A successful business must always adapt to the changing world
Adapting to changing conditions is an important part of running your life - and your business. It’s a simple truth: Nothing is forever. Times change, and business changes as well. If you want to achieve success as an entrepreneur, you need to learn how to adapt. Without adaptability, you may find yourself in serious trouble. And as the business landscape changes constantly, you have to be ready for it.
In order to adapt, a company must have its antennae tuned to trends of business environment changes, understand them, and quickly react to refine or transform its business model.
The ability of an organization to adapt is a great competitive advantage. A company that is adaptable is open to new ideas, and doesn't need to do things only because "that's how they've always been doing." They're able to foresee changes and don't panic when things don't go according to plan.
All businesses that last more than a few years need to transform as the time goes, whether it’s by redesigning its products, updating technology, or adding or deleting items.
Albert Einstein once said, “The measure of intelligence is the ability to change.” Adaptability can help you think outside the box and come up with creative solutions. By opening up to change, you’re also opening to new opportunities. By being adaptable, you can question the status quo, and at this point entrepreneurial magic happens. Remember Uber, the app was created by two friends that couldn’t get a cab in Paris after a conference and thought it would be great to have a digital option for easily booking a ride. For new opportunities to flourish, you need to be open to change and this can help you to dream up the next big thing.
If your competitive environment is uncertain and is changing fast, you require a dynamic and sustainable way to stay ahead..Adaptation doesn't mean banging your head against a wall expecting a different result, adaptation means persistence on a broader scale.
Here are some of the reasons why an entrepreneur needs to learn to adapt so that his business persists successfully:
- To improve your problem-solving skills
- To detect new opportunities faster
- For you and your business to stay up-to-date
- You will be happier
- To be engaging as a person and business
Sources
Sykes T. (2019, December 2). Why you need to learn to adapt. Retrieved December 9, 2019, from https://www.entrepreneur.com/article/343047
Sykes T. (2017, November 1). 3 Things you need to know about adapting to succeed in the business world. Retrieved December 9, 2019, from https://www.entrepreneur.com/article/303740
Reeves M., Deimler M. (2011, July- August) Adaptability: The New Competitive Advantage. Retrieved December 9, 2019, from https://hbr.org/2011/07/adaptability-the-new-competitive-advantage
Boss J. (2016, April 26) Staying Competitive Requires Adaptability. Retrieved December 9, 2019, from https://www.forbes.com/sites/jeffboss/2016/04/26/staying-competitive-requires-adaptability/