I don’t have to tell you how turbulent the last couple of years have been.  We’ve seen the impact of the economic environment on entrepreneurism in a big way over the last 18 months.  On the bright side, I am seeing that businesses startups today  – and those existing businesses that are surviving and flourishing in the current economic conditions – are much better companies than they were before the economic meltdown occurred.

We are learning.  It’s an essential part of the entrepreneurial process.

So, I thought I would share the six characteristics and traits that organizations need today in order to be positioned to make solid decisions and be positioned to make the best out of challenging times:

1. Credibility.  This is harder than it sounds.  How can you be credible – or even feel credible – when there is so much uncertainty all around you?  There really isn’t any way to fake it or force it, is there?  There may be many people who are looking to you right now to measure how credible you are right now – from your spouse, your business partners, your vendors, your customers, and your banker.  Credibility in the storm around you comes from your ability to level with others with complete honesty and humility.
2. Inspiration.  People around you are probably fearful.  Many have lost their savings, jobs, investments, and businesses.  But never forget:  Hope overcomes Fear!  You can give hope to your team by giving them a realistic, but optimistic vision of exactly how you are going to succeed from here.  No matter how dark, difficult and dreary things can appear to those who are in fear, you can open them up to a whole new world of possibilities that they are not thinking of, yet.  Remember The Shawshank Redemption?  That was the message of the entire movie:  Hope overcomes Fear.  Be realistic – but optimistic!
3. Be Connected to Real-Time Realities. You simply can’t keep working with outdated assumptions that are based on what your model/market looked like a couple of years ago.  Things have changed.  Unless you continuously monitor those changes and stay on the pulse of the reality of your changing circumstances, you can find yourself quickly in the buggy-whip making business.
4. Be Personally Involved.  There has perhaps never been a time when it has been more important to have an accurate, ground-level assessment of your situation than right now.  It can be easy for a business owner to become distant – and disconnected – from your team, your operations, and your customers.  Now is the time they those around you need to see your intense, hands-on participation in working through challenges and finding solutions.  You might be surprised at how much comfort that gives those around you.
5. Be Bold.  The economy runs in cycles.  Your responsibility to your business is not only just to survive the current cycle, but also to build for what is to come. By creatively planning and executing right now, you can take advantage of the weaknesses, fears, and disconnection that your competitors are feeling right now.  After all, entrepreneurs are – first and foremost – problem solvers!  Find the problem your customers have, and solve it for them.  That has always been the key to entrepreneurial success.

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