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One of Theodore Roosevelt's most famous quotes that is still relevant today is, “Do what you can, with what you have, where you are.” It is the goal of all business people to work in ideal conditions and have all the resources they need, but that is not always possible. This quote is a kind of rallying cry that encourages one to use what one has now, take advantage of what is available at the moment, and move forward and make the business work, even when the odds are against it.
Below you will learn how you can use this mindset to successfully shape your business strategy.
Related: How these 5 entrepreneurs used their limited resources to grow their business into a successful venture
The mindset of ingenuity
Entrepreneurship is fundamentally about using the resources available in the environment. When I started my company, I had a lot of ideas but little capital to implement them. The first weeks of the startup were moving and inspiring, but then the founders were faced with a lack of money, little staff and enormous competition. However, instead of waiting for the perfect conditions, I decided to take what I had and work with it.
Accept restrictions
Constraints are known to encourage creativity and act as a remarkable driver of innovation. In simple circumstances, one is always challenged to think and look for alternative ways and means of doing things using appropriate planning techniques. For example, the lack of enormous promotional funds led me to look for other ways of marketing the company, such as guerrilla marketing and efficient use of social networks, which I probably would not have been forced to do otherwise. Not only was this cheaper, but it also gave the whole process more credibility and allowed for real interaction with the audience.
Focus on strengths
Remember: it is better to work with what you have than to complain about what you don't have. Focus on your strengths, which can be personal and/or organizational, and build on them. In my case, for example, it was a very dedicated and good-natured small group of employees. We didn't have the human resources of a large corporation, but we were flexible, hardworking and had extensive knowledge of our target segment. These strengths became our competitive advantage in implementing corporate strategies and processes.
Seize immediate opportunities
Sometimes the best things are right in front of us, and we don't see them because all our energy is focused on what we don't have. Roosevelt's advice helps one to see the opportunities nearby and strive to explore them.
Building local networks
Start by building good relationships with the people in your area or state. When I started my business, I introduced myself to local chambers of commerce, attended business fairs, and formed partnerships with other small businesses. They provided valuable support, created opportunities for advancement, and contributed to future growth.
Use of available technology
Today's modern world would be unimaginable without the use of technology. Nevertheless, some of the strategies developed for the early stages of company development do not require significant investment and include the following key points: The tools used included Google Workspace for teamwork and document sharing, Canva for designing graphics, and social media for advertising. These tools allowed us to work optimally with maximum efficiency and productivity and were relatively inexpensive.
Related: 4 resources you already have are enough to overcome any challenge
Adapt and iterate
It is important to understand that business environments are dynamic, not stagnant. Flexibility and regular improvements should be considered key factors for long-term success.
Start small and scale
A common mistake entrepreneurs make is that they plan and wait for the perfect moment to launch. But start small first, and once you've gathered some data on your ideas, expand your business. The first product I released was far from ideal, but by delivering it to customers, I was able to bring it back, refine it, and speed up iterations. This not only allowed us to improve the offering, but also adapt to the market more efficiently and expand.
Learn from mistakes
It's important to emphasize that failures are natural in the process of entrepreneurship. Some people see them as setbacks and losses, but they should learn from them. Every failure has its own lessons that can be learned from and help you improve. In my experience, we've made some of our greatest progress after experiencing some of our biggest failures. By taking what went wrong as a foundation and making specific changes, we were able to improve the situation, and transitions seemed to become stepping stones.
Maintain a positive and proactive attitude
One of the most important factors in entrepreneurship is the attitude a person develops. Roosevelt's quote emphasizes the need to think positively and have a proactive attitude.
Promote resilience
It is very important to understand that entrepreneurship is a roller coaster ride. You have to develop resilience to get through this emotional roller coaster. Every time I encountered difficulties, I was so inspired by Roosevelt's words. They showed me how to focus well, keep a good attitude and keep going, regardless of the circumstances that may seem hopeless.
Celebrate small successes
With large projects, there is a risk of not noticing the small successes. However, these can seem like valuable progress, and the best way to counteract this is to implement other strategies that boost morale, motivate your team, and give them momentum. Every time we made progress, no matter what the level, we stopped to recognize the progress and celebrated with a party afterwards. This practice increased healthy motivation among team members and meant that we managed to cultivate a positive company culture.
Related: 6 Traits of Resourceful People That Bring Them Success
With your knowledge, your starting point and the tools at your disposal, you can create big, fundamental changes, heal and overcome obstacles and move your business forward at the same time.
Adopting this mentality was the secret sauce to my entrepreneurial endeavors. It helped me understand the importance of being creative, embracing the future, consistently embracing change, and being optimistic. These principles are not theory, but practical strategies you should adopt to completely change your business outlook and achieve success.
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