Why Entrepreneurs Should Change with the Time?

To sustain competition, entrepreneurs have to cope with the shifting times
  • BY Jaspreet Kaur

    Feature Writer, BusinessEx

  • |
  • Oct 05,2021
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  • 10 Mins Read

As time passes by, people’s choices and lifestyle change. Change is a vital catalyst in today’s time; it’s an indicator of development and growth. The concept is equally applicable in the business world too. To sustain in the competition, entrepreneurs have to cope with the changing times. Business owners have to keep a close eye on the business marketplace and ascertain important trends and patterns out of regular business transactions. 

Nonetheless, adding new variations into the system cannot warrant the business’ success. For that, the company owner has to keep himself upskilled. Learning is a natural process that can be started at any point of time. High school education or earning a degree are not the main goal as the learning process continues after that as well. Despite this, entrepreneurs are skeptical before embarking on the path of learning.

Why Should Leaders Adopt a Change?

 

In the ongoing health crisis, many professionals, as well as businesses, have lost their jobs or turned bankrupt. Their hopes were crushed and their financial situation worsened. On the other hand, many individuals utilised this time and looked for an escape. Such a lot realised that learning helped them dive through this hailstorm. 

This cohort realised the importance of digital marketing, artificial intelligence, and machine learning. Soon, during the last year, businesses started offering solutions in these realms. This was the time when other entrepreneurs recognised that they have to start adopting technology and imbibe it as well. 

Leave Comfort Zone 

 

For years, entrepreneurs continue to work in an industry, in turn, limiting their growth. Gaining expertise in one niche is good, however, a business owner needs to explore other sectors so as to find new opportunities. To penetrate deeper into the ecosystem, entrepreneurs have to step out their bubble and experience harsh realities of the world anew. 

Once they grasp knowledge of one field, then it's time to move to another. Apart from expanding the skill set, it is equally important to execute that skill in the business. Suppose, a small business owner understood the significance of digital marketing. He learned and gained this skill but did not bring his business on social media. In this case, whatever he imbibed turned futile as it was not used at all in shoring up the enterprise. 

In an alternate situation, implying digital marketing can accelerate the business. A change in the business facilitated it in surviving in such tough times. 

Move Along with the Time 

 

Sticking to one skill can be problematic during business adversity. In uncertain times like these, it is crucial to adopt new things. People who do not accept changes face big challenges and ultimately, get failure. For example, back in the day, Nokia was a much used cell phone brand amongst users. It was giving a tough competition to other companies in India. 

While other mobile companies shifted and embraced smartphones, Nokia did not change and stayed to its strategy. In the end, Nokia lost its sheen in the market and other cellphones got popular eventually. Thus, it is vital to go with the flow and imbibe skills that can warrant immense gains. 



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