How can I bring about change through my business? Isn’t this the most common question that nags the minds of change-oriented entrepreneurs constantly? Could there be some sort of accurate laws like those in Physics and Chemistry that can make it easier to come up with concise answers? They may not be as definitive as in such hard Sciences, but there are some time-tested principles that help you make informed judgments to help your entrepreneurial journey to propel forward. Here are 5 such astonishing principles for your perusal:
1. Bird in Hand Principle: What You Can Control
Usually, we tend to copy and try out what other successful entrepreneurs are doing. We like their ideas and their ways of dealing and feel that the same applies to us. However, this often leads to a dark pit of wasted time, money, and energy, because doing so, we fail to reflect on ourselves. We fail to realize Who we really are, What we know, and Who we know. Following this principle allows you to analyze the resources you have at hand rather than fantasizing about what you don’t have. Though one can always be inspired, there is no explicit need to copy anyone. Just start with what you have, not what you will need to have. If you look closely within yourself, you will more likely find a gem of an idea that will eventually lead you to the treasure chest of business.
2. Affordable Loss Principle: What can you afford to lose?
As the saying goes, “To achieve something you need to lose something.” How ready are you to compromise something to achieve something greater? It is a sure fact that at the initial phases of a start-up, the questions will always nag us: Will the idea work out? Will it be too difficult to continue the business? Will I be able to manage the team? What will happen to the investment? Will we be able to overcome financial obstacles?
Many such questions will most definitely arise. Similar to the cost-benefit analysis employed in businesses, this principle allows you to analyze what the risks could be and what you can afford to lose. Knowing this beforehand prepares you before the calamity strikes so that you don’t panic when it actually happens. Therefore it helps you to remove the surprise elements of risk-taking and your business rests on a more solid foundation.
3. Lemonade Principle: Turning Surprises to Opportunities
“When life gives you lemons, make lemonade!” This principle is based on the notion of flexibility and adaptability. It is the flexible tree that swivels with the winds that lasts longer than the rigid one. You won’t achieve success most of the time. Failure consistently awaits you at every corner. Yet as an entrepreneur, it is unwise to brood over such failures and get depressed. Instead, you need to be forever optimistic and dash towards the doors that open, rather than lamenting on doors that have closed.
In more concrete terms, for example, If you fail in promoting one of your products, analyze precisely where it may have gone wrong: Was it the colors? The designs? Social media visibility? Be proactive at making necessary changes and you never know – that may be just the thing required to tip the scale to your favour.
4. Crazy – Quilt Principle: Connecting with people and partners early in the game
The human mind is a box filled with ideas that range from decent to insane, crazy to mediocre. This principle lets you explore all potential candidates that you can accumulate in your mind and finally choose the most viable one after careful deliberation. Then the idea initiates the process of quilting your business by collaborating with partners, and people who can expand your business early. The idea is to reach out to willing people from various fields, sew them up together, and make an effective team. This ensures a safer landing on the quilt of business. This principle points to the fact that having a team before the actual start of business is an effective strategy to pull off success or face failure together. The more connected you are with your partners, the easier it will be to ace the entrepreneurial journey.
5. Pilot-In-the-Plane: No prediction – Just Create
In a plane, a pilot is undoubtedly the one who decides what to do and where to take the plane. As an entrepreneur, you are the pilot and your business the plane. If the pilot anticipates strong winds, there may be a large number of clouds instead, and he will never be able to reach any destination. So stop anticipating what might or might not happen. Just start and steer the plane then you will know what comes next!
The underlying logic is that you don’t know and cannot predict what the market will be once you set up your business, but you must start somewhere. The chances are varied: Maybe you set up your own new market, Or maybe you stand out more than the existing ones, or maybe you don’t. The possibilities are endless, and thinking about all the negative ones simply paralyzes your psyche. So stop assuming, and just create your idea. Initiate the flow and start doing things. As the saying goes, ‘The beginning is always the hardest’ – Motivate yourself to start somewhere and half of your work is already done. The plane will take off from the runway regardless.