The biggest threat to business confidence, growth and prosperity is economic uncertainty; at least that’s what the business media headlines would have us believe. They have described business confidence as fragile, and further weakened by a lack of resilience, the result of numerous issues, including Brexit, a slowing of Chinese growth, and the Trump factor. Without confidence born out of certainty, businesses cannot plan. Really? That wasn’t the impression I was given by a number of entrepreneurs who see uncertainty as anything but a bad thing. In an uncertain business world, one thing is certain; entrepreneurs will find a way to turn that uncertainty to their own advantage.
Todd Krizelman, CEO and co-founder of advertising intelligence company MediaRadar, says: “Major upheavals may be unnerving, but they almost always open up a space for new entrants. Be agile and move in quickly; being early to market can be a major advantage.”
Krizelman advocates identifying the things that you can control and the things that you can’t. “In other words, know what to stress about,” he says. “I worry much more about the elements that I have some influence over.”
His final piece of advice on dealing with uncertainty is to leave markets that are no longer attractive. He adds: “Entrepreneurs tend to be tenacious, never-let-go, problem solvers, but there are times when no amount of hard work will suffice, so pull back and see the forest.”
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