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The world of Enterprise is fraught with change and uncertainty. Year upon year the consumer is met with advancements in science, research and technology, all of which afford commerce an even larger platform on which to establish itself. From updating to downloading, upgrading to downsizing, rescaling to remodelling, craze in to phase out; there is never a chance to settle, and this sea of change is more prevalent than ever. With these continued advancements, comes a new age of Entrepreneurs.
There are more budding Entrepreneurs worldwide than ever before, and as much as this benefits the market, it poses a significant threat to the fellow Entrepreneur; more competition. More competition means the boundaries of what it means to do business are constantly being squeezed. Thus, there is a necessity, more so than ever, to be adaptable. Adaptable as a business, and as a person.
Your business is a reflection of your own work, so in principle these two are harmonious. Yet on a more specific level, adapting as a business may entail something as small as withdrawing a marketing scheme from a low yield area, or on a grander scale, a complete remodelling of the company, rebranding of the product or a revision of the business strategy.
Netflix is a great example of a successfully revised business model. Adaptation is a progressive procedure; the most notable method being a process of trial and error, using customer feedback as an indicative tool of what works and what doesn’t. Between July of 2011 and September of 2012 Netflix managed to wipe £8 billion of its company value by not responding to customer feedback. They insisted on an overpriced split stream and delivery service, quickly leading to customer dissatisfaction and a loss of subscribers. However, they then adapted their service, this time using customer feedback, by omitting the split service and focusing on the collection of subscriber viewing habits. This allowed them to configure content spending and personalise the TV experience in order to retain a loyal customer base.
Currently they have over 40 million subscribers. Communicating with and understanding your customer base is therefore an central asset to adaptability. The world is changing and people are responding to these changes. You must learn to be flexible, both in business and in your daily lives. Flexibility tolerates change, and change opens new doors of possibility. Failure to adjust will leave you harshly shoehorned, or at worst, at the gates of collapse. Similarly, on a personal level, adaptability is the capacity to attune yourself to the surrounding world.
We do this on a daily basis in that living itself is one big adaptation in which we constantly acclimatise ourselves to our surroundings. Applied to business, adaptability is the capacity to stretch your own limits. True innovation means a willingness to work outside of your comfort zone, approaching and dealing with tasks from a different perspective, perhaps those unfamiliar to you, in a bid to overcome obstacles in a unique and inspired way.
This flexibility is particularly relevant for Entrepreneurs, who risk personal capital on a daily basis in a bid to keep up with their consumers. In most cases however, change is out of your hands - you must simply adapt or face failure. In other cases, change can be a choice. You may see an opportunity that others don’t. This new course of direction may seem unfamiliar and scary, but it provides you with a chance for growth, a window for possibility and a chance to take the lead amongst your competition.
“Nothing endures but change.” Heraclitus
