Right now, I’m in Madrid, Spain. I hear sirens every hour of the day, and the rate of cases and deaths from the coronavirus outside my door continue to grow at rates predicted to be steeper than those in Italy and in China (FT). It’s pretty darn scary. I say this “out loud” because I think in first sharing our fears and realities, it can make us feel less alone, helps us recognize what we can and cannot change, and let us get back to focusing on what really matters and what is in our control.
I was recently asked to share some advice to entrepreneurs on how to navigate these challenging times and thought I’d also use this as my introductory post here. While I’m not an expert on crisis management, I do find that the entrepreneurs that I work with seem never to have enough personal time, and the word weekend isn’t in their vocabulary. Also, all too often, entrepreneurs are running around to meetings, developing prototypes, chasing clients and investors, and fail to focus and reflect internally. As a result, I share suggestions that I hope will be helpful both now, as well as long after this unprecedented time is over.
#1: MENTAL HEALTH and RELATIONSHIPS. Take a deep breath. Do it again. And again. Write these instructions on a stickie and put it on your monitor/wall as a reminder.
My number one suggestion during this time is to breathe, take care of your mental health, and to check-in with your loved ones and employees/contract workers. If you’re home with kids (including furry ones), enjoy the time with them and try not to cringe so much about not getting work done. This is precious time, and when your kids are grown up, they’ll still be talking about that time you were in quarantine, got to spend loads of time together, and built a pillow fort (or whatever your equivalent is). P.S. This also works with your partner :).
If you have employees, check in with them and see how this new reality is impacting them personally and their work, and how you can work together to create solutions to help them work safely. Also, what happens to your contract workers’ contracts during this time? Remember that you do need to survive short term, but these people also need to eat, and your relationships with them can often be long term partnerships. Continue to nurture them.
#2: LEADERSHIP AND COMMUNITY COLLABORATION. Yes, your business and the changes you need to make to put out fires and operate in a time of crisis matter. What matters, possibly, more? Leadership and your place in the community. How you react now and work with others in times of crisis will impact how your community will see you in the years to come. My current favorite article about this is published in the Ivey Business Journal: https://iveybusinessjournal.com/why-fighting-covid-19-requires-character/
#3: FUTURE ENTREPRENEURS. We have a significant worldwide problem right now. It’s now your chance to stand up to think about and contribute to big solutions. This is not taking advantage of an awful situation; it’s a focus on creating businesses that have a positive impact on the world. Also, since we’re all stuck at home with Internet access (assumed, since you’re reading this), you can start to reach out to people online about collaborations. My favorite collaboration project to watch right now is the Open Source Ventilator project (https://opensourceventilator.ie). If coronavirus isn’t your thing (I don’t know how it isn’t, but maybe it isn’t), then think about other big world problems – global warming, education, access to clean water, hunger, mental health. We have far too many real-world issues that can use your wisdom and elbow grease now!
ACTION. Rather than the actions being for right now, they are suggestions for when the short term fires are put out in your business, working from home becomes more “routine,” and you find yourself with some mental space to stop and think about your business:
- There is a reason why insurance companies put pandemics under their list of exclusions to policy coverage. The damage can’t be easily calculated; they wouldn’t be able to cover it, it’s too expensive, etc. But at least, they thought about it. Now, think about your risk mitigation strategy. Chances are, a pandemic wasn’t one of the risks you felt you had to mitigate in your business plan. What would you do differently next time? How could you improve your risk mitigation plan? What other resources do you need? Who else do you need on board?
- Think about what happens after this coronavirus stuff all ends (and yes, history of past pandemics suggests it will!), how it changes your business, and whether your business is still going the right direction. There’s no time like the present to do an evaluation check on your business and see what makes sense to keep and what makes sense to scrap.
And that’s it! Take care, stay safe, and be physically, not socially, distant!
Incubating Big Ideas 