No matter how much the problem frustrates you- three things are very clear

By John Paul- of smallstarter business

No matter how much the problem frustrates you, or how much you scream about it, three things are VERY clear:

1) You cannot change government policies by yourself.

2) You cannot turn around a bad economy. It will turn around when it’s ready.

3) You cannot change the tricks and games your competitors will try against your business.

However, there are three things you CAN do.

And the focus of today’s lesson is to share some ideas on these three things.

First: Adapt and improvise

A client recently told me about a fintech company in a West African country.

The smart entrepreneurs behind the business have created a technically advanced product that has the potential to do really well.

The problem is they need a government license to roll out the product because financial services is a regulated market in most countries.

The fees to get the license is high, and the business doesn’t have the capital for it.

On top of that, the delays and bureaucracy before the license is issued is a nightmare.

Rather than focus on blaming an unfavourable government policy that treats fintech startups unfairly, they decided to improvise and adapt to the situation.

The start-up is now in partnership talks with a licensed microfinance bank so the fintech product can operate under the bank’s license.

You cannot change frustrating government policies BUT you can change how you react to them.

Adapt and improvise.

Second: Pivot

After the recession that hit Nigeria in the 2015-2016 season, the bad economy tanked a lot of businesses.

Many people waste a lot of time blaming the bad economy and those people who mismanaged it.

While blame, criticism, uproar and activism are important, they don’t really resurrect dead businesses.

After losing a couple of clients who couldn’t afford my services due to the economic slump, I shut down my local office and moved my entire consulting business online.

That pivot opened the doors of opportunity to serve clients in other countries, both within and outside Africa.

That pivot also led to new ideas to develop virtual courses and programs that serve a much wider customer base.

And today, even if the local economy rebounds and overflows, I don’t think I ever want to tie my business to the fortunes of any one country.

The truth is, there are always opportunities to pivot.

The problem is that you may be too focused on your frustrations that you’re not thinking about the opportunities to pivot.

If you’re facing government frustration or economic decline, you can always pivot to another industry, another market, another channel, another customer segment, or reinvent your offer or product.

You cannot change a bad economy BUT you can change how you react to it.

Pivot.

Third: Wait and See

In some situations, waiting can be a powerful way around problems caused by external forces – such as the government, the economy, and your competitors.

The problem is, many entrepreneurs use the ‘wait and see’ approach as an excuse for procrastination.

If you give it enough time, a bad economy will turn around.

The world of business operates on cycles – there will always be good times that follow bad times.

Also, after the good times, the bad times will return. So, never get carried away.

I will only recommend a ‘wait and see’ option if none of the two options above is possible.

However, in my experience, it’s those entrepreneurs who wait and see that are the first to notice when the closed doors finally open.

So, while you nurse your frustrations, make sure you keep your eyes open.

Wait and see.

My final words…

Any seasoned entrepreneur will tell you that the secret to success in entrepreneurship is all about your mindset.

If it were about knowledge and skills, the most successful entrepreneurs in the world today would be MBAs.

But there’s a reason most MBAs end up working for real entrepreneurs rather than use their knowledge and skills from business school to build their own businesses.

Unlike a safe salary, entrepreneurship is a tough career. Only visionary people can succeed in this line of business.

Your biggest power is how you use your mind to work around problems.

The problems will never go away.

In fact, the more successful you become, the bigger the problems you have to deal with.

Therefore, no government policy, bad economy, or rough competitor should be big enough to stand in your way.

Real entrepreneurs ALWAYS find ways around problems.

First, they adapt and improvise.

If that doesn’t work, they pivot.

And in the rare situation the two options above don’t work, they wait and see and take the opportunity the moment things change.