Entrepreneurs need to adapt

He also acknowledges that it is easy for a business owner to become preoccupied by small distractions in a business, simply because there are so many issues that constantly crop up. Adaptable entrepreneurs are able to stay focused on the main priorities, while constantly scanning the environment for threats and opportunities.

Impulsive decisions, for example those that lead to the chasing of turnover to the detriment of profitability, or taking money out of the business to buy a fancy car, are made all too often in the business world, but not by adaptable entrepreneurs. Adaptable entrepreneurs accept responsibility for the ultimate well-being of their businesses and remain accountable for their decisions.

Adaptable entrepreneurs ensure that all the ideas that are constantly sparked by these situations are fed back to the management so that they can help the business adapt to changing circumstances. Staff members will only share their ideas if they are encouraged to do so. Entrepreneurs who feel threatened by suggestions from their staff members on how to do things differently are not able to adapt.

Adaptable entrepreneurs are therefore curious about the world; they follow the news, network with their peers in their own as well as in other industries, and are good listeners.

Botes argues that the volatility of the business world is a reason to work according to a plan. Without it, changes made by entrepreneurs as they try to adapt to changing circumstances tend to be ad hoc, impulsive, and done without the necessary strategic thought and financial calculations. "A plan is the wheel with which the adaptable entrepreneur steers the ship on a wild ocean, and keeps it well away from the rocks," concludes Botes.