The research and development phase can often be defined as the “infancy” stage for many a fledgling business, and it’s in this point where many a business owner will be placed in a moral crossroads. The next phase of business is important for them as the next decision they make can prove to be the difference between triumph and ruin. It’s important for fledgling businesses to understand the dos and don’ts in running their business throughout their infancy.
The Business Queensland website (2016) states that Research and development (R&D) is a valuable tool for the growth and development of businesses. Often, R&D involves the process of researching and understanding of your market, the needs of your potential customers and developing new and improved products and services to tailor towards these needs. Businesses that possess an R&D strategy are more likely to thrive than businesses that don’t. The process of devising a R&D strategy often results in innovation and increased productivity; in turn bolstering your business’s competitive advantage (Business Queensland, 2016).
Perhaps one important trait that most prospective entrepreneurs must have when undertaking R&D is that they need to be readily adaptable. Tan S. (2017) wrote that perhaps an important factor for the survival and flourishing of a business in today’s world is that they need to be flexible and adapt to the times. It’s important to be able to respond to changes as necessary as often, the times in today’s business world is often unpredictable and unforgiving. Adaptability can be construed as the ability to change yourself to accommodate the current circumstances; and not only prospering throughout but also recovering from adversity and tribulation.
Entrepreneurs must also possess a down to earth mentality and must not be conceited know-it-alls. Barker S. (2018) states that the acme of a successful entrepreneur is humility and that they refuse to be carried away by the jubilation of success and wealth. As the business market is ever-changing, entrepreneurs must avoid possessing a “know it all” mentality. It’s also important for entrepreneurs to be malleable and not act as if they know the business strategies of their competitors as businesses often adapt to change to remain competitive. Humility is the key to success as pride often comes before a fall.
Thus, the acme of a businessman in the prototype stage is to remain adaptable, innovative and remain humble throughout. These basic fundamentals can go a long way.
