the entire process of doing your job. Moreover, it is also useful for anyone to use your creativity in any way.
Being open to new opportunities
You should always be open to new possibilities irrespective of what kind of crisis your business is going through. The main idea is to find solutions to problems that people are facing at any point in time. It is important to figure out commonly encountered issues and come up with a solution that makes people enjoy your products and fall in love with the way you have branded.
There are plenty of opportunities that lie in front of us, but we do not get to see through an invisible trap of our limitations. The point is that there are so many new businesses that were founded out of real life problems that end users face. Usually, entrepreneurs should have some or the other idea that they can implement in parallel to the already existing business, or they can build it up into a full-fledged idea. Therefore, one should always be open to different opportunities and see problems as an opportunity to come up with solutions.
Initiating business on a global scale
It is important to feel the strong need to connect with the world markets and global leaders in different industrial sectors while you are in the middle of starting a business. This is going to be a reliable backup for you, especially in times of crises. The reason is an entrepreneur should think of his business as a successful thing on a global scale.
Entrepreneurs are always exposed to situations in the real world, and they need to face these situations vigorously and accurately to go ahead with their businesses. This would also lead to enhancement of their analytical skills and logical reasoning.
It also helps you in interacting with others from various parts of the world and the experience you get is immensely significant. Moreover, it would also give you support on a global scale if your business happens to enter the crisis zone
Render something valuable to the world
Blake Mycoskie founded TOMS, which is based on a unique concept of giving a pair of shoes to a child in the developing country for every pair of shoes sold. His business model was based out of ‘one for one’ idea. He also continued to assist entrepreneurship ventures that support social causes and think of social issues as significant problems in the world. This not only makes your business unique but it also captures the people’s attention and gets their immense love. In times of crises, people who support you would surely pull you up when you fall. The main point is to have a global purpose which is beyond the aspect of profit so that end users turn out to be your loyal customers.
It is henceforth imperative to understand that you need to look for new opportunities that you can utilize to bring a positive impact and to develop a profitable and an effective business model.
Taking failure as a learning experience
Many times your business will witness failures continuously, especially when it is going through a national crisis. In that case, it becomes significantly crucial for you to see such significant failures as experiences that you go through.
It feels appalling when you spend your time, efforts, and money on something that you genuinely want to do but it never gets launched. The reason we do not have to stop trying is that the best product might fail, and there might be a strong need to understand what customers need.
However, taking failures as parts of your journey is a brave thing to do, and those failures teach you so many useful lessons that make your journey quite fascinating. Everyone who tries might fail but one who does not have nothing to look up to, neither failures nor encouragements. Therefore, if you try and fail then learn to take it as a learning experience just to channelize it all positively.
These are just a few examples of ordinary people like you and me who fought back and rose to the top after hitting the bottom. There are plenty of such examples where an individual fights against all odds to make it work in their favor. Most important thing over here is to keep the faith. A small word –faith’, has worked wonders for many such inspiring individuals. However, again, faith comes with patience. Patience to bear the worst of all while keeping the faith for the best. Moreover, when it comes to entrepreneurs, the risk is also associated with patience, and that may result in a survival crises. However, the virtues withheld tightly during the times of hardships is certain to leave you embossed with a lifelong lesson.
Original Source : evancarmichael.com