How To Deal With Uncertainty In Business | Peter Sage

Summary

In this video, Peter Sage offers key insights for business owners on how to navigate uncertainty. He emphasizes the importance of mastering uncertainty as a critical skill for success. Sage shares three strategies: understanding uncertainty's role in opportunity, changing self-talk to shift focus from obstacles to possibilities, and leveraging resourcefulness by surrounding yourself with supportive peers and mentors. Lastly, he highlights the importance of connecting with a deeper 'why' to sustain motivation through tough times. His advice aims to help entrepreneurs thrive despite economic challenges.

Takeaways

• 💼 Uncertainty is a constant in business, but learning how to handle it is crucial for success.
• 📊 Over 42% of business owners in a LinkedIn survey identified uncertainty as their biggest obstacle.
• 💪 Successful entrepreneurs thrive by mastering how to deal with uncertainty and viewing it as an opportunity.
• 🧠 The language you use shapes your mindset—switching from limiting thoughts to empowering ones can change your outlook.
• 🏋️‍♂️ Resourcefulness, not resources, is the ultimate asset for entrepreneurs in uncertain times.
• 👥 Surrounding yourself with a strong peer group and finding mentors who give advice, not just opinions, can be game-changing.
• 💡 Mentorship is vital—mentors offer practical advice based on experience, unlike consultants who provide opinions.
• 🎯 Remembering your ‘why’—the purpose behind your business—is crucial to weathering adversity.
• 👟 In tough situations, focusing on a cause bigger than yourself can provide the motivation needed to push through challenges.
• 📈 Changing your psychological approach, even by altering small habits or words, can significantly transform your business.

Q & A

What is the main purpose of Peter Sage's video?

The main purpose of Peter Sage's video is to share insights on how to handle business uncertainty effectively, drawing from his 30 years of experience in various economic climates, to help business owners thrive rather than be crushed by external challenges.

What does Peter Sage consider the most important skill for successful entrepreneurs?

Peter Sage considers the ability to handle uncertainty as the most important skill for successful entrepreneurs. He emphasizes that thriving in uncertain times, rather than being crushed by them, is essential.

How does Peter Sage suggest people can reframe uncertainty?

Peter Sage suggests reframing uncertainty by recognizing it as predictable and inevitable. Entrepreneurs who handle uncertainty well focus on opportunities within challenges, while others may feel overwhelmed by the challenges alone.

What does Sage mean by 'checking the shape of your box'?

By 'checking the shape of your box,' Sage refers to paying attention to the language you use, especially the word 'but.' He highlights that people who handle uncertainty well use positive language to shift their mindset and approach problems with a sense of possibility rather than limitation.

How does Peter Sage differentiate advice from opinion?

Sage explains that advice comes from someone who has successfully navigated similar challenges and has firsthand experience, while opinion is simply what anyone can offer, regardless of their experience. He stresses the importance of seeking advice over opinion when facing business challenges.

Why does Peter Sage emphasize resourcefulness over resources?

Peter Sage emphasizes that resourcefulness is more critical than having resources because external circumstances like market changes or government regulations can quickly undermine available resources. Being adaptable and creative is what truly sustains a business through uncertain times.

How can surrounding yourself with the right people help during uncertain times?

Sage advises that surrounding yourself with peers and mentors who are resilient and positive can greatly influence your ability to handle uncertainty. They provide support, insights, and encouragement that help you stay focused and navigate challenges more effectively.

Why does Peter Sage recommend having a 'world-centric' vision for your business?

Peter Sage recommends having a 'world-centric' vision because it motivates entrepreneurs to persevere during tough times. When the purpose of a business goes beyond personal gain and focuses on making a positive impact, it gives entrepreneurs the drive to overcome adversity.

How does Peter Sage relate running a business to running a marathon?

Sage compares running a business to running a marathon, where entrepreneurs often face significant struggles ('hitting the wall'). Those who focus on a cause bigger than themselves—such as helping others or making a difference—are more likely to push through the difficulties.

What does Peter Sage offer to viewers who want more guidance?

Peter Sage invites viewers to click a link for additional resources where he shares mistakes he made over his career, tips on how to shift their mindset, and advice on building a successful business. He emphasizes that this guidance comes from his personal experience and is aimed at helping others avoid costly errors.