street cafe counter with signboards

THIS is why most businesses fail

THIS is why most businesses fail
(Source: Unsplash)

90,000 micro small & medium enterprises (MSMEs) have been forced to shut down amid the pandemic, according to the Department of Trade and Industry. As the pandemic wages on, unfortunately, more businesses will be affected by harsh lockdowns implemented nationwide. 

While there are a lot of things that are not under one’s control, the question remains as to why do businesses fail anyway. According to Entrepreneur Magazine, it all boils down to one acronym: VUCA, which means volatility, uncertainty, complexity, and ambiguity. Basically, these are situations of constant, unpredictable change that is now the norm in certain industries and areas of the business world. People’s brains are naturally wired to avoid VUCA at all costs. 

However, as an entrepreneur, you need to be adaptable in order to navigate your business to better outcomes, and thus, lead your team to success. So how do you fight the urge to throw in the towel, and fight for success?

The key is awareness. You need to accept that there are problems that need to be addressed. Thus, it’s important you examine your own actions, and reflect on how you can move forward in a better direction. 

Once you’ve clearly defined the issues that are hindering your company, you need to apply your critical thinking skills in order to come up with feasible solutions to your problems. It’s not just enough to think of solutions, you need to actually take action, and encourage the rest of your team to follow suit. It’s also important to be creative with your solutions. You need to open your mind to opportunities that could help solve your problems, and enable you to grow your company moving forward. 

Above all else, it’s important you act with empathy. You need to treat your team with kindness and respect in order to lead them to success. With all the challenges you’re bound to face together, it’s essential that you keep your team strong and solid. Only together can you work together in order to be successful. Team work makes the dream work, after all.

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