ENTREPRENEURSHIP AND INNOVATION ONLINE COURSE

Tips for Entrepreneurs in the Context of Coronavirus

by Francisco Santolo
May 2020

"Crisis is necessary for humanity to move forward. Only in times of crisis do great minds arise" - Albert Einstein

Tips for Entrepreneurs during Coronavirus:

1) Regardless of the impact level, stay calm and think about this as a key moment, free your agenda and focus on finding peace of mind to think.

2) Protect your people, team, clients, suppliers. During difficult moments you see the company’s true culture. The way a leader manages a crisis is not forgotten. Keep the team united - remotely - involved and committed and be transparent throughout the process.

3) Analyze impacts on your current business model and develop scenarios for 3, 6 and 12 months, picturing continuity and growth of the virus.

Are there products or services whose sales are less affected than others? Sales and distribution channels? How does it affect suppliers and competitors? Possible Financing?

Focus on key difficulties and make courageous and effective decisions. Avoid countless patches.

4) Every crisis is an opportunity. What new services or products can we offer? What business arouses from the context change? Who are new potential clients? What change made in 3) can lead the company to be better prepared for the future? Which postponed changes can no longer wait?

What to read next from Francisco Santolo