{"id":2804,"date":"2019-06-11T12:38:01","date_gmt":"2019-06-11T12:38:01","guid":{"rendered":"http:\/\/clockworkapp.co.za\/?p=2804"},"modified":"2019-06-11T12:38:01","modified_gmt":"2019-06-11T12:38:01","slug":"growing-small-business","status":"publish","type":"post","link":"https:\/\/clockworkapp.co.za\/growing-small-business\/","title":{"rendered":"Small Business Growth is about Getting Better at Making Things Easier"},"content":{"rendered":"

I recently read \u2018Antifragile<\/a>\u2019 by Nicholas Nassim Taleb. Setting aside his bullish tone that paints him as somewhat a raging narcissist, digging deep provides immense insight into the survival strategies required for anyone who wants to thrive in the face of adversity. In contrast to the increasingly fragile world that we live in, he hails entrepreneurs for their nature in which they stress themselves to become stronger and more capable of dealing with volatility. In short, we need the volatility that arises as a result of risk. This can be attributed to a term called “iatrogenics”, which refers to when a treatment intended to do good causes more harm than benefit.<\/p>\n

<\/h3>\n

The Adoption Curve<\/strong><\/h3>\n

 <\/p>\n

Processes that you know and make sense often feel like the best. New products or services that enter the market simply become second nature over time. There was once a time when you or your small business continued to write everything down on paper, because we feared for our computer crashing or a document not saving.\u00a0Many products that become second nature have often been around a lot longer than we know. That\u2019s because many of us fall into the \u2018early majority\u2019 or the \u2018late majority\u2019 bracket of the adopter\u2019s curve.<\/p>\n

As a business owner, sitting comfortable in the late majority adopter\u2019s category could seem like a safe move. However, there are other businesses around you embracing new technology and the opportunities that come with it. In a fast-moving business world, blink for too long and you could be left behind. A conservative, de-risking strategy could quickly become an iatrogenic strategy. \u00a0At times, a low risk strategy for your business makes a lot of sense. Granted, many of us don\u2019t have the capital to invest in new solutions which will help our business grow over the long term.\u00a0There\u2019s nothing wrong with that but, as business owners, we need to be open to embracing new processes that streamline our businesses, and create efficiencies wherever possible. So in essence, one needs to\u00a0make calculated decisions within their business that might appear like risks, but carefully considered, will result in success over the long term.<\/p>\n

 <\/p>\n

 <\/p>\n

\"Small
Source: crazyegg (2019)<\/figcaption><\/figure>\n

<\/h3>\n

 <\/p>\n

Technological Elasticity <\/strong><\/h3>\n

 <\/p>\n

As with any business expense, we need to consider its return on investment. You may be reluctant to introduce new technology due to the time and cost it takes to implement, alongside the concerns as to whether these outlays will pay off.\u00a0And yet, now think about those \u2018innovators\u2019 and \u2018early adopters\u2019. Staring straight into the face of uncertainty, they are the definition of anti-fragile. They will thrive as a result of their openness towards volatility and risk.<\/p>\n

When considering a new technological investment, think about its technological elasticity. Will the return you receive eventually outweigh the initial time and monetary investment? Due to the improvements you will receive in productivity, the answer is probably – after all, nothing is guaranteed but why not give yourself the best chance of further successes?\u00a0As we move from the far ends of the adoption curve back into the middle, the elasticity decreases. For example, our innovators will likely see a large technological elasticity. This is because they are taking a high level of risk, but their first mover advantage will result in a high level of return.\u00a0In the middle, we see a moderate level of risk as a pragmatist, but our level of return might therefore also be moderate. Lastly, we see our \u2018skeptics\u2019 or \u2018laggards\u2019 at the far right of the curve. These people often wait for a concept or product to be absolutely proven prior to adopting it. This is an extremely low risk strategy in terms of the product failing to give one a return on investment. However, at this stage, all your competitors are using it and you are well behind the rest of the pack.<\/p>\n

<\/h3>\n

Conclusion<\/strong><\/h3>\n

 <\/p>\n

Turn your risks and volatility into success. Don\u2019t play fragile and wait for a catastrophe to happen, because when it does there will be terrible consequences. It’s always more beneficial to be proactive, rather than reactive. Small setbacks will build a stronger entrepreneur and a stronger business. Your mini-failures will teach you how to be resilient and ultimately, create a persistent entrepreneur.<\/p>\n

Anti-fragile entrepreneurship is the ultimate tautology.<\/p>\n

ClockWork disrupts the traditional blue collar outsourcing model by streamlining the journey of finding, managing and paying temporary blue collar labour staff. Our unique matching algorithm ensures valid and credible jobseekers are matched to your job. Use Africa’s first automated in app wage payment platform to ensure you can pay your staff safely and securely.\u00a0<\/em><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I recently read \u2018Antifragile\u2019 by Nicholas Nassim Taleb. Setting aside his bullish tone that paints him as somewhat a raging narcissist, digging deep provides immense insight into the survival strategies required for anyone who wants to thrive in the face of adversity. In contrast to the increasingly fragile world that we live in, he hails […]<\/p>\n","protected":false},"author":1,"featured_media":2806,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7],"tags":[],"yoast_head":"\nSmall Business Growth is about Getting Better at Making Things Easier | clockworkapp.co.za<\/title>\n<meta name=\"description\" content=\"Growing your small business is challenge. 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