A telltale sign of a great entrepreneur is the ability to cope with uncertainty and adapt when times are tough. From clients to employees to new projects and everything in between, entrepreneurs have to deal with uncertainty on a daily basis. While the coronavirus pandemic has brought on challenges none of us could have predicted, the situation at hand doesn’t have to break your business. Here are 5 ways you can make the most of a bad situation as an entrepreneur.
1. Evaluate, Adjust, and Reevaluate Your Situation
As depressing as the news cycle may be, it’s important to keep your pulse on the ever-evolving situation. This doesn’t mean tuning in to the 24-hour news cycle at all times, but rather periodically checking in on issues that directly affect you and your business. Knowing what grants your eligible for, how long the state of emergency is expected to last, and whether or not the curve is finally starting to flatten will enable you to make the best decisions for your business and reallocate resources as needed.
2. Don’t Dwell On What Could Have Been
All of us have fallen into the trap of daydreaming about what could have been at one point or another during this quarantine, but focusing too much on this as an entrepreneur can be detrimental. Reframe your thinking from what you’ve lost due to this pandemic to what can be gained once this is all over. Whether that means restructuring your business or taking a course and gaining a new skill, adapting to the current climate will serve you well in the long run.
3. Draw Inspiration From Others In Your Industry
One of the best ways to stay motivated and make the most of the current situation is to draw inspiration from what other leaders in your industry are doing. For example, fitness studios are now offering classes online and theatres have started to live stream shows. Think about what draws clients to your business and whether the changes other entrepreneurs are making would be beneficial for your business too.
4. Don’t Make Decisions Based on Emotion
Experiencing heightened emotions during this uncertain time is unavoidable, and since business owners have so much on the line, they are especially susceptible to this. The last thing you want to do is make decisions after having difficult conversations with your employees and clients. Even setting aside 5 minutes to collect yourself can greatly improve your decision-making capabilities.
5. Bond With Fellow Business Owners
Seeking out fellow business owners that are going through similar struggles on online forums or groups is a great way to find solace in these circumstances. Plus, you never know what business ventures might come out of these bonding sessions. Two heads are always better than one!
At Project Spaces, we’ve built up a community of entrepreneurs, freelancers, and digital nomads unlike any other over the years. Our founder-friendly community has been bonding in our Project Spaces Members group on Facebook and, more recently, we’ve set up a Project Spaces club on Strava! Together, we can make the best of this situation and keep the entrepreneurial spirit alive!
Founder-friendly coworking in downtown Toronto for entrepreneurs and digital nomads. EST 2011. We create original workspaces, fill them with relentless entrepreneurs, and watch the magic happen. Learn more