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Fremont: "Our very survival depends on our ability to stay awake, to adjust to new ideas, to remain vigilant and to face the challenge of change," said Martin Luther King Jr. The statement proves quite true in all verticals of life, but when it comes to business, the adaptation is the only way for survival in the current competitive market. For a startup, learning during starting a new business is to adapt and change the plans to meet the challenges that come with getting a new venture take off from the ground.
During the initial phase of starting a business, startups hit the roadblocks several times. They need to ask themselves if they should persevere with a particular course of action or change direction and adjust their strategies according to the need of the time and this is truly a challenging decision to make. A lot of questions need to be answered before the first-time entrepreneurs step in to concrete a plan of action; the questions like how long should one stick with something if it is not working out, how will people react to the change and will a change in direction deliver a different outcome?
On top of these, it is quite scary for them to put on a dot of change in their business plan as they have worked blood and sweat on it. A change might bring the risk of being disheartened if they feel that their investment is more than the little return that they will get. However, it is true for majority of startups to undergo certain changes in terms of business plan, product policy and even their core team members if needed. But these changes should not affect the level of confidence and passion, but should be overcome by strengthening ones resolve and inner strength.
Flexibility in the business plan will also provide a wider scope of improvement than sticking to the rigidity that will never serve the best. Trying to improvise and change according to the weather of the industry will help you serve a better purpose of their existence and help them survive the long journey of competition. An adapting nature will also help to cope with the new competition that will strengthen the bottom line of the business.
The question now arises that how can one stay nimble enough to be able to change direction when needed? This can be done by setting up a culture that encourages constantly pushing forward the learning's from business losses but not dwelling on them, having a board of directors who show support and trust in their ability, and a heavy degree of determination for not getting stopped at any cost.
Changes are relevant to business need, so it is all upon the entrepreneurs to check for the time and reasons to adapt one, and consider what is beneficial for them and their business rather than showing stickiness for their unethical policies.
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