Crises bring out the best in innovation and discovery, as evident from several past developments triggered by various kinds of crises like pandemics and financial meltdowns. One example is how the SARS epidemic in 2002 inspired scientists to accelerate virus genome sequencing. Those innovations have helped increase the speed of sequencing for the COVID-19 virus. Scientists were able to sequence it in less than a month after identifying the first case. Another example of innovation during that crisis was establishment of both Airbnb and Uber. Amidst the recession of 2008, the tech companies increased innovation and productivity. Gary Saitowitz expects that entrepreneurs will keep up the trend of innovation, rise to the challenges of the coronavirus and emerge victorious.
Be decisive, says Gary Saitowitz
The unprecedented situation that entrepreneurs are now facing has left many with analysis paralysis, a phenomenon that arises from the inability to decide due to overthinking. Because the situation is overwhelming, people must think quickly in the face of uncertainty, which seems like an uphill task due to the high stakes on the line. Delaying decisions will only compound the problem and lead to more decision making.
Taking a leaf from the military experience, the quality of decision is secondary when facing mortar attacks because any decision now is welcome as decisions are never final just because change is never final. Make small decisions by breaking down the bigger problem into smaller parts and approach those problems based on the level of urgency. Once you make decisions, you wil become more confident, and you can more easily take control of different situations.
Be aware of legislation
In times of the pandemic business scenario change quickly, and the government might introduce new legislation to quickly address emerging issues. Many of those pieces of legislation impact businesses of all kinds. Entrepreneurs and business owners must keep close track of news and be able to distinguish between real and fake news from local, state and federal levels so that they are sure they are getting the right information from authentic sources on a daily basis. They should get information from government sources such as a official government websites, a professional network or any other verified source of information.
Dealing with information overload
Information mills are working overtime, and there is a bombardment of information about COVD-19 that every entrepreneur will encounter. Although quick access to the latest information is much needed, information in excess can cause problems. Information overload can create confusion, and there are chances that people will miss out on important news or even fall prey to potentially harmful information. Studies show that, because of sensationalism, fake news travels faster than true stories, especially on social media. Entrepreneurs must know how to properly fact-check in order to identify fake news and only focus on authentic information.
Focus on the right things
The crisis faced by entrepreneurs is compels them to deal with too many things at the same time, and it can be difficult to set priorities. Focus on the right things only that are truly impacting your business-like customers, vendors, employees and partners.
Staying resolute in the face of crisis and responding correctly to situations will eventually help to come out from the depths of darkness and see the silver lining.