Change is a constant in the world of entrepreneurship, and those who tactfully embrace it are most likely to succeed.
On the other hand, assuming the market will remain static over time could lead to missed opportunities and let other startups race past your own.
Entrepreneurs at the University of Cincinnati's 1819 Innovation Hub receive careful guidance from the Venture Lab, an on-campus startup accelerator. If you're farther afield, however, our team still has six tips for how to adapt to change as you embrace entrepreneurship.
Since change will happen whether you plan for it or not, start your venture expecting that it'll occur. That way, you won't feel blindsided when the market shifts or a competitor improves upon your product. Instead, you'll be ready to respond by strategically pivoting your business.
Stay vigilant by understanding the ins and outs of your company's market. You should be ready to respond quickly when you see a pioneering invention or note that a significant player entered the field. As an entrepreneur, it's your job to be an expert in your business area - that way, you'll be ready to win despite inevitable market shifts.
Don't just take ideas from the competition, however. Adaptability as an entrepreneur means you should consistently look for ways to innovate your own business. Check for market gaps and think of ways your product could be more appealing or valuable to consumers.
Business leaders come to the 1819 Innovation Hub's Learning Lab
