How to Deal With the Unexpected
What happens to a business when an unexpected obstacle occurs? To emulate what could happen in starting a new venture, Stephen Brand, co-director of Wellesley’s Summer Venture Program, facilitated an “enterprise game” for participants of the Wellesley cohort several weeks ago.
The participants were divided into groups and were tasked with creating a new venture based on predefined parameters such as specific products, names of brands, target customers and amounts of money. Using the limited resources at hand, the teams created new ventures, had management changes, and dealt with disasters that hit their companies.
Here were some of the takeaways from our entrepreneurs after this experience:
- It’s not just about the idea, it is how you execute it.
- Forced connections are important. It will force you to think different.
- You need to know who care – that person is your customer.
- Be open to opinions. You are the expert of your business.
- Team is important
- Be open to opinions.
- Be prepared for anything that flies in your face.
- Being able to adapt is important.
- Have a contingency plan.
- Be weary that you cannot predict the future.
- You can make something out of anything.
Luckily for the participants, this was not real life. Using what they learned, the cohort is now more prepared to deal with any obstacle they encounter!
Visit the Summer Venture Program website to learn more about this year’s teams, follow all SVP happenings on Twitter #babsonsvp.