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7 Ways to Manage Uncertainty and Growth Simultaneously

https://www.entrepreneur.com/article/311996

entrepreneur.com

7 Ways to Manage Uncertainty and Growth Simultaneously
7 min read Opinions expressed by Entrepreneur contributors are their own. You worked your tail off to start your own business. You don't want growth to plateau after you've tasted a little bit of success. To make matters worse, there's an increasing amount of uncertainty looming on the horizon, thanks to external factors like political upheaval and industry shake-ups.

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Fuel growth while managing uncertainty

Fuel growth while managing uncertainty
  • Prepare for multiple outcomes that are within your control.
  • Refine your business plan. Adjust your strategies to your business’s current situation so you can update your value proposition.
  • Recognize opportunity to grow. 
  • Get quality control in order. Define what "high-quality" means in terms of your company and its offerings. .
  • Have a firm grasp of key financial numbers and other KPIs so you can make the appropriate changes quickly.
  • Diversify your products and services. 
  • Evaluate how you and your team spend your time. It helps you to stay focused on the tasks that can actually grow your business.

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When hiring, screen for learners

  • Ask about passion projects. Learners tend to pursue something else outside work (training for a marathon, playing with a band, etc.)
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  • One of the most important things to a learning mindset is the ability to admit you don't know something. So be aware of how they approach the things they don't understand.

Learning as a company policy

This means explicitly defining ongoing learning as a core company value.

Empowering employees can mean providing the time or money to enable learning - in other words, offering learning opportunities as a job benefit like health insurance. 

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Prepare for rejection

Always have a rejection-processing protocol in place. Debrief with personal and professional support people who can empathize and appreciate your experiences without passing judgment, criticizing o...

Find the blessings in rejection

In many cases, rejections are blessings in disguise. Maybe you don't want those customers that rejected your product.

Refer and direct those customers to your competitors that fit their needs. They certainly would not forget the lengths you went to. Such service is rare.

Feed your growth mindset

You might initially doubt yourself, question your competency and your self-worth but after you have weathered the storm, activate your growth mindset and start asking questions: 

What can I do differently? What have I discovered about myself? What changes can I make? What will I do differently next time? 

It takes more than just passion

Make sure that you’re actually good at what you do. 

Ask yourself if you’re willing to put in the hard work and if there is a market for you to tap into. Even if it’s just t...

How can you make something better

Let’s say that your passion is playing the guitar. What void can you fill in that marketplace? For example, if you can repair guitars and realize that there isn’t a repair shop anywhere else around, that could be a business opportunity.

You also need to ask yourself how you can make the industry better.

Ways to monetize each passion

Think of all the various ways that you can actually make money off your passion. This may include:

  • Selling an actual product.
  • Sharing your knowledge about your passion by blogging, writing books or filming videos. 
  • Offering advice as a consultant in anything from accounting to gardening.
  • Becoming an investor in an idea that you’re willing to financially support.
  • Inventing a gadget or software that makes life easier for people. 
  • Building an event around your passion, such as a festival or community organization.