[TEXT: DEMOCRACY, PROSPERITY, HUMAN RIGHTS, EDUCATION, SECURITY: A PRODUCTION OF U.S. DEPARTMENT OF STATE]
[TEXT: The Resilient Entrepreneur: Planning, Adapting and Persevering] Welcome to The Resilient Entrepreneur: Planning, Adapting and Persevering.
Being resilient is the ability of you, the entrepreneur,
to deal with difficult situations in the operation of your business.
[TEXT: Learning Objectives] In this course, we are going to discuss what it means
to be a resilient entrepreneur and how you can initiate processes
[TEXT: How to identify potential hazards and threats.] to identify potential hazards and threats and then plan, adapt and persevere.
[TEXT: How to plan for crises and downturns, then manage through them.] We will look at ways that entrepreneurs can plan for
and manage their businesses through crises and downturns.
[TEXT: Identify best practices for business survival through] We'll also look at strategies and best practices for business survival
[TEXT: personal, economic, political and environmental adversity.] during times of personal, economic, political
and environmental adversity.
[TEXT: Planning for Resilience Written by Deana Neely] This lesson is “Planning for Resilience.”
[TEXT: Deana Neely] This lesson was written by Deana Neely, a nationally recognized award-
winning entrepreneur, author, public speaker and industry trailblazer.
[TEXT: Founder and chief executive officer of Detroit Voltage.] She is the founder and chief executive officer of Detroit Voltage,
[TEXT: Runs Detroit’s fastest-growing black woman–owned electrical contracting firm.] Detroit's fastest growing black woman-owned electrical contracting firm.
Deana is passionate about serving the underserved city of Detroit, as well
as creating opportunities for training and employment for her community.
[TEXT: Recognized by several industry trade groups] Deana has been recognized by companies such as the Michigan Minority Supplier Development Council,
the Great Lakes Women's Business Council, Google and Essence.
[TEXT: and is a Forbes Next 1000 awardee for entrepreneurship.] She is a Forbes next 1000 awardee for entrepreneurship.
In this lesson, we are going to discuss what Deana calls two of her favorite
[TEXT: Planning for crises and downturns. Future-proofing your business.] topics, planning for crises and downturns and future-proofing your business.
According to Deana, the bridge between both of these topics is about relationships
and building your network while adhering to a code of ethics.
[TEXT: “Your network equals your net worth.”] “Your network equals your net worth.”
Why is that important?
Because the community that you build around
you is going to be the key to referrals and word of mouth business
through crises and unexpected downturns, and is, in her opinion,
the best way to future-proof your business.
You also have to be respectful of laws and regulations.
Do not act unethically or dishonorably.
That won't save your business
when things are going badly and could result in far worse consequences
to your reputation and relationship with your customers.
You will need your network and customers
once your business recovers from any adversity.
What does Deana mean when she says to future-proof your business?
It means anticipating the future and developing methods
of minimizing the effects of potential crises on your business.
[TEXT: Deana Neely, Image courtesy of Deana Neely] Deana built her company, as she says, with eyes wide open.
There were no delusions about her entering a male dominated industry.
From the outset, she knew that she had to build
a solid support system, a network of people
who would encourage her, build her up, and take the journey with her.
She was very strategic about finding people with a like-minded outlook
on starting and growing her business.
As you grow as an entrepreneur, you may find yourself
interacting with people who may not understand your journey.
Find and seek a circle of people on the same journey.
Those who have either surpassed you and are where you want to go,
or those who will undergird you.
Seek out those who can relate to your entrepreneurial path.
Deana added people to her circle
who were in the same industry and striving to build successful companies.
These were also people with whom she was able to share information,
who would have an understanding of where she was in
her entrepreneurial journey.
Deana also recommends looking at trade
associations that are specific to your line of business.
The people you want in your circle are those who may be further
ahead of where you are and aware of emerging industries and trends.
In her circle, she notes that one of her mentors
is an experienced and serial entrepreneur with a wealth of knowledge
who helps her through the nuances of running a business -
for example, providing advice when payroll is due and she is unsure
how she is going to cover it.
With this solid support system and network in place,
you can increase your chances of surviving difficult times.
For example, when an electrical contract comes up for bid, members
of Deana's network of contacts reach out to inform her of available opportunities.
These are not procurement offers or contracting email announcements she receives.
These are communications that come from people within her network
who keep her top of mind when opportunities arise
that they think she can benefit from to build her company.
That is the power of building and maintaining
relationships as you are building a business.
[TEXT: Focus on Problem-Solving] Focus on problem solving.
Placing a premium on building relationships
also benefits your approach to partnering
with private companies and local and regional government agencies.
If you look at your business and services as providing solutions,
then you enter conversations looking for ways you and your company
can help these entities reach their goals and objectives.
You will also have opportunities to learn from your clients and partners
and gain access to their knowledge and expertise
which can help inform your business decisions.
When you look at things from the perspective of a problem solver,
the relationship between procurement officers and your company becomes
a fluid exchange of winning for both you and the sector they represent.
The other benefit in these relationships is that when there are legislative
or regulatory changes that could affect your industry,
you have a pipeline of experts on the ground who can notify you
of upcoming changes and help you better understand the details.
Many times they also become advocates and teach you
how to adapt your business to the changes before they become a disruption for you.
Because you are in these conversations, you will be better positioned
to learn about and adapt to changes in regulations and procedures.
You may also have the opportunity to inform these changes as these contacts
will have a better understanding of you and your business needs.
[TEXT: Be Your Own Resource Center] Be your own resource center.
Another way to plan for a crisis and future-proof your business
by utilizing your network is to be aware of
and take advantage of as many financial resource opportunities
that are available to you as you can before you need them.
Find those who offer financial relief
or emergency funding and ask how you can access it,
particularly in the event of a looming crisis or natural disaster.
Know what you will need to keep your business operating.
Don't be shy about asking for help
or about researching financial resources for your business.
When you have the right community of people in your network,
they will be on the lookout for resources that fit your business objectives,
but never stop seeking opportunities to add finances to your business
through grants, pitch competitions, partnerships and the like.
Build your own extensive list of resources from financial to educational
that will keep your pipeline full of opportunities to pursue.
[TEXT: For more on this course and to access related resources, For more on this course and to access related resources,
[TEXT: visit our website.] visit our website.
[TEXT: DEMOCRACY, PROSPERITY, HUMAN RIGHTS, EDUCATION, SECURITY: A PRODUCTION OF U.S. DEPARTMENT OF STATE]