It has become difficult to avoid bad economic news in the last few weeks. Disastrous market responses to the mini-budget and the catastrophic global impacts of the ongoing conflict in Ukraine both follow a growing list of ‘crises’ that seem to have made much of the public afraid of their own shadows rather than confident enough to start or grow their own businesses.

Though the macro environment is important; it is not something that startups can impact or control - it can only fuel anxiety. If individuals have either reactive or proactive tendencies, we believe that successful entrepreneurs fall more into being proactive. Success in challenging times requires a clear focus on what can be done and what can be influenced. Stephen Covey explains that this proactive focus, deploying a positive energy, enlarges a circle of influence.

With a proactive mindset, it is easier to spot and capitalise on the opportunities that exist in the current environment. Disruption in the labour market might give better and cheaper access to talent. The development of hybrid working since the Covid pandemic has weakened geographic limitations to recruitment of that talent. For businesses that need space, softening demand for real estate should reduce the costs of that space. 

Whilst founders and businesses should maintain focus within their circle of influence, sights should also be trained on staying within a circle of competence - an area where they have useful knowledge that gives them an edge. Lean into what you’re good at - it makes it easier to win.

At Colab-8 we work with founders to generate a proactive mindset within their businesses and form strategies to take advantage of opportunities that exist. We help to develop a circle of competence and to identify its boundaries so that our partners can excel at what they’re good at. 

It’s more fun to win.