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How to cope with uncertainty in business

It’s in our nature to seek security and to aim to avoid uncertainty in every possible way. Even though by nature we seek certainty, it makes us feel comfortable and this comfort often is the reason for low work performance and lack of motivation. There must be something to push us out of our limits and to motivate us to achieve more by creating and innovating. The business world is one of the most uncertain places and especially for entrepreneurs the pressure which comes from this insecurity can be unbearable yet necessary.

The business world would never be what it is now if it wasn’t for the influence of uncertainty. Now we know how important the insecure environment is for the entrepreneurial world and the only question which we need to answer is “How entrepreneurs manage to cope with the uncertainty of the business world and still succeed in developing their businesses?”

Accept

Successful entrepreneurs manage to deal with the uncertainty because they simply don’t have another option. Entrepreneurs are extraordinary people driven by vision which motivates them to work harder and to try to predict the uncertain outcomes from specific situations. This is what the entrepreneurial environment offers and entrepreneurs must embrace this situation and walk their way to success, surrounded by uncertainty.

Certainty in the uncertainty

Entrepreneurs might not be sure about the stability of the business environment and how exactly this insecurity can harm their business, but they have one thing in which they believe undoubtedly – their idea. They might be uncertain about the environment, but they believe strongly in their startup and this is what makes them flexible in their decisions. With flexible mind and belief in the company it is easier to overcome the uncertainty of the business world.

Opportunity and uncertainty

The unpredictability of the entrepreneurial ecosystem is a source of opportunities which wait to be embraced by the resourceful mind of entrepreneurs. The most unexpected situations offer the most opportunities. Innovations are created from the demand of solutions for specific problems. If the uncertainty puts in front of you difficult and unexpected situations, explore your options and manage to turn around your startup in a way which will make your company even stronger.

Preparation

It is impossible to be fully prepared for future situations and changes in the business environment, but there are certain things entrepreneurs can do to prepare themselves. Entrepreneurs face uncertainties on daily basis and they must prepare by improving their mental stability – acceptance, flexibility, open-mindedness – and business preparation – study the risk, predict the future, create the future, adapt to the demands of the business environment.

Agility

Be prepared for multiple outcomes for your company. Some may argue that if you have an exit plan you don’t believe enough in your idea, but here we are talking about circumstances which don’t depend on you and which you basically have no control over.

Prepare for multiple outcomes for your business and you are more likely to conquer the fear of business uncertainty. It is up to you how you will embrace and react to the uncertainty. Will you take it as a problem and accept the defeat or will you take it as an opportunity and find possibility for growth?

25 December 2014

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