8 Important Tips for Entrepreneurs in a Time of Crisis
More than half of 2020 has passed, and it has left businesses and individuals in a state of serious predicament and turmoil. So many businesses have shut their operations as a result of the COVID-19 pandemic. Industries like hospitality, travel, and tourism are the worst hit. Many companies are struggling with keeping their necks above water.
Entrepreneurs find themselves anxious about the future, and businesses are struggling to stay relevant in tragically turbulent times. It is an awkward situation, but one must not lose faith. Tough times don’t last, but tough people and businesses do.
Your attitude as an entrepreneur in these difficult times can determine whether your business survives or not. We are compiling a few guidelines for entrepreneurs to follow so that they can conduct their business with dignity, integrity, and ethics in this time of crisis.
Let us take a look at what you can do and how you can act as an entrepreneur in current times to help your business survive and succeed.
Adapting to changing conditions is an essential part of life and business. You may not be in favor of quickly developing a new product or service, but if that’s the way you are fulfilling a need and moving forward, it won’t be wise to give that up.
As an entrepreneur, you should realize that where you are is probably not where you’ll end up. Change happens so often and often so quickly for entrepreneurs. Time of crisis just accelerates this process more. Just accept that change is the only constant and don’t hold on to anything that makes you live in the past. Learn from the past, Live in the present, and Plan for the future.
Work, Work, Work!
Yes, COVID-19 is wreaking havoc all over the world. You are probably living at home under a lockdown, taking care of your family, and keeping your house in order.
But you must not forget to assign time for your entrepreneurial efforts amidst all this. Your daily efforts add up to determine the success of your business. With small daily efforts, you ensure small daily improvements and progress.
Jascha Heifetz, an American violinist, once said, “If I don't practice one day, I know it; two days, the critics know it; three days, everyone in public knows it”. Nothing sums up the importance of everyday practice and consistent efforts like this quote.
To be an expert entrepreneur, you have to be at it every day. Consistent and concerted efforts from the entrepreneur can move the entire business forward toward success.
Talk to people. Talk to your employees. Talk to your shareholder and other entrepreneurs. These are difficult times for everyone. Be honest and open with them. If you are in a comparatively better position, lend them a helping hand. If you are not in such a good position, empathize with them. It is in such times of crisis that everyone values genuine human connection and concern a lot more.
Give your team some direction; let them know that you are all in it together, and together, you shall get to the other side. Stay positive, stay strong, and stay resilient. And most importantly, be open with those who trust you.
Understand the Dichotomy of Control
The Stoic Dichotomy of Control asks followers to understand at all times what is and what is not within their control. First-century Greek Stoic philosopher Epictetus says, “The chief task in life is simply this: to identify and separate matters so that I can say clearly to myself which are externals not under my control, and which have to do with the choices I actually control”.
As an entrepreneur, you must always know what lies within your sphere of control and what lies outside it. You must also always have the conscience to concern yourself only with things that are in your control and the wisdom to ignore those that are not.
Do this with your business as well. Think deeply about the things that you can and cannot control about your business. And then, concentrate your efforts only on the things that are within your control.
Plan for Change
The COVID-19 pandemic has changed a lot of things about the way business is conducted. There are a lot of new regulations and laws in place. There is also the altered community perception and mindset that you have to consider. You must carefully observe all these changes and work to transform your business to adapt to these changes.
Post-COVID will be very different from the pre-COVID world. You must think about how your business niche will be affected and plan accordingly.
Right now is the time to brainstorm and think about the next innovation that your business needs to tackle the changing business environment.
It is scary out there and everybody is feeling it. If you have an email list of subscribers or good following on social media, then now is the time to show them you care. You must think about putting out quality content for your followers and subscribers that shows them that you care. Say something meaningful, engage with your audience, sympathize & empathize!.
Imagine the Worst-case Scenario
Another Stoic practice on our list! It is a common practice followed by Stoics. They believe that imagining the worst-case scenario helps you be more grateful for the present. If something is worrying you, then think about the worst-case scenario about that situation.
Thinking about the worst-case scenario frees you from the constant worry and lets you focus on what you have in front of you. It makes you feel more thankful for what you have. So, sometimes it is actually good to think about the worst that could happen. It can relieve you of the constant anxiety that eats you up.
Don’t Give Up
Last but not least, never give up. Never give up on your family. Never give up on your dreams. Never give up on yourself. Without a responsibility to bear, life is futile. You need your burden to carry through this life so that you can feel valued in your own eyes. Every person needs responsibility to bear so that they can have a purpose in life. Without a purpose, life can become meaningless and feel like a burden.
So, never forget your responsibility towards your family, your business, and yourself. If you handle all your responsibilities dutifully, it’ll give you the joy and satisfaction that no amount of money or fame can.
So, stay focused, remember what you have, remember your responsibilities, and never give up.