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As we approach 2023, there is a resonant sound of uncertainty, amplified by ominous headlines that warn us of an impending recession or, as described in a single of the articles, “the great reset” — a term used to describe mass layoffs in the tech sector. The newest report from the US Bureau of Labor Statistics only adds to the collective discourse that we’re doomed to failure by stating that 263,000 recent jobs have been added to the workforce – greater than expected – but the hiring economy stays very tight.
The truth is that uncertainty hasn’t really increased – it is often been there. In reality, our fear grows uncertainty. And we, as company leaders, try to do all the pieces we are able to to mitigate it, analyze it and wish it could go away. But the truth is that uncertainty will at all times be there. We are able to strengthen our supply chain, reduce inflation and get vaccinated against Covid-19, but there could also be a recent health emergency, war or natural disaster.
With the starting of 2023, entrepreneurs have the opportunity to develop a relationship with uncertainty and feel more comfortable with its existence. In reality, according to Kauffman Foundation, as many as 57% of Fortune 500 firms were founded during the recession, so despite the fear of what is to come, there is a path to success. Listed below are seven ways to harness the unknown and find opportunities on this uncertainty:
1. Discover what is under your control and what is out of it
Regardless of how much we plan, research and analyze, there’ll at all times be forces over which we have now no control. Fairly than obsessing over getting rid of these circumstances, we want to analyze our challenges and categorize them according to what we are able to and cannot control. For those we cannot control, we should always bear in mind of them, but additionally not dwell on trying to predict their outcomes. Nobody could have predicted the impact of the pandemic on their individual business. Nevertheless, we are able to now reflect on the lessons learned, appreciate the innovations introduced and consider how we are able to operate more efficiently in the future.
2. Reframe your insecurities
Our tendency as entrepreneurs is to correlate uncertainty with a negative result. We do not know if we are able to raise the capital we want, we do not know if our product will hit the market after launch, we do not know if our company will survive. The reality is, we also do not know if we’ll have the ability to transcend our wildest dreams, an out-of-scope event will come our way that opens a recent door, or an unidentified need for our services or products will arise. As Steve Jobs once said, “You possibly can’t connect the dots looking to the future; you’ll be able to only connect them by looking back. So you may have to trust that the dots will one way or the other connect in your future.” Uncertainty will be your biggest asset.
Related: How to protect and maintain control of your enterprise
3. Listen to what your insecurities are telling you
As entrepreneurs, we regularly feel a powerful sense of insecurity or fear about areas that affect us personally – meaning we’re particularly sensitive to those topics that evoke a way of fear-based bias based on our own life experiences. For instance, in the event you had a foul experience living in a distinct city, state or country, for instance, and years later you were offered a development opportunity there, chances are high your insecurities will affect you. Perhaps in some unspecified time in the future in your profession you raised money from a enterprise capital firm and things didn’t go well. You might be skeptical the second time around, potentially hindering the possibility of a constructive investment relationship.
4. Take a break from the desired result
There is an old Yiddish proverb: “We plan. God laughs.” Many entrepreneurs start their ventures with their very own definition of success in mind and marry it. Any deviation is a failure. Nevertheless, so as to properly navigate a reality where our future is uncertain, we must detach ourselves from our own definitions of success – removing the ego from the consequence – and open ourselves to what could also be revealed along the way. This uncertainty is also joy.
5. Understand the larger picture of life
There is a much bigger world on the market, and it is important that we have now perspective. Take a walk in nature and realize that the things we obsess about belong to our little universe. Uncertainty is inevitable and it is silly to consider that we have now the power to control so many things that occur. Your life won’t rely upon the success of your enterprise. Today is a moment in time, and we are only specks in an enormous universe. Perspective is essential.
6. Recognize your survival instinct
The human brain has been developing for tens of millions of years. We’ve an innate survival instinct that comes from the early days of being cavemen/women. For instance, scientists have postulated that our need to be accepted by others stems from the pre-existing reality that if the group kicked us out, we could be away from the fire and vulnerable to predator attack. This level of uncertainty then had a very different scope. Nevertheless, today our brains are still wired to the same survival-based fight or flight pattern.
Related: Many persons are burdened with fear. Here’s how I handle it.
7. Approach with a beginner’s mind
Our lives consist of unique experiences which might be unique to us. These experiences form the lens through which we see the world. The toddler won’t be afraid of the stock market crash. Nevertheless, he may fear loneliness or lack of food. As entrepreneurs, we want to shed our prejudices and train our minds to approach our ventures with the wisdom of past experience, but additionally with a way of youthful naivety.
As we enter 2023, we as entrepreneurs have the opportunity to redefine our relationship with uncertainty. There is the possibility of insecure partnership by acknowledging its existence, asking what it is trying to tell us, and feeling comfortable setting your personal boundaries along with your partner: fear. Uncertainty can function a footpath for our future path to success. We just need to be friends first.