Search for Change, Respond and Exploit it as an Opportunity
June 5, 2009
“The entrepreneur always searches for change, responds to it, and exploits it as an opportunity.”-Peter F. Drucker
This quote came through my tweetstream today (thanks @startupstudent). Of course, I re-tweeted it, but I’ve been thinking a bit about it the rest of the day. I’m always sort of thinking about what distinguishes an entrepreneur from a small business owner and I think the elements of the above quote really define an entrepreneur.
“…always searches for change…”
In your startup, change is coming whether you want it to or not. The people who are seeking it out are going to be prepared, and one step ahead of the competition when it comes time to make adjustments. Don’t underestimate the value of this. Rapidly changing products, customers or any number of things could tear your startup down in heartbeat. Seek it out before it finds you and be ready.
“…responds to it…”
You HAVE to take action on things that are changing if you want your company to stay alive. Do customers want something else out of your product? Has your market shifted? Have you uncovered something more lucrative and need to adjust your goals? Has the macro-economy tanked and you need to slash your burn rate yesterday?
Your rate of responsiveness will have a pretty direct correlation to your ability to stay in front of the competition and stay on top of your own business.
“…exploits it as an opportunity…”
This is the crux of the whole thing. As an entrepreneur EVERYTHING should be viewed as an opportunity, even if it’s something most people would consider a negative event. The entrepreneurs that succeed will be the ones who saw opportunity where others saw roadblocks and executed on an advantageous solution.
