Adaptability, a key strength for an Entrepreneur
Chronicles of an Afropreneur
Adaptability, a key strength for an Entrepreneur
In one of our conversations this week, one of the entrepreneurs shared a quote (straight out of Pete Edochie's script, one of Nollywoods mega stars) to drive home our point of being deliberate in adapting or copying the strategies that worked for other businesses -
"If a goat models a lion and tries to hunt a hyena, it might not live to know if it succeeded. But a goat can learn from the lion and metabolize what it has learnt on its hunt for grass"
Copying others is a reality of doing business (and we must be comfortable with being copied). Look around you, I am sure you can identify many similar businesses have sprung up once the first-mover started succeeding. However, how many of them have succeeded long term?
While copying someone else’s formula for success can be very tempting, it is better to take a data-driven approach. The whole point of the data-driven approach is to use the data to identify what will work and what will not work, to improve your chances of success.
What constitutes success or progress to you? What metrics can you identify and measure?
If it can be measured, it can be improved.
Once you have identified what worked for your competition, then you can adapt them to your business practices or processes.
Keep Grinding,
Uwem