As a small-business owner today, you might still be wondering how you will fare this year under the current conditions in the marketplace.
Your business and your personal life may well be affected in a way that is different than ever before. Let's talk about how to take stock and transition from this shroud of uncertainty and take charge of your destiny by applying a little creative destruction to your business.
Werner Sombart, economist and sociologist, wrote "again out of destruction a new spirit of creativity arises." As an entrepreneur, now is the time to bring back to the fore creativity and innovation, the crucial elements to being a successful entrepreneur. A SWOT analysis, (strengths, weaknesses, opportunities and threats) is a good step and the Business Advisory Centre Durham can help you get started with this exercise. But first you need to reconnect with the innovative spirit that likely catapulted you to entrepreneurship in the first place.
As an entrepreneur, you are better equipped than many to seize opportunities and take the necessary risks involved in change. Nurture creativity, think big and prune wisely to bring new, innovative thinking, products, processes or the business itself to a new more sustainable place.
It may be time to do market research to confirm your innovation is applicable. The last 10 years have been a whirlwind of technology changes and let's be honest, this has created confusion to the point of distraction for many. Let's go back to the drawing board, perhaps allow some creative destruction in order to stimulate regrowth and the germination needed to remain innovative in your approach. Think in terms of the controlled burning technique used in forestry management; fire is destructive but also necessary for the ecological wellbeing of grassland and forests.
"Keeping the business in good working order is like pruning a Bonsai tree," says Dawn Deane, owner of Royal Canadian Montessori School in Whitby.
Ms. Deane came to the BACD back in 2002 with an idea to bring to the local community a day care with a difference. The concept allowed parents to log on to a website to see their child at day care with the use of a new technology of the day. Through the support of BACD, and a solid business plan, Ms. Deane launched Reading Rainbow Daycare and over time began a Montessori school as well. Enrolment increased substantially from 22 and a staff of five, to 120 with a staff of 27. In hindsight, Ms. Deane feels the business expanded too quickly, a common struggle for entrepreneurs as they try to meet the needs of their community.
After relocating in 2008 and careful contemplation, she made the transformation from day care to full Montessori. The business is in a far more manageable position now after applying some significant changes to the operation. Today, with many of the original families still customers, the school has a comfortable level of 35 students.
Entrepreneurs have similar characteristics and are accustomed to uncertainty. They are nimble, enthusiastic, persistent and determined. A true entrepreneur is a visionary who takes prudent risks. Entrepreneurship employs positive thinkers who can bring benefits to their municipality, region or country and to themselves. With a freedom of dependency from jobs, they can and do create their own destiny.
The entrepreneurship culture is desired by many governments due to its potential to support economic growth. Local communities benefit from the social cohesion created when entrepreneurs open businesses in our towns, cities or rural settings.
This is a good time to take a few steps back and decide if a little creative destruction is in order. Changes can be incremental, radical or revolutionary, but should lead you to a better place for your business, community and your spirit.
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