How To Deal With Uncertainty In Business | Peter Sage
Summary
TLDRIn 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.
Outlines
🌟 Embracing Uncertainty to Thrive in Business
Peter Sage introduces the video by discussing the overwhelming uncertainty many business owners face today, as reflected in a recent LinkedIn survey. He emphasizes that thriving in any economy hinges on mastering uncertainty. Sage recalls a quote by Bob Proctor, highlighting the predictable cycle of challenges and opportunities throughout history. He argues that successful entrepreneurs view uncertainty as a gateway to opportunities rather than focusing on obstacles.
🧠 Reframing Language to Overcome Barriers
Sage dives into the power of language and how successful individuals use it to overcome uncertainty. He distinguishes between two uses of the word 'but': those who use it to justify inaction, and those who use it as a stepping stone to face challenges head-on. He encourages viewers to be mindful of their internal dialogue, which can either limit their potential or empower them to thrive. By reframing how one speaks, Sage suggests it's possible to change how one handles tough situations.
💡 Resourcefulness: The Ultimate Business Asset
Sage discusses the concept of resourcefulness, calling it the most valuable resource for business owners. He emphasizes that waiting for the 'perfect time' or having all the 'right resources' is a trap. Instead, those who navigate uncertainty successfully are resourceful, constantly adapting to changing conditions. He uses analogies from Formula One to illustrate how quickly situations can change and urges entrepreneurs to surround themselves with peers and mentors who inspire resilience.
👥 The Power of a Strong Peer Group and Mentors
In this section, Sage explains the importance of surrounding oneself with the right people. A strong peer group that is solution-oriented can significantly impact how entrepreneurs navigate difficult times. He also distinguishes between mentors and consultants, highlighting the value of mentors who provide advice based on firsthand experience. This kind of guidance, as opposed to opinions, can be the key to thriving in uncertainty.
💪 Remembering Your ‘Why’ to Power Through Tough Times
Sage concludes by stressing the importance of having a strong 'why' when running a business. He contrasts personal goals, which may not be enough to sustain someone through challenges, with more meaningful, world-centric missions that serve others. Sage uses the metaphor of running a marathon, explaining that those who endure challenges are often driven by a cause greater than themselves, which gives them the strength to overcome adversity in business.
🚀 How to Elevate Your Business and Thrive in Uncertainty
In the final paragraph, Sage invites viewers to learn more about overcoming business challenges by sharing the lessons he's learned from his own mistakes. He promises practical advice, rather than mere opinions, to help viewers make subtle shifts in their psychology and language to transform their business. Sage ends by encouraging viewers to click the link for further guidance on building a business that positively impacts the world.
Mindmap
Keywords
💡Uncertainty
💡Resourcefulness
💡Mentor
💡Language
💡Why
💡Opportunity
💡Peer group
💡Advice vs. Opinion
💡Business climate
💡Challenge
Highlights
Understanding the role that uncertainty plays is crucial for business success.
Successful entrepreneurs thrive by learning to handle uncertainty.
Challenge and opportunity have been constants throughout 5000 years of history, and knowing how to face them can determine success.
Shifting language can help reframe challenges into opportunities.
Use 'but' as a way to emphasize action in the face of challenges instead of making excuses.
Checking your resources isn’t as important as being resourceful in uncertain times.
Surround yourself with a strong peer group and mentors to thrive in uncertainty.
Mentors provide advice from experience, while consultants often only offer opinions.
Know the difference between advice and opinion – advice is based on real experience.
Remember your 'why' when facing uncertainty – it drives deeper motivation.
Businesses that focus on a mission beyond personal gain often survive better in turbulent times.
Running a business is compared to running a marathon – you need more than personal goals to push through adversity.
In times of difficulty, focus on the bigger cause your business is supporting.
Entrepreneurs who navigate uncertainty with a smile have mastered the psychology of shifting their perspective.
Being resourceful and using language intentionally can transform how you lead and build a business.
Transcripts
These are uncertain times.
And if you're a business owner or you want to start a business,
how can you mitigate the uncertainty
that so many people are talking about?
My name is Peter Sage, and on this video I'm
going to share with you
the best of what I've learned in three decades
and growing businesses in every kind of economy
or climate or recession
so that you can learn how to crush your business
no matter what's going on in the outside world,
rather than be crushed by it.
