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7 Ways to Manage Uncertainty and Growth Simultaneously

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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 u...

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Benefits of a learning culture

During the last recession, companies that invested in their employees, in part by providing the training they needed to move forward in their careers, enjoyed profit gains of 26 percent, compared t...

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.)
  • Focus on curiosity as much as hard skills. Bring up problems currently facing the team and see how the candidate responds.
  • 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? 

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How leaders cope with uncertainty

Uncertainty is always there. The degree of uncertainty can rise and fall.

Leaders, being human, also have difficulty coping with uncertainty. When they receive confusing information, they te...

Heuristics during periods of uncertainty

During periods of heightened uncertainty, leaders reflexively reduce investment, stop hiring, slash marketing, refrain from entering new markets, or stop making decisions.

Although understandable, acting in a pro-cyclical manner can be counterproductive. It can leave companies poorly positioned to benefit from the next stage of the cycle.

Attributes to succeed in uncertainty

Organizations should be inclined toward action. As a baseline, companies must strive to be fit for growth. This can be done by aligning costs with priorities and strategy, investing in varied capabilities, and using traditional and digital levers to execute.

They must regularly engage in scenario planning with an array of options. They must build the capacity to be agile. They must learn to become more resilient to withstand strong external forces and quickly recover from setbacks.

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