The recent pandemic took a lot by storm. Many lost their jobs, and a lot of the businesses went on ventilators (yes, as they struggled to survive the pandemic). We can all agree on the fact that 2020 was one of the most eventful years we’ve all seen in a while. As we delved into the last few months of the year, it made us all wonder and worried if there was more to this year?
As an entrepreneur and someone in the online tech industry, this was a year full of surprises and opportunities to learn. Here are 5 timeless lessons you as an entrepreneur can relate to and implement in your business to survive similar situations in the future:
#1 Create a Back-Up Team
Many businesses have now introduced a backup team that is working on a side project while your main team is working on your current projects. This ensures two things: one, you don’t run out of projects once your current one’s complete, and two, you have an additional stream of income coming. This will ensure the cash keeps flowing even in the wake of a pandemic.
#2 Start a Corona/Emergency Fund
In order to survive any calamity many businesses have now introduced emergency funds to pay their staff and employees. This is not only a good initiative on the business’s behalf but also creates a sense of security for the people working on your dream to make it come true.
It’s always wise to be prepared for any emergency situation as an entrepreneur in such a volatile world.
#3 Invest in Multiple Streams
If you are a full time employee, start thinking about a side hustle that can at least sustain your survival if you lose your job.
Honestly, if you’ve ever been thinking about starting a side hustle, now is the time to take it seriously. In today’s time and internet space available to anyone in the world, starting a side hustle is not that great of a deal anymore.
Yes, you do need to put in some hard work, but it pays off. If you are wondering where to start and want to learn how to get started with a blog that offers services online, shoot me a DM on insta and I’ll be happy to share my two cents with you.
Bonus: Always Think Ahead
Don’t take any situation for granted. Always think ahead of your competition. Keep a close look at the market trends for your industry. Keep looking at what’s in and what’s not.
Lend a Hand Where You Can
Difficult times come and go but don’t ever forget you are a part of this globe at the end. You are a part of this community. When the community needs us, we stand by it. When businesses and people are hit hard, we lend them a helping hand where we can.
Not just in monetary terms but as businesses too. We saw many businesses step forward and offer their services in these tough times.
We saw them collecting money for research, making gear, giving free services, even hiring laid-off workforce. That’s what matters in the end. If we only think about our prosperity, it’s only a matter of time, we’ll lose it too.