Getting Through The COVID-19 Crisis: Tips From One Young Entrepreneur To Another
These unprecedented times are creating trials for many, but however testing they may seem, with those challenges, come opportunities.
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As we wake up to daily developments, a continued lockdown, and economic uncertainty amid the coronavirus pandemic, many young entrepreneurs and business leaders are feeling a sense of unease, and a loss of direction.
These unprecedented times are creating trials for many, but however testing they may seem, with those challenges, come opportunities. As an entrepreneur myself, I've experienced many situations like these, and I've always found myself having to dig deep and push through.
Here are some tips that can guide you through this time we find ourselves in, and to help put you in the right mindset as well:
1. WORK HARD, AND PLAN TO REBOUND Regardless of what your current days under COVID-19 look like, you need to keep driving forward with your entrepreneurial spirit. Even though you may have experienced a temporary reduction in business, you need to continue to work hard, and think smart. We don't know when we will go back to normal, or even what the new normal will look like, but what we do know is that this will pass- so, are you prepared? Analyze each scenario now, and plan your rebound strategy to ensure you're ready to go.
2. ENSURE EFFECTIVE COMMUNICATION WITH STAKEHOLDERS Make sure that you are keeping your staff, clients, and other key stakeholders updated with the developments of your business. It's important to be transparent as the situation progresses and changes. A positive, resilient voice needs to be heard to inspire confidence, so make sure that comes from you through all channels, whether that be a phone call, e-mail, or social media. People need to be comforted by others, so lead from the front, and show strength.
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3. KEEP GROWING This is an ideal time to tackle those things you've not had time for. It could be revisiting systems and processes, or learning something new. Set up online training sessions for your team, either as a refresher, or to learn and develop new skills. Review how your brand is being presented in your company collateral; perhaps revise your website, and update it, or plan some engaging social media content. Whatever you do, don't stagnate- turn some of this negative into a positive.
4. FUEL YOUR PASSION Many entrepreneurs have started a business based on something they really care about, and have a passion for. This is a core element to success. Aside from my businesses, I have other passions. This provides me with a real love for life, and in times like this, it gives me something other than work to positively focus on. One of my main missions is to inspire people to find their passion, so if you feel you've not found yours, now is the time to think about what it is, or invest time into it, and I promise you it will help your mindset. Use this time to slow down, sit back, reflect and re-focus, get our priorities straight, and realize what is important to you and how you really want to live your life. Rarely do we get this kind of opportunity, and this amount of time, which is our most precious commodity.
5. DON'T QUIT Whatever you do, don't quit. Yes, it's difficult, and yes, you may feel like there's no way through, but this will pass. You will need to dig deep, and do things differently. Make tough decisions to survive, but ultimately believe in yourself against all odds. Work hard, learn always, never quit!
Related: The Way Forward: How Startups And SMEs Can Navigate The COVID-19 Crisis