April 19, 2024

5 Ways To Turn Crisis Into Opportunity

Entrepreneurs face obstacles from the moment they wake up in the morning. Whether they will try to satisfy investors, struggle to pay employee salaries, face unexpected situations or introduce new products to the market.

Of course, not everyone is suited to these difficult things. But some individuals seem especially well-suited to dealing with what investor and advisor Ben Horowitz calls “the tough stuff.”
Quoted from (medium.com) on (25/2), here are 5 ways to turn a crisis into an opportunity.

  1. Face the problem with a cool head.

John D. Rockefeller was only two years old into his first job when panic struck 1857. Rockefeller could have become depressed and paralyzed by unfavorable circumstances.

In the 20 years of that first crisis, Rockefeller himself eventually controlled 90 percent of the oil market. Like Rockefeller, today’s entrepreneurs live in turbulent times. Instead of letting our perceptions of events unfold, we can look to companies like LinkedIn and Microsoft, both of which were founded at a time of economic crisis. When others get lost worrying about the latest acquisition of a competitor or a compatible investor, we can channel Rockefeller coolness under pressure and look for opportunities in a crisis.

  1. Think Differently

Steve Jobs is famous for what observers call the “distortion field of reality”, meaning that he is an expert with what seems incapable of working to create a leading product.
The thing that makes her belittle phrases like “Can’t be done

Like, our Apple leaders must have confidence in our ability to create something that didn’t exist before. For companies like Facebook and Google in their early years, the idea that no one ever does anything is a good thing. This means that there is an opportunity to have it yourself.

  1. Ignore the rule (more flexible)

Samuel Zemurray, owner of a small startup fruit company, was once told he couldn’t build the bridge he needed across a river in Central America. This was because government officials were bribed by United Fruit, one of the most powerful companies in the United States at the time.

So Zemurray had his engineers build two long piers that ran all the way to the middle of the river. When needed they grip a temporary pontoon that can hook them up in a matter of hours. When United Fruit complained, Zemurray just laughed and replied, “Why, it’s not a bridge. Just some old docks. “We can see this kind of ingenuity at startups like Uber and Tesla. There are times when we have to take courageous action that requires ignorance of outdated or oppressive regulations to achieve our business goals. What is true is what works.

  1. Anticipate (think negatively)

There is a popular technique used by individuals at startups and Fortune 500 companies called the Harvard Business Review as a pre-mortem. This premortem technique, devised by psychologist Gary Klein, is an exercise to retract first. But like all good ideas this isn’t really new. premeditatio malorum (premeditation of evil).

Our plans are seldom realized. But as entrepreneurs, we can practice in our minds what went wrong and don’t worry. Using this process, we surpass our competitors who are shocked and fall back, devastated by what they didn’t imagine would happen.

  1. Enjoy the Process

When Thomas Edison’s entire research and production campus burned down, he didn’t get angry or become sad. Instead, he became excited and excited. In just three weeks the factory was back up and running, all because Edison practiced what the ancient Stoics called amor fati, love of destiny.

In our own lives, we can follow Edison’s example when we lose an investor or an employee accidentally leaves our startup. When Jack Dorsey was replaced as CEO on Twitter, he didn’t become paralyzed or depressed. Instead he accepted and later found Square, one of the largest payment processing companies in the world. We do not benefit from tears, anger or despair. We always get something from the intensity and passionate energy.

They are not academics, but people in action. We too can follow his example and use what others see as obstacles as fuel for inevitable ambition and success.

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