Meet the challenges of Economic Change and Reinvent yourself in a Marketplace

India, a robust economy has long remained a center for significant growth and development. The recent statistics where the GDP registered a growth of 8.2% in Q1 2018, surpassing China as the fastest growing economy portrays the growth potential that lies within the Indian Economy.

While India has emerged as the fastest growing major economy in the world, economists forecast that India is expected to be in one of the top three spots of major economic powers over the next decade. The rapid growth and the changing global economic scenario opens the doors to vast opportunities and the changing dynamics makes it important for us to embrace and accommodate to changes. However, the rapid economic change will bring in more challenges and competition and hence one will have to ‘reinvent themselves’ to reserve a spot and rise. One will have to become a master of change and use the fast pace to self-accelerate and achieve peak performance.

Adapting and capitalizing in a changing economy can be overwhelming as it requires time, energy, focus, awareness, and commitment. It requires more resilience and grit as changes can be complex sometimes.

Below are the few steps which can be adapted to master change and elevate yourself towards success –

In a changing environment, we have to handle expected and unexpected changes. Whether it’s a champion or an average person, all go through the stages of change cycle and mastering it is of paramount importance:

Denial & Resistance

Its natural to be in the comfort zone and hence change, especially sudden or unexpected is normally not welcome. Economic changes are changes which may not be within our control. A lot of people go through denial and keep fantasizing that ‘the past was better!’ The more time we spend there, the more we get stuck and miss out on the possibilities of the change. People also resist by trying to prove that the change is not that great but don’t realize that they can’t do anything much about it.

Haven’t we witnessed the same that during ‘demonetization?’

Even with the sturdy economic changes, chances are that people are still enclosed in their comfort zones, facing their back towards newer opportunities and the change brings with it. Individuals at this stage never contemplate to change and also, they find enough reasons to counter the change. So, the first step is to introspect if we are in any ‘denial state’ and to quickly be conscious of the fact that the denial and resistance won’t help.

Acceptance

A great progressive step would be to move from denial and resistance to Acceptance. Acceptance is realizing that ‘instead of fighting it in vain you now decide to flow’ and focus on possibilities. People experience the results when there is a sudden decline in stress levels and the mind is able to think better. Acceptance opens up new possibilities that we would have unconsciously blocked in the ‘denial and resistance’ phase.

Performance

The peak stage of accepting a change is the performance stage. This is a powerful state where you not only handle the change but are able to capitalize on it, reinvent your standing and rise higher and higher.

This comprises   of : 

• Change of Belief – A belief that you can capitalize on the change is required
• Regular Introspection – Regular introspection on what’s working and what’s not, and amending own ways accordingly is important here.
• Modeling Champions – Spending time with people who are masters of change will help you  perform well
• Welcoming Change – At the end, becoming more receptive to change is a great state to achieve as one has realized that it’s is in these changing times we discover our true potentials!

Change is Beautiful! The only constant thing is change – upgrading yourself in the long run, gearing up with the right knowledge at the right time to level up your position whether on a personal or professional front. Acknowledging Change and making peace with it will always keep you a step ahead of your peers and definitely in sync with your mind and heart. Do the needful and embrace change whenever it knocks on your door.

Progress is impossible without change, and those who cannot change their minds cannot change anything -  George Bernard Shaw