Top 10 Things Entrepreneurs Can Do to Come Out on Top in the New Economy - Post Covid-19

Why we need to act with urgency, even in an emergency

Due to the coronavirus and social-distancing, some individuals and businesses have had to slow down or stop all together. We can choose to freak out, or to regroup and focus on some things that will use our time wisely so we come out the other side of this in a better situation.

Here are 10 ideas of beneficial things you can do to invest this time wisely:

1. Learn new skills and vocabulary

2. Personal development – reading & listening

3. Virtual networking

4. Prototyping, R&D

5. Work on health and fitness

6. Write a book

7. Refine services and product offerings

8. Create partnership and alliances

9. Cut the fat and waste out of your business and organization

10. Apply your key core competencies to another industry & sector

1. Learn new skills and vocabulary

Let’s face it, as entrepreneurs, none of us are good at every part of our business! Now’s the time to work on a weak area, or a new skill that will help us get ahead. There are many good on-line courses available. Check out Udemy for courses on things like accounting, marketing, or even time-management.

Do you want to break into a new area of expertise in your life or business? Give yourself a jumpstart by learning the vocabulary in that field. I’ve discovered that there are generally 30 – 40 key words or phrases in most industries, that if you learn, you will know the basics to begin operating in it. Discovering these words, and the meanings behind them, is like a way of speed-learning. Becoming literate in the vocabulary is the beginning, then applying the knowledge is where you practice it.

2. Personal development – reading & listening

This is something we should all be doing all the time! Now you just have time to do more of it! Thank God for books, eBooks and audiobooks, and the amazing amount of good teaching to watch on YouTube! Make sure you are doing something to grow yourself by feeding on some good food for your brain!

3. Virtual networking

I think if people aren’t doing this now, they’re crazy! This is the time to reach out to others in the one main way we can connect! Everyone’s hungry right now to make connections and get something going, so reach out and set up some virtual meetings. Some groups and companies are having their monthly meetings online and are open to having guest speakers on their conference calls. Speaking of ‘networking’, network marketing’s booming at the moment because of the regular shops being shut down. There are all kinds of opportunities to network on line right now.

4. Work on prototyping and R&D

Brainstorm some new ideas, or dig out some old ones and work on them. Research and Development is such an important part of business that too often gets put off as we just try to keep things running. Spend this time on R&D so you’ll be ready to roll out some new products and services when business starts booming again. Got an invention idea you’ve always wanted to do something with? Now is the time to draw it out, make a prototype, or do some market research on it!

5. Work on health and fitness

When our routine is thrown out the window, and the gyms are closed, it’s too easy to start getting lazy and stop working out all together. Maybe you already have an awesome home gym where you can rock it, like I have. If so, great, but if not, there are many work out routines that can be done even in a small space. Watch out for stress or boredom eating!  Fill your fridge with some handy healthy snacks!

I encourage you to take this time to make a few health goals for yourself. Watch some online videos on healthy eating, recipes, and working out, to keep yourself inspired. There’s also lots of 30-day fitness challenges going on – join one and get the camaraderie and support! Let’s come out of this quarantine better than we came in!

6. Write a book

Almost everyone you talk to wants to write a book, but always say they don’t have the time – now that excuse is busted! A book based on your business expertise is better than a business card! It gives you instant credibility. Even if you just write a short book filled with great content, it’s a powerful tool to have in your business arsenal. There’s lots of writing tips on-line to help you get started. You can even find people to do the editing and book design pretty cheap on sites like upwork.com.

7. Refine services and product offerings
Is there a way you can improve the products or services you have? Sit down and think about what you could do to take them to a higher level of quality. Even better, do some surveys and ask your clients and customers. Find our what they love and want more of, and what they don’t like. Talk to your staff or team about their thoughts on product or service development. What do they see every day and hear people ask for?
8. Create partnership and alliances

I’m always trying to create synergistic relationships with other like-minded individuals because it’s a way to be more productive and get more time out of each day. Is there a project you want to do that would be done better as a team? Take some time and think of people you know with skill sets that compliment yours, that also have the personal qualities you want to work with. Think of your strengths and weaknesses and find someone that’s good at the things you aren’t. Write a list of names, with their skills and traits, and make some calls. Set up a phone chat to go over a project you’d like to work on together and see if it’s a fit.

9. Cut the fat and waste out of your business and organization
Maybe you’ve been too busy to take a closer look and analyze the areas of your business that aren’t running smoothly, or are wasting time or resources. Take this chance to examine things a little closer and come up with ideas to streamline some of your processes. Where is production getting bogged down? Are you spending time and money on some things that aren’t having as high of a yield as you’d like? Figure out where most of your focus should be and what things need trimming back.
10. Apply your key core competencies to another industry & sector
Has your current industry taken a dive? What other industries can you use your resources and capabilities in? What can you do better than anyone else? Are you good at design? Problem solving? Coaching and motivating? How can you apply that in a different field? Stop focusing on the closed door and see which ones you can knock on and open somewhere else. Diversification can work in both related and unrelated fields. Take an inventory of your core competencies and see where else they can be invested.

Well, I hope some of these ideas have inspired you to channel your time and energy into something productive that will help you come out on top at the end of this downtime!

I wish you the best! Stay safe, healthy, and prosperous!

Jae Park

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