Now, the reason I want to put
this video together is because we did a survey
recently on LinkedIn and over 42% of people
said that the biggest obstacle that they think
they were facing right now was the amount of uncertainty
that they were dealing with,
either in their business, in the economy,
in their relationship
with suppliers who may also be suffering.
So how do you deal with uncertainty?
Well, we share three tips.
The first one is to understand the role that uncertainty plays
and your ability to deal with it,
because I've been asked for many years,
what's the number one characteristic
of successful entrepreneurs?
And without doubt,
it's not persistence and desire
in the right kind of business plan.
All those can play a role.
But the people that I've seen thrive
are the ones that know that
uncertainty and dealing with it is the master skill to learn.
And I'll give you an example.
I heard the late, great Bob Proctor once say that
over the last 5000 years,
you can predict what's going to come over the next 5000 years,
and it's always the same.
Two things challenge an opportunity.
If you don't know how to handle uncertainty,
you're going to be looking at the challenges
and you're going to get crushed by them.
But if you know how to handle uncertainty
and the fact that it's predictable,
you're going to be able
to see opportunity where most people run for cover.
And one of the key distinctions on that is to actually
check out the shape of your box.
Yes. My second tip is check out the shape of your.
Now, what do I mean by that?
I don't mean start go to the gym
and start doing squats and all of that kind of stuff.
I mean, the language that we use on
ourselves is very powerful and successful.
People that handle
and thrive in uncertainty
have a very different association to the word.
But I don't mean but with two t's, I mean, but with one team
and people that get crushed and deal
with uncertainty badly often say to themselves
things like, Well,
you know, I would invest more in my business right now, but,
you know, the economy is looking shaky.
Oh, I would be able to help my customers
and invest more in that part of the business.
But right now, my margins are too thin.
I would start the business
I've always wanted to start, but now's not the perfect time.
Now, if you look at people that know how to use language
in their favor,
how to program their own mind, that conscious,
unconscious for success, they're using in a different way.
They say things like, Well, the economy's looking tough
right now, but I'm going to find a way to capitalize on that.
Well, right now,
my suppliers are starting to squeeze me
for different terms because they're under pressure as well.
But I'm going to find a way
where we can have a win win that makes us continue.
So it doesn't affect my bottom line in a negative way.
They use the word bot in a different way.
They rise to the challenge.
Now, depending on where your party is,
you're going to talk yourself in or out of being crushed
or crushing the next 12 months that comes up.
So just be mindful
because it's our language that most often goes unnoticed
because we're
running on autopilot or what I call sleeping awake.
So check out the shape of your bar.
The next tip I've got for
you is to check what your current resources are,
because a lot of people say, Oh,
I don't have the right resources right now.
I said earlier about the best time to start a business.
I'll tell you the best time to start a business. Never.
That's like asking a parent
when's the best time to have kids?
There's never going
to feel the perfect time
where you have the right amount of certainty to say, okay,
now I'm ready to have kids.
Instead, you're going to come up with more excuses
to cover up the fact
that you can't deal with the uncertainty
that that new part of your life brings.
And having a business brings as much uncertainty
as having a baby.
So I'm told now when it comes to resources,
the ultimate resource is resourcefulness.
You can have all the money in the bank
and I've seen banks go out of business.
You can have all of the best customers in the world
and you can get undercut by a supplier that changes the game.
You can have government legislation
make one rule that invalidates your profitability.
So it's what are your resources?
You can think you've got all of your ducks in a row
and everything can change in a heartbeat.
I'm a big fan of Formula One and everything can change in
one lap, depending on somebody making the corner or not.
So when it comes to businesses
resourceful, not is your biggest resource.
And the best way to use that is to check
who are you surrounding yourself with?
You know, there's a strong
tip in business that I can give which goes like this.
It's not what you learn.
It's who you learn it from.
And if you have got good peers around you
that are not running for cover,
when the government comes out with some silly news
that are telling you or reminding you
of all the reasons why you can not, why you can't.
If you've got a strong peer group,
that is one of the best resources that you can actually
put together.
And if you haven't got one, get resourceful
and start looking for people that think the way that you do.
