In today's world, prediction of market environment is getting harder and harder. As a result, this brings unpredictable market situation to many markets which is one of the everyday fact of emerging markets. I wanted to share my opinions and experiences with all of you that what is key to be able to manage in such volatile environment. You need to keep following in mind;
I think this is the key to manage emerging markets: "Being flexible", but really in all terms. Usually market environment, realities and priorities changes day by day and you should be flexible enough to adapt yourself to these changes. Sometimes you need to take really quick decisions and you should be able change your decision as fast as the market changes. You should be brave enough to change them and not to stick. Because it was right yesterday. Many people think this is not consistent but in some cases 1 week is too long for midterm planning in volatile markets. Don't forget, your flexibility and reaction time is in race with the market speed.
2. Positive Attitude
In volatile environments leadership gets importance. Just imagine, in such fast changing environment you will take many decisions and some of these will fail or some of the important deals will not be closed. In such times, it is significant to keep your and your teams' mood up. At the end of the day, if you take more right decisions for that moment is fine.
Also as a leader you need to encourage your team to try something new or taking risk without fearing to fail. In my opinion, this is also one of the key topic. You need to empower people to be able to fail. In many cases, people just don't do anything to avoid failure and stay in their comfort zones. Yes, sometimes failing is better than nothing.
As emerging markets are usually the most fragile ones, it is possible that they will be effected with macro and micro changes at the highest level. This causes difficulty in predictions and forecasting. Just consider exchange rate fluctuations in last 1,5 year period. You need to accept many revisions according to changes around and you shouldn't expect people to stick their forecasts. Due to the weakness of the markets, what you can do is very limited to change the circumstances you are facing. What is right is only valid for now and tomorrow is a different reality.
4. Getting rid of prejudices
We may have different experiences in mature or more stable markets however emerging markets have their own unique characteristics. First of all we should get rid of our prejudices. Because our prejudices or previous experience may mislead us in many cases. Anything always works in mature markets may not work at all or anything never works may work perfectly in emerging markets. This is specially a big challenge when you move from stable market environment to volatility. Don't forget to open a new blank page in front of you!
"Keep up trying for an extra mile without fear of failure! Do the right thing for now and be ready to change."