The past few years haven’t been easy for entrepreneurs, with factors such as loadshedding, the rising cost of living and the political landscape often creating uncertainty.

Understanding how to navigate this volatility may be the difference between success and failure. Here are five tips from seasoned business owners to help you get through challenging times.

1. Don’t panic, or know what to do when you do

It’s easy to panic and lose focus when chaos swirls around you. But entrepreneurs are built to adapt, so use this uncertainty to your advantage.

“More millionaires are created during times of uncertainty or recession than any other,” says Sean Thomson, who set up the financial education company WealthTrek to help South Africans invest in UK property.

Vumi Msweli, CEO of human capital company Hesed Consulting, started her business as a “side hustle” several years ago, but it has since expanded across Africa.

Running a predominantly online business during loadshedding has proven challenging, but Msweli hasn’t given in to anxiety.

“I’ve gone from being a service provider who has all the answers to one who is not afraid to express vulnerability,” she says. “My ‘why’ remains very important to me – helping African women get to where they want to be in their careers. If you do something that speaks to your purpose and your soul, you won’t let challenges get to you.”

Nomandla Ngcoya, the founder of the D CHEM Group, says it’s natural for new entrepreneurs to be fearful. “We panic a lot in the early stages, but this is precisely when we can’t afford to lose focus because we’ll lose sight of what our business needs are to grow,” she notes.

Dheepak Maharajh, executive director of local biotech incubator UVU Bio, says emotional intelligence helps entrepreneurs understand what they can and can’t control – and how to respond with maturity in a crisis. “EQ helps you to navigate the landscape when it really is time to panic – but it also allows you to come up with a game plan to deal with anxiety,” he says.

2. Have a plan, but be flexible

Just because a plan isn’t working doesn’t mean you need to give up on your goal. It just means you may need to alter your plan slightly,” says Thomson. “I like the saying, Be stubborn about your goals, but flexible about your methods.”

Maharajh agrees. “Flexibility is of the upmost importance. “If you’re stuck on an idea, you won’t see its limitations. Receiving unbiased feedback – both positive and negative – will allow you to flex your ideas and routes to market.”

Ngcoya says her initial plan of providing good quality but affordable detergents in rural communities went awry as community members didn’t really need the product. “My true target market was higher-income individuals,” she says, adding she’s relieved she lacked the funding to set up a manufacturing plant in an area in which her solution wasn’t needed.

3. Learn from the best, but also from the rest

Having the right people to turn to when the going gets tough is paramount. Find a seasoned mentor and listen to their advice. As salesman and motivational speaker ‘Zig’ Zigler said, “A lot of people have gone further than they thought they could because someone else thought they could.”

Thomson credits his mentors with his own business success, and says even Richard Branson would not have achieved what he did with Virgin Active without the mentorship of airline entrepreneur Freddie Laker.

Maharajh says you can learn from both successful and less successful entrepreneurs, since they speak from experience. “Have somebody in your corner who can advise you from a base of knowledge,” he recommends.

4. Be prepared to pivot

Stacey Jane Smith, the founder of African Secret, which produces natural personal care products, says she could have closed her business during the pandemic and loadshedding.

“I opted to ‘up my game’ and pivot instead,” she says. “As hard as it was to persevere, I believe what I’m creating will have an impact on our local economy and the environment and inspire the next generation of entrepreneurs.”

“With the help of UVU Bio I was able to conduct research and scientific tests on the healing effects of indigenous plants, driving the unique proposition that is my indigenous product range. This pivot has opened doors to opportunities in the natural cosmetics and wellness sectors, which we are currently developing,” she says.

“Pivoting to take advantage of an opportunity can yield results,” says Maharajh. “A business we were assisting was researching cancer therapeutics. When the pandemic hit, they pivoted into Covid-19 testing because they had the capability, and grew their income significantly, outgrowing our support.

5. Be open to partnerships

Working with rather than against other industry leaders is a positive, as it helps you to learn and build a profile in the market. You should embrace this as an opportunity, says Thomson.

“I don’t understand why people try to go it alone or keep everything a secret. Elon Musk sharing the patents to his electric cars with everyone is a prime example,” he notes.

Maharajh says start-ups are often preoccupied with “fighting off competitors”, which means missing key opportunities. “If you can convert a competitor into a collaborator, you can succeed in mitigating 50% of your major risk,” he notes.

“We are open to working with others because it helps us to access new markets,” says Marica Quarsingh, the founder of Sea-Stematic, South Africa’s first cultured seafood start-up. “Aligning with the right partners in key markets will propel your business forward – and you should always approach these partnerships with generosity of spirit, and with a fair return in mind.”

“I no longer think of myself as a supplier but as a partner and co-creator,” says Msweli. “It’s about changing your mindset.”