5 Ways Entrepreneurs Can Rebound After a Crisis

During this global pandemic, true entrepreneurs will find opportunities to make a positive impact.
Next Article
  • --shares
Add to Queue
5 Ways Entrepreneurs Can Rebound After a Crisis
图片来源:Olga Kurbatova | Getty Images

Free Book Preview:Coach ’Em Way Up

Discover how to be an influential mentor through tips and advice based on the teachings of respected basketball coach John Wooden.
Entrepreneur Leadership Network VIP
Founder, CEO of Assemble
6 min read
Opinions expressed bybeplay体育提款contributors are their own.

The current pandemic is dramatically impacting American small businesses and entrepreneurs. According to arecent report, almost 7.5 million of America’s approximately 30 million small businesses may be forced to close permanently over the next several months. However, many believe that, like other “black swan” events, the COVID-19 pandemic willfuel the next wave of innovationand more resilient andworld-changingstartups than ever before.

Yet, withmore than 22 million Americansfiling for unemployment — a decade-long setback in job creation — and some Americansfleeing major cities, many new and established entrepreneurs are too terrified to even think about starting new companies. As much as those of us who have been through the wringer want to shout from the rooftops, “Hey, now is a perfect time to start a company!” we understand that people are just not ready to hear that message.

Related:How One Franchise Company President Makes Better, Faster Decisions During Uncertain Times

We do know, however, that in order to truly revive the economy, we’ll have to do it through entrepreneurship. But we’re still potentially nine to twelve months away from that reality. Even businesses that are managing to weather this storm aren’t thinking about growth right now; they’re thinking about survival.

Still, there are entrepreneurial steps you can take right now to put yourself in the best position possible for when the economy does come out of lockdown.

1. Pay attention.

COVID-19 has shifted many consumer behaviors and business models in the short term, but we’re also starting to get an idea of the long-term economic changes COVID-19 will leave in its wake. Many of these long-term changes will come in the form of digital disruption. Not only do recessions accelerate cost-saving changes in business models, but they also necessitate completely new business models to best serve the ensuing “new normal.”

2. Strengthen your core.

The wonderful thing about technology is that it allows us to do more with less. It also allows us to do more of what we’re good at while automating and/or outsourcing the rest. Since COVID-19 hasproven the benefits of remote work, it will naturally accelerate our evolution toward a knowledge and skills-based economy. In this model, entrepreneurs can access more outside expertise more quickly than ever before, and even on-demand.

Related:3 Fundamentals for Building a Resilient Supply Chain

Historically, entrepreneurs have been hindered by wearing too many hats. The old belief was that, in order to cut costs and conserve resources, startups should do everything in-house. For many, this in-house model correlated with the old school prioritization of in-office collaboration – the idea that, in order to maximize trust, value and efficiency, you need “butts in seats.” This belief persisted,even in the years leading upto COVID-19.

Yet many startups don’t need many (if any) butts in seats, and some companies might never get up off the ground without remote, distributed work teams. Post-pandemic, it won’t matter if you have all the necessary expertise on staff, as long as you have quick access to that expertise. And, as many businesses become more digitally complex, they’ll need to rely more on remote talent from around the world.

这种未来的方式将自由更具创造性的Visionies来找到世界变革的企业,而不必拥有甚至有人员配置的利基技术专长。利用提供快速,按需访问全球人才的新平台,创始人可以专注于保持业务运行的核心日常功能。

3. Adopt a millennial mindset.

In 2018, millennials already representedthe largest generationin the U.S. workforce. Conditioned to work with digital tools like Zoom and Slack,“Generation Nice”also embraces more compassionate leadership. With up to71% of millennialsseeking a “second family” at work, entrepreneurs who lead with empathy stand the best chance of maximizing their teams’ potential.

This post-pandemic business world will prioritize human capital alongside advancing technology because millennials know that you cannot program creativity. Millennial leaders also recognize that, despite the Soylent-drinking Silicon Valley stereotype, millennials reject the old top-down mentality that professional success means working yourself to the bone while sacrificing your relationships with friends and family.

4. Let work stem from life.

Many who have been furloughed or shifted to remote work are spending more time with their families. And though many of us have been conditioned to view our personal lives as separate or even detracting from our professional success, true entrepreneurs know that some of our best creative ideas stem from our essential, everyday experiences.

Related:8 Ways the Crisis Will Forever Change the Future Workforce

Any entrepreneur who’s taken a work break can attest to the way their mind and body literally detox. When you’re out of the game, you have the opportunity to clear your mind and begin to operate on a more empathetic and understanding level. Learning how to access this more relaxed and benevolent mindset is absolutely key to successful entrepreneurship because it optimizes your ability to creatively solve problems.

5. Learn how to recover.

If you’re always responding to challenges with anxiety or aggression, people will be much less likely to pitch creative ideas to you. They’ll be much less likely to pull you into spontaneous Zoom meetings to brainstorm if they don’t think you’re open to new, potentially disruptive ideas. Often, the only way to develop a more open and receptive leadership style is to pull yourself out of the fight and take time to relax and recover.

Using downtime to establish effective recovery strategies can help you rebound stronger in your next professional pursuit. Whether through meditation, exercise, or both, taking the time to recover in the way that best clears your head and leaves you feeling the most refreshed will pay dividends now and in the future, when you’re back in the thick of work stress.

Learning how to promote your own wellbeing will not only improve the health of your personal relationships – it will also deepen the connections you build with your colleagues. And when your core team feels respected and cared for, they’ll work extra hard to take care of your customers, and your profits will take care of themselves.

More from Entrepreneur

Sign up now to Entrepreneur Press: Book of the Week
Get heaping discounts to books you love delivered straight to your inbox. We’ll feature a different book each week and share exclusive deals you won’t find anywhere else.
Jumpstart Your Business with Entrepreneur Insider
扩大你的业务知识并达到成功l entrepreneurial potential with Entrepreneur Insider’s exclusive benefits. For just $5 per month, get access to premium content, webinars, an ad-free experience, and more! Plus, enjoy a FREE 1-yearbeplay体育提款magazine subscription.
Check out Entrepreneur Insurance
Are you paying too much for business insurance? Do you have critical gaps in your coverage? Trust Entrepreneur to help you find out.

Latest on Entrepreneur