Entrepreneurs are helped by entrepreneurs

The Big Question: How can start-ups leverage on VUCA to anticipate future trends and develop dynamic skills in a technology-driven world? 

Do you know that every entrepreneur, founder and CEO’s primary concern is to investigate and analyse the VUCA taxonomy in the start-ups they are engaged in to predict what the future holds for entrepreneurship? A few areas that will influence the industry, such as robotics, AI, IoT, blockchain, genomics, etc., have been studied by researchers that would be a signature in the technology-driven world. It takes more consideration to determine what sort of entrepreneurship and dynamic capabilities will be needed to adapt. Start Thinking!

The globe is currently experiencing turbulence and will continue to be VUCA—volatile, unpredictable, complex, and ambiguous. As an author and influencer having built on my earlier research on “Dotcoms’ readiness” and “entrepreneur readiness”, this brief thesis used qualitative methods, such as phenomenological studies bolstered by interviews, to investigate about 200 tech entrepreneurial start-ups spread globally.

This was undertaken after analysing and deriving insights from a subset of start-ups, including those from Israel, China, the United States, India and Singapore, regarding their VUCA readiness. Intermediately we found that flourishing economies with a well-defined entrepreneurial ecosystem seemed to allow businesses to spur innovation, even if they must be VUCA learners and not be too quick or too furious. Mr. CEO, are you a part of it?

Start-ups and the Explorer mindset  

Start-ups originate from the explorer-like mindset of the entrepreneur. Curious about “what lies ahead,” a 19th-century adventurer set out to explore the uncharted interior areas of Africa. Numerous deaths were caused by diseases, wild animals, combat with hostile tribes, and other factors.

However, other persons with more precise knowledge were able to enter Africa thanks to the information they passed on as entrepreneurs and helping entrepreneurs. In today’s context, our contemporary start-up founder is an explorer as well. The likelihood of failure is very high. How good are you as an explorer undertaking failures sportingly?

Entrepreneurs support entrepreneurs, a phenomenon made possible by venture capital, which originated in what is now known as Silicon Valley. The phrase “venture capital” (VC), which is commonly used, is typically associated with high-risk, high-growth companies and possible start-ups.

Rich and successful businesspeople band together to form venture capital firms (VCs), which share high risk and great returns by investing in a variety of start-ups. VCs typically distribute their capital among a variety of start-ups, fully aware that most of them will fail and that the occasional successful entrepreneur will become extremely wealthy. Early instances of businesses that prospered from venture capital (VC) include American Microsystems, Intel, and Xerox.

Every start-up entrepreneur encounters volatile, unpredictable, complex, and ambiguous (VUCA) challenges, whether they have venture capital funding or not. Entrepreneurs need to become competitive in the market and understand how to reduce VUCA difficulties to grow their companies and thrive in the turbulent business environment.

A start-up primarily goes through several stages, including launch, growth, shake-out, maturity, decline, and maybe life cycle extension of the business life cycle. Every level presents VUCA obstacles for the start-up, but to succeed, it needs to demonstrate a variety of entrepreneurial skills.

Whether it is an established industry or one that is developing, every step of the entrepreneurial path presents a typical difficulty. The incumbent enterprise must be thoroughly understood since it faces the fury of VUCA.

Leaders speak 

Life was a lot more stable and straightforward just a short while ago. According to Bob Johansen, the leading futurist, leaders in today’s VUCA world must embrace turbulence and unpredictability. Businesses, whether they are traditional corporations or enterprises, fail mostly as a result of people’s ignorance of VUCA, which replaces stability with chaos. Volatility, uncertainty, complexity, and ambiguity are all included in the term. Only the most nimble and adaptive people or businesses will thrive.

What are some potential strategies for preventing failure and building a future-proof organisation that requires more careful consideration, as chess grandmaster Gary Kasparov thinks? Do you think like a futurist?

Every enterprise goes through a regular cycle from the early phase to the expansion period, as seen. As scholars, we see that when the idea is being worked on, the making enterprise faces its initial VUCA. Its target market and the business vertical it represents may be erratic and entail some degree of uncertainty.

The business may become more complex if it revolves around a procedure or process. The incumbent enterprise would need to acquire clarity on its target markets and client base to transition from the seed to the start-up stage. As soon as it enters the initial stage of production, there may be obstacles to the market introduction because competing products could pose a danger.

It’s interesting to note that each business needs to pass through a few smaller stages before entering the expansion stage. It might not be an easy scaling process. The market leader may be a challenge if there are multiple competitors and copycats, as these circumstances may result in more complex issues.

The incumbent enterprise will have to put in even more effort to survive for a while before it either creates an industry standard or joins the ones that already exist. Therefore, the author raises the dilemma of whether to become an entrepreneur in the same industry or venture into newer ones. The challenge is in drawing, as entrepreneurs help entrepreneurs supported by a clear foresight.

Written by Dr. Manoj Joshi.

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