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Adaptability is your greatest asset | Welcome back to the What's Next? newsletter.
As an entrepreneur, I’ve had to adapt, change and reinvent myself countless times. [size]
In this issue, we look at how adaptability unlocks success for employees, employers and entrepreneurs in today’s workforce.
We delve into some remarkable stories of individuals and businesses that have not only survived but thrived by embracing change. Change is inevitable, and those who can pivot and adapt often find new opportunities amidst the challenges.
In this edition, I'll cover:
[/size]- The power of personal adaptation
- Why pivoting is so powerful
- And we hold the spotlight on a British entrepreneur
Channel your inner chameleon. The power of personal adaptation.[size]
The business landscape and the workforce are in a constant state of flux, especially against the backdrop of rapid technological advancements, the AI revolution, shifting market economics and challenging workforce dynamics. But it’s possible to re-frame this as an opportunity: your ability to adapt to changing circumstances and seize new opportunities will be directly proportionate to your growth and success.
In the craziness of the pandemic years, the main focus was on surviving.
Adaptability - and the speed and agility with which a company, or an individual, could pivot - was crucial to their survival. But why just survive, when you could thrive?
I set up Alexander Mann, my first recruitment business, in a small former broom cupboard - I had a desk and a Yellow Pages. But it was in Pall Mall, Central London, and I knew I wanted and needed that address and gravitas to help propel me forward.
It grew quickly - I nurtured and grew it over 17 years with love, passion and dedication before I sold it and made a profit that enabled me to start and scale new businesses. The experiences I gained here helped me adapt, change and forge my subsequent ventures - the most recent being Recruitment Entrepreneur International - a global recruitment investment company with a footprint in 18 countries.
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As this report from Gartner shows, huge numbers of employees are charting non-linear career paths and 56% of candidates are applying for jobs outside their current area of expertise. Couple this with a struggle for organisations to meet talent needs through traditional sourcing methods - and hiring managers are becoming more focused on assessing candidates on their ability to perform in the role - rather than their credentials or prior experience. This is great news if you’re ready to adapt and want to extend or change your career path. If you’ve done this, it would be great to hear about your experience in the comments below.
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Let’s hear from entrepreneur, Mo Patel founder and CEO of vitamins emporium MOBU. [size]
"Being in a competitive field where changes and advancements are happening rapidly, it’s important for us to adapt to changing external factors and customer demands in order to stay relevant.
We adapted recently by reducing our number of SKU's so we could focus on the 20% of our product range which brought the most value to customers. This also helped with efficiency and inventory management for my team.
We also listen carefully to customer feedback. With so many competitors in the health supplements market, we always have to be thinking ahead and improving our packaging, and we've recently launched some new designs which are vibrant, eye-catching and provide clear product information on the pouch so customers can read more about what the product is and the benefits they provide.
Adapting has helped build resilience, allowed us to be creative, open to new ideas and take risks".
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[/size] Here are my three top tips for developing your adaptability muscle:
- Practise! The more comfortable you become with change, and adapting - the quicker and easier (and more profitable) it becomes
- Remember fear is the enemy of progress - don’t fear mistakes, as sometimes you learn more from them than anything else. I’ve certainly made plenty of mistakes in my time.
- Believe in yourself: you’re never too young or old to adapt - as this great article from Entrepreneur reminds us.
The power of the pivot [size]
The business world is sprinkled with businesses and individuals who have pivoted and emerged triumphant.
Everyone loves a good rags-to-riches story, and although many have heard it before, I do like the story of how Brian Chesky CEO of Airbnb was unemployed and broke, living in San Francisco with co-founder of Airbnb Joe Gebbia, and they were staring at a rent due date.
Chesky spotted an international design conference coming to the city and realised the local hotels were sold out. With three inflatable mattresses, the pair set up airbedandbreakfast.com and successfully let their space (complete with a 'continental breakfast' of untoasted Pop-Tarts).
Fast forward a few years and AirBnB’s micro-let phenomenon disrupted the standard tourism and hospitality industry and bagged Mr Chesky a spot on Time’s 100 most influential people list.
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