In October, my posting, “The 5 Things in Business that College Can’t Teach” reviewed 5 important qualities and abilities that are essential for entrepreneurs.1. The ability to Adjust 2. The ability to Persevere 3. The ability to have “Blinders” 4. The desire to keep Learning 5. The ability to stay Hungry
These qualities are of such an utmost importance that this is part 1 of 5 in a series that will take a closer look at each.
The ability to Adjust
Before I started this posting, I ran the topic by my grandpa. He is what you would call an “old-school” entrepreneur. He’s been an owner of anything from gas stations to farm implements. To give you an idea how “old-school” he is, if I was to tell him about this article, he wouldn’t know where to start looking. He’s just now learning that Facebook is not the Internet! Even though he lacks in the technology department, he more than covers it with his “hustle” mindset! Retired at 70, he could still drive around and buy/sell his way to thousands in profit by the end of the day.
Interested in his opinion, I asked, “How important is adjusting when running a business?” In a matter of fact the response was, “You better be able to adjust.” Then a smirk came across his face as he nailed the coffin, “if you want to make money.”
Initially, I was disappointed in his lack of elaboration. But is adjusting a complex topic? It shouldn’t be! Yes, there are detailed adjustments that can be complex. But the ability to adjust is a simple concept.
Insanity: doing the same thing over and over again and expecting different results. -Albert Einstein
Don’t be insane! If a product’s sales are not reaching the levels you expected, ask yourself, mentors, and customers why. Is the product lacking a key component? Having trouble gaining clients? You’re marketing strategy might need an adjustment. Maybe your whole business isn’t succeeding? A complete restructuring of the revenue model might be needed.
If something in your business isn’t working, adjust it! It’s a simple concept at heart. Unfortunately, the whole idea of “adjusting” could be construed as quitting. It’s actually the complete opposite. The ability to adjust proves an unwillingness to accept failure. It’s a mentality that’s based around, “No matter what the circumstances, I’m going to find a way to make this work!”
As Matt Wilson, Co-Founder of Under30CEO, said in a previous posting, “Ask yourself the tough questions!” If your revenue model is in need of a complete revamping, don’t ignore it! The easy way out is to ignore the problem, make excuses, or throw the blame elsewhere. MAKE AN ADJUSTMENT!
For entrepreneurs, the day-by-day routine can be non-existent. There is a new challenge every day that needs to be tackled. Many of the challenges require adjustments. Not only is the business getting adjusted, but so is your schedule. If you require a sense of stability and routine, becoming an entrepreneur isn’t for you.
As an entrepreneur, the ability to adjust applies to many different aspects. As you’ve seen, it not only applies to the business itself, but also your schedule. One thing is certain though, the ability to adjust is a necessity. An adjustment can be the difference between success and failure. It might just be the thing that takes your business to the next level!
Michael Fear is the Founder & CEO of Get Better Today & getbettertoday.com. His mission is to help people understand that getting better is not an option, but a necessity.