Creating a Successful Business in a New Paradigm
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Jun 22,2020
- 14 Mins Read
In the current adversity, every business is suffering except a handful of highly adapted ones. To counter this situation, entrepreneurs have to work with an open mind and assimilate new ideas. If they become tense, then they can miss out opportunities that pass by. Thus, entrepreneurs should adopt new business variations and acclimatize with the environment.
Stating the example of Japan, wherein people are extremely knowledgeable and adaptive. The country has the highest propensity of earthquakes. Therefore, it thought of creating houses that do not fall debris, thereby, emerged earthquake-proof home architecture.
In a similar fashion, small and medium-sized companies (SME) should embrace variations and formulate opportunities out of them.
Has Pandemic Changed Business Parameters?
Business experts believe that the business parameters have changed during the unlock phase. Both SME and startups are in the same state, everything has restarted anew for them. They have to go with the flow and should not stick to old ways of doing business.
For instance, Blockbuster and Kodak are two companies, who ruled the business world, but could not predict forthcoming changes in their respective industry. Thus, both these companies are a big failure now.
In the competitive business ecosystem, business models change abruptly. It is vital for entrepreneurs to see changes coming in and accordingly, adapt them. It is not time for survival of the fittest. Companies that are quick to adapt and swiftly adapt business models as per the environment's requirement can only survive.
In order to accept changes, a business owner needs to understand his mindset and change it into the infinite mindset. There are primarily four types of mindset which are as follows.
1. Failure Mindset
At present, everything around has failed. The progressive economy has come to a halt. This, in turn, impacted business owners and put them into a depressive state where they began cursing everything.
2. Frustration Mindset
Such business owners question as to why things do not work in a particular way. They are skeptical about everything.
3. Conventional Success Mindset
In the pre-pandemic world, business owners attained success and were not willing to change their business model. They want to achieve success through the same model in the current situation as well; however, it is not possible.
4. Infinite Mindset
Entrepreneurs having this mindset questions themselves and understand that business needs to be changed according to the changing environment. They grasp everything and agree to modify the entire business structure after they assimilate, gather market intelligence and then act.
The infinite mindset is immensely important because it does not stick to one thing. It can grasp and absorb anything. In the current time, the infinite mindset is crucial and entrepreneurs have to open to embrace change.
Ways to Reconcile with Changing Environment
Business ecosystem is dynamic and forthcoming changes are mostly visible although ignored. This leads to the companies procrastinating important adaptations. Here are three Ds that entrepreneurs need to reconcile with.
1. Drive to automate or virtual is the new normal
Startups and SMEs have to automate in the business. They have to apply for a good strategy and do not follow a traditional way of doing business.
2. Drive to reach customers at home
In today's time, it is vital to offer convenience to the customers along with quality, and satisfaction. The crisis has made entrepreneurs realize that customized offerings and door-to-door services along with safety measures are important to accelerate customers' satisfaction, thereby, increasing market profits.
3. Drive to Work From Home
The crisis has led companies to make immediate decisions regarding safety of the workforce. It has given rise to remote working, which is not only a safety measure but also emerged as a cost-effective technique. As a result, giant companies like TCS, Facebook and Twitter have allowed employees to WFH permanently.
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