Growing and starting a business can be challenging; however, it can be much more difficult in turbulent periods. Forming a business requires the integration of many components together: determination to specialization, development of skills, resource allocation, careful planning, financial investments, making connections and gaining clients and potential customers. Executive Due Diligence plays a crucial role in this process, ensuring that all strategic decisions are well-informed and minimise risks. Mentorship helps entrepreneurs and those looking to develop their abilities in the field they have chosen to pursue.
Mentors provide guidance, information, resources, networks, and encouragement. Candice Tal, the CEO at Infortal Worldwide, a leading international business in security, risk, and compliance business recently had a conversation for two parts of an interview along with Daniel Ayala and Lisa Beth Lentini Walker from MentorCore the community that is focused on helping individuals develop their career and develop skills by coaching within the compliance and security sectors, to discuss “Mentoring & Entrepreneurship During Turmoil.”
Many correctly categorise the past two years as turbulent due to the pandemic, rising inflation, shipping delays, and various other forms of civil disturbances. A lot of businesses have closed or lost money, but entrepreneurs must be aware that peaks and troughs are normal, and not a one-off event. Important to be aware of the fact that “business fluctuates,” Candice declared. “Business is always fluctuating. It’s a very rough road…lots of people believe they’ll be sailing effortlessly all the way. No way. It’s not going to take place.”
If asked whether “different phases of maturity of a business play into that as well,” Candice said, “Not only the phases of maturity of the business but our experience base.” The fact is this experience from past difficulties that can help entrepreneurs overcome new challenges, but, “that doesn’t mean that you’re completely prepared for the next level.” The question is what can entrepreneurs do? Candice suggests “to draw on your inner strengths, your resourcefulness, and to reach out to others.”
There are many ways you can become efficient. For instance, you can study. “Studying is about researching and using other people’s resourced ideas that have already been documented for you in books or online.” However, you can rely on other people who can serve as your most reliable source.
Some people are uncomfortable seeking help or guidance but. Many people aren’t sure which you should be asking. In these situations, Candice advises to “start with small steps…break the process down into steps that you feel comfortable with. If you’re uncomfortable doing a particular step, then chances are you’ll not do it.” The small actions begin to accumulate and will provide the upward energy needed to move forward. “If you have no forward momentum, then you are static.”
One of her strategies she explained is to imagine the question that you’re nervous to ask. Then attempt to break it down. “Flip the idea around and attempt to formulate a question using another angle. What if I didn’t do the same thing? What happens? If I were to turn the object on its side…and look at it from an entirely different perspective? If I was someone else who asked the question? How should I ask the question?”
If you break the problem down and examine the issue from a variety of angles, it will bring you to “a place you feel comfortable at.” When you’ve done this, if you aren’t sure “try out your idea with a close business confident or a friend.” This query could be pertinent to your situation and business or, if private or a sensitive matter, you may “sterilize” substitute a hypothetical query. It is an excellent method to gain feedback and practice communicating with others.
In addition to resourcefulness, an essential quality that will assist entrepreneurs in difficult moments is resilience. “You get stronger over time which has a lot to do with your experience. Your experience in managing challenges creates resilience.” It can be difficult today. “You see that a lot today, where people are moving from company to company, you’re not necessarily developing a lot of resilience along the way.” Resilience is a skill that can be built. A good way to do this is by having experts “that help you to navigate difficult areas, that help you navigate into new directions in your career.” It’s one “elemental aspect of resiliency.” Additionally, other aspects are also important and “intertwine.” You need to examine: “How do you build resilience? How do you build it? How do you be a source of help to others? What can you do to bring others on your journey along with yourself? All of these intertwine to form a whole.
There’s also actual strength. Imagine you’re a business owner currently undergoing market volatility. It’s like you’re about to plunge to the bottom of the ocean, you’re at the brink and you’ll fall off.” It’s possible to get bad for the economy and you may need to make “very challenging decisions. But even that won’t suffice.” If that happens, you’ll need to rely on your strength.
Candice has experienced this personally through her work. “Back in 2007, that was when the financial crisis began to unfold and it got worse in the year 2008. We had stellar clients. We’ve always had great customers for business, and continue to do so today, which is a blessing. The clients we lost didn’t go away and the company stopped delivering work. This means that we lost approximately 70% of the company revenues in just a few months.”
“If you’re a business owner, you are aware of what this means. Cash flow will begin to drop into the depths of the abyss over two months. About two months after it began to occur, we ran into a very difficult spot of decision-making. How do you know when to give up staff? In the business world, you do not wish to give up your employees, as it took a long time to build your workforce, construct them, teach them, and then train your employees, and finally,y you’ve created a wonderful team. My teams have always been great within my organization, and I’m proud of my staff, however, when you’re facing a moment in time of such an emergency, you need to make a very, very complicated decision. But that might not suffice. You have to let employees go, but it won’t suffice to recoup the business.”
It was “a period of incredibly emotional nights. It was a day, I drove back home, and I was struck by a lightbulb moment. I’d be slamming the champagne bottle and revelling, as I’d be ecstatic to have customers and businesses. but instead, I’m grieving over the loss of my business.” It gave a different perspective on what was going on. “If you’re a business owner and are going through a tough moment, or an employee going through an emotional time and you’re wondering if you’d like to start a business of your own and you’re thinking about it, know these things: number one is that it’s going to be a bumpy path; number two: Be resilient. Number three: have a sense of resiliency; number four: If you encounter difficulties consider yourself an entrepreneur and think as an entrepreneur, and rethink every aspect of your business. Do you need to be conducted in this manner? Is it possible to do it better? Could it be simplified? Are there any technological developments that you’ve never utilized? What do you have to be doing with your network?”
This brings us to “Business networking is crucial. If you’re not networking it’s likely that you’re not engaged enough to bring new customers in, fresh leads, or new contacts regardless of how poor your company’s performance it’s time to step back and contemplate what going to do to attract more customers and more businesses.”
What’s distinctive about you, that is distinctive about your business, and what do people think of you as it’s an enormous boost to your company, if there is a crisis and stress, the most important thing that you’re thinking about is do I fail? Everyone wants to be successful So how can increase your chances of success? How can you increase your performance and get yourself free of this kind of self-deflection? So, reach out. This is the most important message. Reach out.
If you’re not active in mentoring even during difficult times, and you’re in a state where there’s no moment in your day that you can do a different activity, it’s the exact period to consider taking a different route. If you connect with others, something wonderful occurs, and you gain energy from them. Additionally, you receive positive comments from others especially if they are aware that you’re struggling They’ll be eager to be there for your efforts. We want help from others and this was my most difficult learning. It was something I had to learn back during the time of financial turmoil. I never asked for help. It was just not throughout my entire life. But the moment I began asking for help, assistance was offered to me the places I would not have imagined! It was a huge help to rebuild my company. Now, I’m an ever-growing, successful company, and because of the determination that I gained at the time, we’re far better prepared to face the challenges of today.”
Remember, “Turmoil creates that experience and resilience. It can help you navigate another phase of uncertainty easily. Never give up. Always keep your eye on the goal. Keep your eyes on the prize. Stay as hopeful as you can at the moment, and look for the people who can lift you your spirits.” The last part is emphasized. I wasn’t paying much focus on it before, but I’m pretty sure the vast majority aren’t paying attention,” but it’s something to always take heed of.” Surround yourself with positive people.