As a former business owner behind Maxwell Pharmacy Inc in New York City, Elfatih Ibrahim knows being able to adapt to the changing business landscape is paramount to run a successful operation.
But what exactly does it mean to be an adaptive entrepreneur, and how do you achieve it? Here's some insight into this business approach from Elfatih Ibrahim.
What is an Adaptive Entrepreneur?
There's no official degree or title for this type of entrepreneur. Instead, it points to a business leader that can keep an open mind to the changing needs of consumers, as well as staff and suppliers with advancements or changes in technology, laws, and culture. An adaptive entrepreneur can shift the way they do business without losing credibility with their followers.
Adaptive entrepreneurship sheds some of the rigidity that comes with running a larger corporation. This means changing what you're selling based on input from customers, and adapting to social change (or even driving it).
When your business model is about responding to what the customer wants and tailoring an experience for them, you can make your business more resilient while also building trust. This can feel like a risky approach, but it can give you an edge if you have the right mindset.
Responding More Fluidly To Customer Needs
Adaptive entrepreneurs listen to their customer base. So instead of producing hundreds of units of a product that isn't satisfying a need among your customers, you can put more effort into creating products that are more tailored to your target audience.
Of course, that might mean you'll also have to drop a product that is underperforming. If you already have a solid business plan in place, you should be able to better weather this storm by knowing the products your customers are interested in and the volume to produce.
Breaking Out Of The Traditional Work Model
Adaptive entrepreneurs don't always work 9-5, and they don't always set up their operations in offices. These types of entrepreneurs like Elfatih Ibrahim know that flexibility is more important when it comes to performing their job duties and making themselves available to staff and customers.
Aside from when they work, entrepreneurs are more often seeking co-working spaces as an alternative to a static office. This allows the team to have a home base while also roaming to meet clients in person or online.
Younger generations are often seeking more flexible work arrangements, so being open to them can help you attract new talent. Some people might prefer to work earlier or later hours or work four longer days to take a three day weekend. At the same time, you should seek out team members that know more than you in some areas – especially when it comes to reaching customers digitally through social media marketing and targeted digital ads.
Constantly Evolving, Not Just Reacting
Adaptive entrepreneurship is not just about making changes as challenges arise. Instead, these types of entrepreneurs get ahead of the game by analyzing data and better targeting existing customers, as well as attracting new ones.
They're also not afraid to experiment with new business approaches and products to see how they fly with their customer base. This doesn't mean having an expensive research and development department – it could be leveraging simulations and focus groups to see what can take your business to the next level.
In short, adaptive entrepreneurs aren't afraid of innovation or to leave the comfort of the status quo. They look for ideas that can disrupt the norm, while still maintaining a realistic view of what can be achieved and at what cost.
Elfatih Ibrahim knows that being adaptive is not only important in surviving in today's business landscape, but also in outperforming your competition.
