What does it mean to be an Entrepreneur in this New Normal?

Having spent weeks in some mode of Lockdown, people across the world are now having a discussion on what will life look like going forward?

What will be the New Normal for all of us?

While we see many people getting worried that there may be a second wave of infections, there are others who just want to go back to living life. And we are seeing a lot more people venturing out than before.

In these times I’ve seen two types of businesses. One who have greatly benefited from Covid-19, because people are buying more online, spending more time online and working more online. And others who have greatly lost out, as people are practicing social distancing and being cautious in how they spend. Depending upon which of the two categories your business falls in, your outlook will be very different.

Two underlying skills that I’ve seen great entrepreneurs use in this time irrespective of whether they have gained or lost have been:

The Ability to Pivot: Every business has had to adapt in some manner and form to this new normal. Whether it has been opening offices with reduced staff, restarting factories with an investment in new protocols to even changing their product offering to meet present consumer needs in a very short period of time. Every good entrepreneur I’ve spoken to has pivoted and Investors value this. They value the ability of an entrepreneur to face reality, learn quickly, adapt and execute. These are the key skills of a good entrepreneur.
The Ability to have Open Communication: Whether it is with your investors or your employees, great leaders communicate in times of crisis. This is a pandemic that has affected everyone. So being open to letting your investors and team members know that your venture is facing a challenging time is essential. This not only allows you to seek their help as needed, but also build their trust in you. After all, it is in times of great stress that great leaders are tested, and people work with and invest in people they trust.
So while we cannot control how this disease will spread and what eventual impact it will have on all of us, we can control how we view this situation and make the best out of it. After all it is in times of adversity that the toughest are tested and come out the best.