Entrepreneurs Must be Ready to Embrace Change

You have achieved some success in your start-up, but what’s next? How do you plan to grow? To grow your business and sustain its success, it is important that you understand and respond to change. Darwin’s evolutionary theory of “survival of the fittest” holds true even for entrepreneurs.  A business needs to understand and cope with the changing customer needs, behavior and with changing technology. An entrepreneur must be flexible and be able to alter his strategies. A successful start-up must use all kinds of strategies to stay ahead of its changing customer needs and evolving technologies.

But to respond to “change” an entrepreneur must first understand what has changed and respond to it. Though it sounds easy, understanding and responding to a ‘change’ is not an easy process in reality. An entrepreneur needs to have a well defined process to understand change. Below is a six-step process that an entrepreneur can build on to understand changes going around him:

Make feedback programs more effective

Try making your customer feedback program more effective. Ask specific questions to customers about your product/service and then ask them to rate you. Also remember to ask for their suggestions to improve customer service at the end of each feedback program.

Meet your suppliers

Create a team consisting of some key functional figures like the head of your customer satisfaction team and a few selected suppliers. Try to meet with them at least once in a month to learn what’s latest in the market and also about customer satisfaction. You must also try to meet some of your customers and check with them personally to see how they feel about your product/service.

Create a team of market researchers

Create a team of market researchers or industry specialists who will monitor the market and will keep track of what is happening in the market. For example, this team must be able to tell you what the fastest growing product/service in your business domain is, what products your competitors are launching, who is your fastest growing competitor, and which customer segment seems to be adopting your product/service the most.

Building new business strategies

It is also the responsibility of this team to generate new business ideas based on their analysis. This team must be able to tell you how you might need to change your business strategy like adding new product features or revising your pricing or distribution channel.

Test your new strategy

Once you have adopted a change try to launch it as quickly and inexpensively as possible. If you get positive customer feedback, you can adapt and make bigger changes later.

Keep space for growth

You should also have space to refine a new strategy according to customer feedback.

What more should an entrepreneur do to stay ahead in business and sustain his success? Let us know on Facebook and @Twitter.

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