3 Critical Steps to Adapt as an Entrepreneur

The ability to adapt as an entrepreneur is a key success factor, but it isn’t always easy. To help you stay agile, here are 3 lessons in adaptability.   Of all the characteristics that are touted as the cornerstone of success in entrepreneurship (financial management, time management, passion, work ethic, etc.), adaptability is the one that is the least discussed and understood. Adaptability is defined as the ability to adjust oneself readily to different conditions. These different conditions are most commonly assumed to originate from changes in the economy, market conditions or even disruptive technologies that change the industry landscape entirely. While these changes are things that every business — startup or established — has to deal with, there is a greater adaptability issue that entrepreneurs have to face, and that is adapting to their evolving business idea. When starting a new business, founders will have certain ideas about their target market, the projected use of their product or service, and even the pricing classification that they anticipate offering. However, within the first 365 days of starting a new business, every entrepreneur learns many things they did not know about before they began. Entrepreneurs learn lessons that help to speed up their time to market and increase revenue, as well as face numerous expenses that they did not anticipate. Many times, the same entrepreneurs face the harsh reality that their plan was insufficient in understanding the intensity of the competitive landscape, the size of the available market or the sales cycle and their respective times to close. These are all things the entrepreneur will have to understand, and, if they...