Crisis situations are unavoidable and have the potential to create irreparable damage to the reputation of the corporation. A crisis can affect the employees, the shareholders and the consumers as well. The panic and uncertainty associated with a crisis can cause more damage and chaos than the actual crisis itself. Here is how you can handle a crisis like a pro, instead of running around like a headless chicken!
1. 360 assessment
Before coming up with any solution for a crisis, it is important to do an all round assessment of the situation. Understand the situation, the players and the landscape in which you are operating to develop an effective strategy. Take a step back to assess which areas of work have been affected, consider what you know and gather information on the rest. A complete 360 degree assessment will let you be prepared for the worst case scenario and not be blind sided by any new problems.
2. Keep Calm and Carry On
While navigating through difficult situations even two simple words can make matters worse. Panic will only add to the chaos and chaos is not the solution. So, instead of adding fuel to the fire, keep calm, breathe and try to stay above the water. This will allow you to take in more information, assess it faster and create an appropriate response. Put the problem in a broader context and trace it back to the roots. Generally, problems arise out of small missteps or miscommunication. Find the root of the problem and unravel the issue from there.
3. Engage and Communicate
Once you have a handle on the problem itself, engage the other employees and all key stakeholders. Engaging the employees and everyone involved will make the decision making process and the internal communication far more effective. Engage in open and transparent communication with all levels of the employees but understand how best to tell them what they need to know and when they need to know it. While two heads are definitely better than one, too many cooks will also spoil the broth.
Many times, during a crisis, the first instinct can be to ignore the problem on the whole and do nothing. Not reacting will only escalate the issue at hand, making a mountain out of what is possibly a molehill. Be proactive in your approach to any issue. Contain the problem and eradicate it quickly with a fast but well thought out response. Objective assessment and planning leads to a calm mindset and self confidence and then it’s all about the execution. But it is important to acknowledge the problem from the beginning itself and not turn a blind eye.
5. Ethical Business Practice
When the company is facing a crisis situation, ethics might be the last thing on your mind. Amid the pressure to put the issue to rest, ethics tend to take a back seat. It is during such times that remaining true to ethical business practices is of utmost importance. Short cuts and the easy way out have a tendency to come back and can harm the company later. Although this is easier said than done, make sure that all the team members are comfortable with the decisions being made and with the level of rigor with which you are conducting the investigation. Be true to your morals, ethical responsibilities, employees, consumers, stakeholders and yourself.
Crisis situations are like mountains during the monsoon season. Small missteps can lead to a landslide. Never underestimate any situation, your customers or the media. Crisis situations can be handled neatly and effectively if you know what needs to be done.
Here’s Why Hiring Millennials A Good Idea For Your Company!
In the upcoming years, millennials will become the largest employee demographic around the world. Millennials are big hustlers who embrace their work with passion and dedication. They love to explore and opt new adventures. They basically have a sense of fulfillment with regard to everything they desire to achieve. They are highly motivated and have a zeal inside to accomplish their tasks. Their aim is to climb up the ladder of success with immense knowledge and become wiser. However, due to various reasons, millennials find it very difficult to land a good job.
Gone are the days when money was the only motivational factor of a career. Millennials are highly cost effective. They work for lesser pay when compared to the regular workforce. They are pretty much focused towards embracing newer opportunities and progression. Not only that but they are also self driven. Alongside, they are team players! They love to collaborate with people and they get along easily. This work ethic helps all businesses grow as millennials are tolerant as well. Apart from that, they are highly creative with their ideas, generally think out of the box and come up with the best solutions and ideas for the company!
Hiring young minds helps to keep your company up to date with the latest market trends. From marketing to finance, they excel in almost every field with their intelligence and smart work. You could build a relationship and offer millennials an opportunity to grow with your company and in return, they will reward you with hard work and determination.
Listed below are the reason why hiring millennials is a good idea for your company!
- They are proactive
- Easy to work with
- Follows up the latest trends
- Highly cost effective
- They are fun to work with
- They are optimistic
- They are techno junkies
Today’s competitive market demands the best talent possible! So, in order to grow your workforce and attain maximum productivity, your company should definitely consider hiring millennials!
Here’s Looking At How Technopreneurs Are Emerging!
This is the 21st century and technology is taking over almost every field at a very fast pace.
Every now and then, we see a number of entrepreneurs coming up with spectacular innovations that changes the way the world perceives things! Combining the two, in the recent times, we noticed a lot of technopreneurs emerging to take over the startup ecosystem.
So, who are technopreneurs?
Technopreneurs are technology and entrepreneur wrapped up in one term! They are entrepreneurs with a unique set of tools and a great potential for success. Technopreneurs are basically entrepreneurs who are in general technology savvy. Most successful technopreneurs are not born but they are made!
These brilliant minds combine technology with their creative innovations to introduce a new set of products and services. A common misconception is that they take many risks. However, while they do take risks, they only take calculated ones.
One of the prototypical examples of a technopreneur is Elon Musk. From introducing flying cars to launching advanced rockets, he is redefining the use of technology in daily life with his amazing innovations. “Don’t be afraid of new arenas,” is one of Musk’s most favorite quotes.
Mark Zuckerberg, the brains behind the social media giant, Facebook has emerged as one of the most successful technopreneurs of all time. As a technopreneur, it is significant to be technology oriented. However, you don’t have to be a coding expert, but rather, you have to invest in your technical skills and understand the dynamics of your market like Zuckerberg! According to Zuckerberg, “People think innovation is just having a good idea but a lot of it is just moving quickly and trying a lot of things.”
Alongside, technopreneurs tend to be very persistent in nature. You could take a look at Steve Job’s career path to understand that persistence in technopreneurship means sticking to the mission regardless of how difficult the journey seems. Jobs once said, “I’m convinced that about half of what separates the successful entrepreneurs from the non successful ones is pure perseverance.”The undeniable ability to solve problems in innovative ways enabled many billionaires to build their fortunes in the technology sector. Some of the most famous technopreneurs also include Bill Gates, Travis Kalanick, Sergey Brin and Larry Page.
Needless to say, a good technopreneur uniquely combines technology with innovation to make it big!
You’re Never Too Old To Become An Entrepreneur
There is no expiration date on becoming a successful entrepreneur. The idea to bring up a new product or a service has nothing to with your age. Becoming an entrepreneur is not about your age but whether you have the drive and creativity to make it happen.
Ideas always do not have to be about developing something new. It can be an improvement on something which is existing in market as well. Your experiences and dedication gives you an edge over others. You probably have a wide network now than before so use it as an opportunity to spread the word about your business ideas. Today’s entrepreneur opportunities are endless and one can explore and bring their ideas into existence with extreme zeal and courage. There are numerous things that can be learned from work and life experience. You are now financially stable and had a lifetime to build a network of connections. Many older entrepreneurs are experts in their field. Alongside, they’ve built a reputation in their industry which is useful when it comes to opening doors for their new business. These striking experiences can be applied to entrepreneurship.
Don’t look for reasons to limit yourself. Look for reasons to give yourself the freedom to follow your dreams.
In fact, some of the world’s most successful enterprises were started by people who were older than you might expect. Henry Ford was almost 40 when he founded his car business, Charles Ranlett Flint started a computing business that later became IBM at the age of 61. You have every opportunity to be successful in a job that you’re passionate about. All you have to do is take the leap.
Never let age define what you can and can’t do. It may be too late to become a professional skateboarder, but it’s never too late to pursue your dream of becoming an entrepreneur. So remember age is just a number!
Let us know what you think about entrepreneurship in the comments below!
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