December 1, 2020

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Business mantra: Entrepreneurs must be flexible and adaptable

Business mantra: Entrepreneurs must be flexible and adaptable
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Flexibility and adaptability are one of the best things you should have. God is said to be flexible and adaptable. God’s original plan is to make the world beautiful and conducive for humans.

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However, Satan spoils God’s plan by deceiving Eve, Adam’s wife. But that has not spoiled God’s original plan, why? He is flexible and adaptable. He makes a way out by sending his Son Jesus Christ to die for the Sins Adam and Eve have committed and of course, he is working towards the realisation of this goal.

Therefore, flexibility and adaptability is also an important character and a business mantra every entrepreneur must possess. To begin, we will define the two terms, then look at possible areas that require business people to be flexible and adaptable.

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What is Flexibility?

To be flexible means the ability to change or bend easily without breaking or fall.

What is adaptability?

It means the capacity to adjust to changes in situations or conditions.

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Both terms are synonymous and can be used interchangeably. But what may cause a need for an entrepreneur to be flexible or adaptable?

Possible areas where Entrepreneurs need Flexibility and Adaptability

Operating costs: As the business expands the cost of operating the business increases. There may be need to employ more staff, increase the amount of fuel bought, expand the office space among others.

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The entrepreneur may not want to accept this change, believing that it can still meet up customers demands with the current operating cost. However, realising the need to be flexible and adaptable may cause a rethink to do the right thing.

Government actions: The actions and inactions of government may require the ability to be flexible on the part of entrepreneurs. The government may impose certain laws or place a ban or embargo on certain items that make the business to be efficient and effective.

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These kinds of situations may break an entrepreneur. But, remembering the need to adapt to changes can help him or her to succeed. For example, in recent times, Lagos state government placed a ban on the use of motorcycles in urban areas of the state. This calls for the need to be flexible. Especially if the businessperson relies on motorcycles for its logistics.

Planning: An entrepreneur may have to make a plan to achieve a particular goal. In the process of pursuing the plan, certain obstacles may ensue that may want to hinder the realisation of the goal.

The mantra flexibility and adaptability can encourage the entrepreneur to readjust the plan to current changes to achieve the goal even though it may take him or her a long time to accomplish the goal.

Uncontrollable costs: These costs are outside the power of the entity to control. An example is fuel. The entrepreneur cannot control the price of fuel. However, he or she can control the quantity.

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When there is a rise in the fuel price it can be tempting for many business owners, especially the inexperienced ones. But being flexible can make you adjust to the current situation. Either by reducing the quantity bought or reducing the amount spent on it.

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Competitors Actions: Actions of competitors can affect business performance. It may lead to low sales, income and profit. Seeing the volume of sales fall and profit diminish can kill an entrepreneur zeal for the job. However, flexibility can help the entrepreneur adjust, re-strategize to maintain or increase sales and profit.

Conclusion

Flexible and adaptable is a core business mantra every entrepreneur should acknowledge. Remembering this can keep the business going for a long time.

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