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6 Strategies For Dealing With Uncertainty In Business

https://www.fastcompany.com/1824457/6-strategies-dealing-uncertainty-business

fastcompany.com

6 Strategies For Dealing With Uncertainty In Business
A few years ago, my son graduated college and asked me to back him financially so he could launch a business.What business? I asked.New type of tanning salon, said he.So, you got a business plan?

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Strategies for dealing with uncertainty in business

  • Use analytic techniques that don’t require high accuracy.
  • Prepare for multiple outcomes
  • Find and rely on the predictable elements of the situation
  • Focus your evaluation of initiatives on the inputs (the quality of the process that went into its planning and execution) not just the outputs 
  • Remain agile, and strive to respond quickly
  • You have to prepare for failure, success, and everything in between. But as long as others find you trustable, you’ll never be on your own

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The 2 goals of effective brainstorming:

The 2 goals of effective brainstorming:
  • Defer judgment (don’t get upset when people say bad ideas).
  • Reach for quantity (come up with as many ideas as possible).

Obstacles to an effective brainstorming:

  • Fear of judgment from people in positions of power;
  • Extroverts take center stage;
  • Groups hate scary ideas, even it they're great ones;

Steps of the creative process

  1. Preparation: individual study to focus your mind on the problem;
  2. Incubation: the problem enters your unconscious mind and nothing appears to be happening externally;
  3. Intimation: you get a “feeling” that a solution is on the way;
  4. Illumination: your creative idea moves to conscious awareness;
  5. Verification: your idea is consciously verified, expanded upon, and then executed.