Identifying & Understanding Uncertainty

Adventures in Businessing: Entrepreneurship, Small Business, and a Healthy Dose of Humor

Show Notes:

• [0:00:49] Intro | Timely Topics
  • We’re all surrounded by uncertainty in these trying times.
  • Dealing with uncertainty in your business & your life
  • How we respond to universal uncertainty is unique to each of us.
• [0:05:25] Identifying Uncertainty in Your Business
  • We wrongfully attribute uncertainty to risk.
  • We often lack the information to reasonably define uncertainty as risk.
  • Using Slack as an example.
  • Certain people are excited by uncertanty.
  • It’s very important to be able to react to the unknown things that pop up.
  • You can address some uncertainty simply by not being too certain of your plans.
  • Keep an eye and ear attuned to your marketplace.

• [0:13:50] Everyone Handles Uncertainty Differently, and That’s Okay
  • Uncertainty may entice, excite, and compel some to action.
  • Some of the best things can come from uncertainty and learning to act in the face of it.
• [0:15:35] Leadership is Not the Absence of Uncertainty
  • There are 3 Responses to Uncertainty:
    • Denial
    • Overconfidence
    • Or Analysis Paralysis
  • Huge Companies Have Crumbled Being Unready for Unknown-Unknowns
• [0:17:30] If you don’t have any uncertainty...you may have larger problems.
  • The further you move from this moment, the greater the uncertainty.
  • The pandemic proved we were all a little too certain.
  • Knowing your values forms an archor point to combat uncertainty.
  • Your response to uncertanty will uncover things about you and your company culture.
• [0:26:35] Parting Words
  • Remember, if you've identified it, then it's a risk, not an uncertanty.
  • When planning and identifying uncertanty, opportunity often presents itself.
    • If we're somewhat aware and prepared, we're then able to pivet more readily, and shift into the next thing we're supposed to become.
      • It's not easy to accomplish, but it's worth the investment.