Uncertainty is a part of every industry. Industries and markets are constantly evolving and changing to fit the demand. However, to succeed in the world of entrepreneurship, you must know how to mitigate the uncertainty. It can be challenging and overwhelming at times, but there are different ways to ease the process. Below we will take a look at various tips to help guide you through this aspect of entrepreneurship, as featured in an article on Forbes.
- Be sure to build in flexibility.
When uncertainty is involved, you are often forced to make decisions without much supporting information or context. Instead of cracking under pressure, be aware of the unknowns, formulate flexibility into your plan and modify the plan according to the circumstances. Flexibility is beneficial because it is much easier to brace for change when you already have built in the room for various obstacles and challenges that could arise.
- Remain transparent and open.
One thing that is never smart to do is to show up and pretend to know everything about a situation. Being honest about where you might be unaware opens the door up for other people to assist you in questions you might have. A good leader remains transparent with everyone on their team from other leaders to lower level employees. This formulates a sense of trust between everyone and prevents mistakes from happening that could have easily been avoided if you were honest.
- Practice communication that is candid.
When uncertainty is present, the last thing people want to experience is a leader that is shady and secretive. They want a reliable source of information that they know is credible. Leaders can build trust with their employees by communicating with them candidly, including factual information and leaving opportunities open for feedback and questions. Even when working with stakeholders, humanity and vulnerability is a valuable asset. Candid communication can help to instill confidence in employees at times when it might be hard for them to formulate it themselves.
- Establish a plan for risk management.
It is crucial to brainstorm possible risks that can occur throughout operating your business. No company ever has a complete smooth sailing when running a business. Be sure to measure the risks based on low, medium and high and plot them on an x and y axis. Then you can establish strategies for mitigation to avoid further issues.