According to the World Bank and the International Monetary Fund, the economic losses from Coronavirus is going to cost the world $10 Trillion Dollars!
This means that if you are an entrepreneur, you will be looking for ways and means to protect your business.
In the last three months, entrepreneurs have been looking for answers. They have also been requesting governments for help.
Many entrepreneurs know that governments are not going to offer much. This is where entrepreneurs need to motivate themselves and look for solutions.
However, the journey of an entrepreneur is a lonely one. He or she has to look after the interests of the business, the well-being of all the employees, as well as the sustenance of oneself.
In this article, successful entrepreneur and self-made millionaire, Matt Redhawk discusses how entrepreneurs need to be prepared for emergencies like the Coronavirus.
5 Ways Entrepreneurs can deal with the Coronavirus Problem: Matt Redhawk
1. Be Innovative and think out-of-the-box
Every time there is a crisis, entrepreneurs might feel that everything is going against them. This is when most business owners fail, and their business winds up. It is important to look at the existing resources and think of innovative ways of reinventing your business.
Whenever an opportunity closes, another one opens itself. The important thing is to look in the right direction and have a positive attitude. Moping and brooding over failure is not something, which an entrepreneur is expected to do.
2. Use technology wisely to turn around your business
If you are a business owner who was sitting on taking his or her business digital for a long time, the Coronavirus pandemic might have hit you hard. As an entrepreneur, if you are not using technology to drive your business, you are missing an opportunity of a lifetime.
Using search engines like Google and social media platforms could not only help you during the crisis but also ensuring that your business grew in newer dimensions. Matt Redhawk suggests that it is imperative business owners transition to digital platforms immediately.
3. Keep yourself and your employees motivated during a crisis-
Entrepreneurs, who try to do everything on their own, ultimately fail. This is because no one can do all just by themselves. Employees and team members are important pillars that drive the success of organizations.
As a leader, it is essential that entrepreneurs use positive motivation to get their team members going. Explain to them how a problem area can turn into an existing business opportunity and why they would have to work extra hard to achieve the same.
4. Educating, awareness and informed behavior at all times
If you an entrepreneur, you should always follow reputed journals and platforms, which are talking about advice, suggestions, and new business opportunities. Platforms allow for forums where many entrepreneurs come and share their problems and solutions.
This will not only help you when it comes to networking but also allow you to explore new business opportunities. Sharing experiences can also be a great way to help tide over problem times and learn how others are coping with the same.
5. Be financially astute and secure
There are times when you will have to do the unavoidable like letting some people go. However, you should realize that you are doing it for the greater good of the company. If possible, please give those employees severances and other benefits that will help them for the next few months.
In addition, have the option open of them re-joining the office if things improve in the future. Cut down on expenditures and only allow those, which are essential in nature. Being financially astute will help you and the business in crisis times.
If you are an entrepreneur, you cannot lose hope indefinitely. There will be issues, problems, and crises, which will keep coming repeatedly. These can lead to potential customers turning away. You will need to lift yourself up, shrug off the bad elements, and continue doing what you do best. According to Matt Redhawk, entrepreneurs only know one thing- finding ways and means of being successful!