Also, mentors,
if you are able to have a mentor,
somebody that's walked through the fire
before you and can tell you where you're going to get burnt
and why you shouldn't get burnt and where it's safe
or the best strategies to use to stop you getting burnt.
That is gold.
Now, please understand.
Do not confuse a mentor with a consultant.
A consultant is somebody
that is most likely going to give you an opinion.
A mentor is somebody that can give you advice.
And knowing the difference between those two can be
the difference
between going out of business and thriving in one.
Let me explain.
Advice is something that is given to you by somebody
who's achieved what you want to achieve
in a similar market or a similar economy
or walk down a similar path.
There's faced the obstacles you're looking to face
and has got through them either successfully or is learned.
What not to do can be just as valuable,
and they're willing to share
that advice with you from firsthand experience
without asking for a fee or some sort of commercial
hidden agenda.
Opinion is everything else, and everybody's got one.
Yeah.
Your brother in law
who's never run a business in the life is quite happy
around the dinner table to tell you
all the things you should be doing.
We get that is part of life.
But knowing the difference between advice and opinion,
having a good mentor as well as a good peer group
is something that can change the game when it comes to you.
Facing uncertainty in business and can often be the difference
on how to get through it successfully rather than fold.
The final tip I'll share with you
on dealing with uncertainty is to remember your why.
Why did you get involved in business in the first place
or why did you want to start now?
If it's about you
and you needing
to get something, a better lifestyle, more income,
you have something to put your kids through school or provide
that's useful.
And it can be a very helpful way to transition out of a job.
But when it comes to sustaining business at the highest level
in the realms of uncertainty and stormy waters,
you need more than something that's about you.
Is it about what difference you can make?
Is it about the lives
that you're touching with the product
or the service that you're bringing to the market?
If that's what drives you, if the vision
or the mission of your business is more world centric
rather than egocentric,
you're going to be able to dig deep because it's not about you.
And I'll give you a great example.
When you look at marathons, let's take the
the London Marathon, something I've ran on several times.
Whenever you're running a marathon,
especially a big one like London or New York
or something like that,
where you've got
tens of thousands of people lining the streets,
cheering people on,
you will always see people
who deal with adversity in one of two ways.
You've got people who are there
because it was on their vision board.
It's something they wanted to achieve.
It was a personal goal.
Then the people that are most often struggling
the most, when you get to 17, 18, 20, 22 miles
and your lungs are screaming,
your legs feel like they're made of lead, you hit the wall.
It's like running through treacle
and you're trying to dig deep.
But the people that normally go way past that
and get to the end that don't quit
are the people that are running for a cause
that's bigger
than their own medal they want to put on the mantelpiece.
They're running for a charity.
They're raising money for a cause
because it represents something to them
that allows them to dig deep.
Yeah, it may be a hospice that looks after their dying
brother or you have their cancer charity
because they're
with their parent died of cancer
and they want to do something for them in their memory.
When you're running the marathon of business
and you're a mile 22 and it feels like,
you know, with the economy and the interest rates
or the government or your competition,
it feels like your legs are made of land.
That's the time where you don't want to be focusing on
just what you want to get out of the business.
You need to remind yourself why you're here.
What difference are you making?
Who you raising the money for?
Who are you running for?
Who are you trying to impact?
And what difference is it going to make to them?
Because that will tap
into a place
where you can ride through the storms of uncertainty
at an entirely different level.
That's my biggest tips.
If you'd like to learn a lot more about how entrepreneurs in
the trenches are rising to the challenges
with a smile on their face rather than as a struggle.
People that are sailing through the river of life
no matter what the winds. Then click the link below.
It'd be an absolute honor to share with you
some of the mistakes I've made over the years
that have cost me millions, tens of millions of dollars
that you don't have to make.
So I can give you the advice rather than the opinion
of somebody that's walked that path.
If you want to know how to
make the the tricks and the tips of shifting your psychology
just a few degrees, like changing one word
or the meaning of it, like the shape of your body
and how that can transform your business.
Then again, click the link below
and it would be an absolute pleasure
to be able to help you build the business of your dreams
so that between us doing what we do, we can help
make the world a better place by impacting it at a high level.
Click the link now and I'll see you on another video soon.
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