Coping with Uncertainty

As we listed our assumptions last week, each one of us now are aware of all the potential roadblocks we may face in our ventures. It was a difficult exercise, as it made makes us uncertain about the outcome of our venture. We now start to wonder, what if some of these assumptions are false? What if  I am unable to sustain my venture given certain circumstances arise.

Entrepreneurs are often considered risk takers. But the more appropriate term is intelligent risk takers. I began to read some articles which discusses how entrepreneurs act in the face of uncertainty.

The article on Forbes http://www.forbes.com/sites/ashoka/2012/10/23/how-entrepreneurs-cope-with-uncertainty/ discusses how we should deal with uncertainty. Here are my pointers on how to deal with unpredictable circumstances:

1. There is no other alternative: Uncertainty is unplanned and therefore there is no other alternative than to deal with it. Enormous amount of valuable time is wasted thinking "What if…". This not only hinders the ability to look ahead but also makes us loose out valuable time. 
2. Believe in your idea: It is easy to lose focus of your vision and be derailed when faced with an uncertainty. If you now decide to change the purpose of the venture, it just goes to show how vulnerable you are. Either you do not believe enough in your venture or you haven't planned thoroughly before starting the venture. 
3. Embrace uncertainty: Uncertainty is not necessarily a bad thing. It makes us uncomfortable, but could provide a landscape for improvement. Once you accept the fact that certain steps in your venture are unclear, you could then choose the best possible option.
4. Be pragmatic and resilient: In the face of uncertainty a lot of wrong decisions are made in haste which tend to be impractical. Taking slightly more time and making a better decision in these circumstances would be a better solution.
5. Take Advise: Having strong mentors or experienced advisories can help entrepreneurs make a decision. With a number internal company affairs going on in the entrepreneurs' mind, getting a second opinion from a third person can help him/her get a different prospective on the problem.

I hope these pointers will help us deal with unpredictable issues. Can you list out certain unpredictable circumstances that may arise during the formation of your venture? How will you deal with these issues?