Change is a constant in the world of entrepreneurship, and those who tactfully embrace it are most likely to succeed. On the other hand, assuming the market will remain static over time could lead to missed opportunities and let other startups race past your own.
Entrepreneurs at the University of Cincinnati’s 1819 Innovation Hub receive careful guidance from the Venture Lab, an on-campus startup accelerator. If you’re farther afield, however, our team still has six tips for how to adapt to change as you embrace entrepreneurship.
1. Anticipate change
Since change will happen whether you plan for it or not, start your venture expecting that it’ll occur. That way, you won’t feel blindsided when the market shifts or a competitor improves upon your product. Instead, you’ll be ready to respond by strategically pivoting your business.
2. Watch for market shifts
Stay vigilant by understanding the ins and outs of your company’s market. You should be ready to respond quickly when you see a pioneering invention or note that a significant player entered the field. As an entrepreneur, it’s your job to be an expert in your business area — that way, you’ll be ready to win despite inevitable market shifts.
3. Note competitors’ moves
Most likely, you’re not the only one working in your startup’s area of expertise. That’s perfectly fine, but it does mean you should stay abreast of what your business’ competition is up to. When an innovative idea comes out of a competitor, take creative inspiration from it to make your business more compelling in a unique way.
“Even if you find a competitor doing nearly the exact same thing as you, don’t let that deter you,” says Alex Burkhart, an entrepreneur and adjunct professor at UC. “That likely means there is an emerging opportunity in your specific market and hopefully you can incrementally differentiate from your competition. You never know, your closest competitor could someday even become your potential acquirer or vice versa.”
4. Capitalize on opportunities
Don’t just take ideas from the competition, however. Adaptability as an entrepreneur means you should consistently look for ways to innovate your own business. Check for market gaps and think of ways your product could be more appealing or valuable to consumers. Business leaders come to the 1819 Innovation Hub’s Learning Lab to discover forward-thinking ways to leverage opportunities. Find out about potential market gaps by asking your customers about product improvements they’d like to see.
5. Plan thoroughly
This tip may seem contradictory when trying to stay adaptable, but it’s essential. A well-structured schedule and game plan will allow you to make critical changes in an orderly way that makes sense. If you fail to plot out changes and instead alter your plans on a dime, expect to run into significant roadblocks. Careful planning will avert this issue as changes occur.
6. Solicit feedback
As mentioned earlier, your most prominent critics – and proponents – will likely be those who find value in your product. Ask them for thoughts on improving your product and you’ll learn ways to create a stronger market fit. On top of that, you’ll better meet the needs of your most loyal customers.
Entrepreneurs shouldn’t just expect change — they should embrace it. However, it’s paramount for startup founders to innovate and adapt responsibly as they move their small businesses forward.
“The only thing that will be certain with your entrepreneurial journey is that you will be constantly challenged with uncertainty,” Burkhart says. “Hopefully, you can embrace that and enjoy the ride.”
Between the 1819 Innovation Hub and the Center for Entrepreneurship, those in the University of Cincinnati’s startup ecosystem are well prepared to be leaders in the ever-shifting business world. No matter where you are, however, our tips will help you succeed amid inevitable market changes.
In conclusion, adaptability is key in the world of entrepreneurship. By anticipating change, watching for market shifts, noting competitors’ moves, capitalizing on opportunities, planning thoroughly, and soliciting feedback, entrepreneurs can navigate the ever-changing landscape of business successfully. Embracing change and being prepared to innovate will set you on the path to entrepreneurial success.
