The mythology of Entrepreneurship frequently promotes the idea of a free spirit riding solo onto the open range of small business success. The reality is that successful entrepreneurs are solid team players and can be counted on to be calm, cool and collected while doing the many tasks required by fast moving, nimble companies.
This is even more true when disaster strikes. Successful entrepreneurs develop a strong sense of preparation, backup plans and flexibility. In cases, like recent hurricanes in Texas, Florida and Puerto Rico, when there is time to get your house in order, most small business owners switch gears and are the steady rocks upon which most communities stand.
The media encourages people to panic and live in mortal fear. Rather than freaking out and screaming like 'Chicken Little' proclaiming the sky is falling, strong entrepreneurs serve their communities and lead people to safety, both during the disaster and after.
Small Business Acceleration can be a lot of fun when everything is going well. The challenge is that nothing ever goes according to plan. How well are you prepared to handle emergency circumstances, whether they are personal, business or within your support network? In Episode 114, we'll review real world situations and how to respond.
Much like flying an airplane, building your business is thrilling. However, when you lose an engine on takeoff, what was exciting a minute ago can be terrifying in the moment. The same thing is true when you are facing unexpected circumstances, whether those are natural disasters or other problems.
Your preparation and ability to respond to stressful situations will determine your company's future. If you panic like most of the rest of the world, it won't go well for you. If you keep a cool head (because you have planned well) then you are much more likely to make it through the rough air, as you continually improve your organization.
Small business is not static. 500,000 new companies start every year, 80% of which are single person operations. How many more people do you believe are 'thinking' about starting a new venture at any given time? 2 million? 5 million? Those numbers are pretty big... but the travesty is that two thirds of those companies ultimately fail.
In previous episodes, Steve Olds explained why the apprentice mindset is crucial to what he calls the Small Business Ecosystem. The apprentice must begin with 3 tough questions that ultimately lead them to be ready to build the absolute best business for them... with the right type of support.
In Episode 113, you'll learn why establishing an apprentice mindset at large drives stakeholders in every local community. Young apprentices can become mentors in a nano-second. The reason is because technology can be a great equalizer in the local, regional and national small business ecosystem. At the same time, older mentors can become apprentices in technology... this an other ideas are explored in this edition of The POWER of Small Business.