Four Survival Principles For Young Entrepreneurs In This Crisis

New companies during the COVID-19 crisis are playing an intimidating game in which the old rules have been scrapped and the future looks like a chasm. I hope that these four survival principles, which I drew from my experience as the head of a number of start-ups like Housing.com, Free Charge, Snap deal, and Valiant Entertainment during the crisis, can serve as a guide.

  • ACCEPTING FEAR AND FEAR AS THE NEW NORM: humanity worldwide is in crisis with millions of sick and thousands of deaths. There is uncertainty about whether, when and how the world will recover from this pandemic and how high the destruction will be. It would be unusual for a person to be fearless or concerned at this difficult time. Therefore, there will be dark days when you will feel depressed, unmotivated, and safe, and you will have to accept that this is the new standard. It is important for people to take the time to rebalance, spread that negative energy, and focus on positive energy relationships and activities. This is particularly important as an entrepreneur who affects the livelihood of others, including the capital of investors and clients. A leader who is not calm and balanced cannot make optimal decisions.

  • YOUR PATH = YOUR LIFELINE: the chronology of the recovery of the economy and certain industries or companies is completely unknown. Furthermore, most investors are reluctant to take risks, making it difficult for most companies to raise capital, and even fixed capital cannot be used. This means that contractors must use their existing resources to extend their runway and therefore their lifeline as long as possible. Now is not the time to make bold or risky decisions. There are countless start-ups and established companies that inevitably must be closed because their careers are less than the time it takes to overcome the crisis. It is important to do everything possible to save money and expand it to the maximum, e.g. B. Reduce costs, shift responsibilities, improve efficiency, and focus only on core activities, so your business can emerge from this pandemic with a chance of survival.

  • CONVERTING LEMONS INTO LEMONADE: there are many options, large and small, for entrepreneurs to turn the crisis into an opportunity. For example, there may be long-term projects, such as developing a new business strategy and plan, and creating new products that are more likely to be processed with less distraction now, than during normal periods. You may want to hire candidates you couldn’t win before the rapidly changing human capital market made it possible to hire people now. In these times, it is important to take advantage of silver coatings.

  • INTEGRATING DNA ADAPTABILITY: everyone has heard that “the only constant is change”. Today, the only constant is not just change, but hyper-accelerated change, making flexibility not just a good skill, but a skill that is required for every individual and every company. The ability to continually re-evaluate all important aspects of a business, such as regulation, market dynamics, products and services, equipment and business plans, and adapt an organization accordingly is essential.

It is not always easy to focus on the light at the end of the tunnel. However, there may never be a better training place for entrepreneurs than the current environment of chaos and uncertainty. The important properties are refined in terms of resistance: flexibility and flexibility, internal resistance and resistance, clarity of values ​​and vision, among others. There is a saying: “If you can do it in New York, you can do it anywhere. Well, if you can survive the COVID-19 crisis, you can survive everything.”