Much of the business world was turned upside down in 2020, and part ways through 2021. Working through a pandemic as an entrepreneur has come with a whole slew of emotions and lessons learned. We all know that the pandemic was a terrible ordeal. But what has it revealed about entrepreneurs today? The lessons learned from working through this disaster have been eye-opening, and as such I feel compelled to share them with you as we look at the road ahead.
I think we can all agree that one of the most important lessons learned this past year is to not give up. The importance of fostering grit and determination is not only paramount to surviving a pandemic, but also to fostering entrepreneurship in general.
Many expected the world economy would come crashing down, but it didn’t happen! There’s now more optimism about the future of business than before this pandemic even hit us. Even with the continued uncertainty going forward, entrepreneurs are more resilient than ever, and will continue finding ways around these obstacles. The thing about entrepreneurship is that you need to be able to roll with the punches. Times change and if we’re not flexible, then it’s only a matter of time before our businesses crumble. This pandemic has been a great reminder of that.
2. Managing Growth Wisely
For many entrepreneurs, the pressure to continue to grow is ever present. However, we’ve seen more than ever recently that growing too fast can be detrimental to a business’s profitability and sustainability in general. This terrifying pandemic has taught us how important it is for management of growth to always take priority, as this will help protect you from potential losses, even when scaling back operations is required.
3. Empathy In Leadership
We’ve been reminded again that empathy is the key to great leadership. It’s more important than ever for leaders to be understanding, compassionate, and genuinely good people who empathize with their employees. Leading positively both in company culture, as well as retention rates of talented individuals looking for a workplace where they can thrive personally and professionally.
Diversification is more important than ever. Entrepreneurs have been reminded of the importance to having a diverse revenue stream, and not just relying on one thing. That way even if the company takes a hit in the future they’ll still be profitable because of the diversity. As they say, never put all your eggs in one basket.
The pandemic has been a great reminder that we need to be open and adaptable. We’ve seen companies close because they felt like they were stuck in old ways of doing things, even if new technology is available that can help them grow. If you don’t keep up with the times it’s only going to hurt the business.
Especially for small businesses, adapting to changes in the market can sometimes seem like a huge risk. But these days, it’s just as important for small businesses to be open and flexible with new ideas as big ones are.
With so many people around the world struggling to settle into work, governments must take a strong approach and offer wider support with affordable childcare programs. These types of initiatives will help employees who find themselves unable to return back into their normal lives due to lack of access for affordable childcare services, and want to be able to rejoin society as appropriate members.
Entrepreneurs are the key to a successful future. They need be committed and resilient in order for them to continue making progress. And most importantly, they should always protect their team members by empathizing with them when faced with difficult times such as this pandemic.
Want to learn more about how you can overcome adversity to build a successful business? Take a look at my Startup Masterclass For Self-Made Entrepreneurship.