10/8/21, 11:31 AM
Dealing With Uncertainty as an Entrepreneur | Howard Davner | Entrepreneurship
a Dealing With Uncertainty as an Entrepreneur by Howard Davner | Oct 8, 2021 | Beverage Industry, Business, Business Ownership, Entrepreneurship
It’s impossible to know what the future holds, even in the business world. Many people may let this fact hold them back rather than embracing it. Becoming an entrepreneur means that one will almost always deal with uncertainty. There are several ways for an entrepreneur to handle the uncertainty they face daily. It’s all about finding the suitable method (or a combination thereof) for their individual needs. Here are a few ideas to get new entrepreneurs started. Acknowledgment One of the best ways to handle fear stemming from uncertainty is by acknowledging it. It’s okay to listen to your fear – the trick is not to let it control you. Fear is a natural reaction, and it can help inform a person of the situation if they’re willing to listen to it.
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10/8/21, 11:31 AM
Dealing With Uncertainty as an Entrepreneur | Howard Davner | Entrepreneurship
By listening to one’s fear (but again, not letting it take control), one can better prepare themselves for all potential outcomes, including the worst-case scenario. In the long run, this tactic can help an entrepreneur avoid those circumstances through careful planning. Plan, Plan, Plan Conversely, a person can tackle uncertainty through planning. If one has dozens of contingencies, the idea of the unknown doesn’t sound so terrifying. After all, the odds are good that they’ve already made a plan for most possibilities out there. Hang Tight to Pockets of Certainty Entrepreneurs entered the field because they had an idea and the drive to turn it into something more. When facing uncertainty, it is beneficial to remember the certainty that came with their concept. In other words, now would be the perfect time to remember why one chose to go into the business. Holding onto that motivation can help diminish the adverse mental effects that stem from uncertainty. Mitigate Risks When Possible One way to ward off uncertainty, and build confidence, is by mitigating risks whenever possible. For example, a well-diversified entrepreneur (or business) is less likely to be impacted by sudden changes within a single industry. Alternatively, entrepreneurs can mitigate risks through pre-paid plans, careful planning, investing, and hundreds of other ideas. Best of all, there’s no rule saying an entrepreneur can’t deploy multiple methods to fully mitigate risks.
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10/8/21, 11:31 AM
Dealing With Uncertainty as an Entrepreneur | Howard Davner | Entrepreneurship
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