When starting a business, your endeavors do not always go according to plan. Although an entrepreneur who is a good planner has a better chance at making his business succeed, if he cannot change plans according to market trends or business needs, the business will certainly fail. A flexible entrepreneur who can switch gears and “go with the flow” has an even greater success rate.
What are some situations where an entrepreneur may be flexible? Here are just a few that entrepreneurs typically experience.
Don’t do it all yourself
An entrepreneur who thinks he can do it all himself is set up for failure. A good entrepreneur must learn to delegate and let others take control of parts of his business. Surround yourself with people you feel comfortable working with. Hire competent help. And don’t forget to reward your team when the company experiences success!
Be flexible with price
You can’t win them all, even on prices for your goods or services. Especially in a tough economy where consumers are tightening their wallets, you may need to be flexible in the price of your goods or services. Be firm on getting what you need for your business services, and don’t get less than you can afford. However, be willing to offer discounts to clients or customers who order large volumes, and even lower prices in reaction to market demand.
Be flexible with negotiations
Flexibility with business negotiations is an art form. In your dealings with business partners or vendors, be professional and not pushy or obstinate. If you are willing to bend on some issues but ask for their concessions as well, you gain respect as a negotiator and as a business person.
Keep your product options open
Sometimes a great business idea is just that – a great idea. It may not work in real life application. Always be willing to be flexible with your product or service development to match market conditions and consumer demands.
Leave your personal life at home
Be flexible with focusing on your business and leaving your personal issues and problems at home. Personal issues can affect your effectiveness in operating a business.
Be willing to admit that you do not know everything. An entrepreneur has much to manage when running a business. Take classes or seminars on business processes. Even a community college accounting course can help you understand the bookkeeping process.
And finally, be willing and flexible to admit mistakes and take responsibility. Your business is important, and making decisions and standing behind them is the way to keep your business operating. However, some decisions may not be the best ones. At times, you may need to change your business direction or offer an apology to your associates or business partners for mistakes you made.
As an entrepreneur and business owner, you bear the full success and failure of your endeavors. Ultimately, your business is your responsibility. Take responsibility and be flexible – and you will find that your business will flourish as well.
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