As the COVID-19 pandemic brought turmoil into our lives, entrepreneurs also faced the greatest dilemma. Goldman Sachs survey has shown 50% of business owners said that they will not be able to open business operations for three months or more. Entrepreneur’s leadership skills were being tested and obstacles were being thrown during these hard times.
1. Keep Moving Forward
This crisis will really test our patience and creativity in how we deal with the challenges. The emotional and mental health is also on the breach that is why it is important to think of solutions that are rationale and logical. However, with the plate of problems being served on the table, entrepreneurs are caught up dealing with “analysis paralysis,” or the inability to make a decision due to overthinking of the problems around them.
Delaying decisions will only lead to chaotic scenarios in the organization—and these problems need immediate and sustainable solutions. As Jeff Boss wrote in a Forbes article about overcoming analysis paralysis, “In the military, it doesn’t matter in which direction you choose to move when under a mortar attack, just so long as you move. Decisions are never final for the simple fact that change is never absolute.”
2. Keep Abreast with the Legalities and New Trends
The business landscape is dynamic and full of surprises. The government usually releases new regulations that affect business owners as well as their daily operations.
In order to understand and comprehend the new legislation and changes of the business operations, business owners must be updated about the latest news from the local, state, and federal government daily. Also, you have to ensure you’re getting your information or data from a reliable and truthful source. Try to check out the usa.gov website, which lists pertinent information about health and safety, benefits and grants money and taxes, and much more.
3. Entrepreneurs are Humans Too
Entrepreneurs also experience fear, anxiety, hopelessness, and breakdown. During these hard times in our lives, we are all prone to experiencing a lot of intense emotions, and entrepreneurs are no exception to this emotional turmoil. It can help to remember the saying “you can’t pour from an empty cup.” Overextending and overthinking lead to burnout, and it will make everything worst. That’s why it’s the paramount concern that entrepreneurs need to take care of their well-being and to recharge.
It can be hard to get rid-off with work as of the moment. Spare time in your schedule for self-care and do something that relaxes you—whether that be going for a jog in a park, spending time with your friends and family, or enjoying a long, sleep. It is necessary to find your inner peace. The more relaxed you are, the better leader you become.
4. Dealing with information overload
The tragic news of COVID-19 is hard to take, honestly. The accessibility to the latest news is such a good run but it can also be the root of headache. Information overload is very rampant that usually comes when there is too much information being disseminated.
In order to fully grasp the information flowing, entrepreneurs must take time step back, deliberate, and evaluate whether the information is true and important.
Entrepreneurs need to set a limit in continuously exposing themselves to upsetting news that will stir up their anxiety. It is nice to check regular updates but as soon as you start feeling anxious and negative about the news, take a break.
Business owners should identify their top priorities and stray away from the unnecessary things that may ruin your mental health and leadership stability. One must know what is truly important to your business and operations. For most of the entrepreneurs, that’s the people—employees, customers, vendors, partners, and profit.
The safety and well-being of your employees should be your first priority. Next will be communicating with customers and partners. It is essential to inform your business customers on any changes to their operations. The same goes for other stakeholders and trusted partners so they know what your status and current plan and what to expect in the near future.
Next, break down the things you need to accomplish and execute them step by step accordingly to how urgent they are. Don’t forget to give yourself credit and recognition for doing your best in your business.
The crisis is immeasurable, but there is a silver lining in every negative situation. Eventually, we will survive on the other side of this pandemic with bravery and personal empowerment and an increased connection to our society—all of which will beneficial for our businesses in the coming days.
5 Nerve-Wracking Challenges for Entrepreneurs during Pandemic