One situation that every entrepreneur familiarizes with and tries to accept is the situation of uncertainty. Once the market research, prototyping, gathering an efficient team, and getting the product ready are all done over several taxing, time-consuming iterations, you get excited to finally launch your product. Through the entire process, however, working for a startup, you know that anything is possible and that you should be prepared to turn things around accordingly. But the Covid-19 pandemic was an uncertainty nobody saw coming.
You couldn’t possibly prepare your startup for something that drastic. Through the months that followed, while some businesses had an opportunity to thrive out of nowhere, so many more businesses had to entirely collapse.
But having worked day and night to finally bring your idea to life, as an entrepreneur, you wouldn’t be okay with just giving in to the situation.
Nevertheless, how can you still persistently lead your startup towards success?
1. Sell the value of your product differently
You have to let your potential customers, investors, and clients believe that your product/service can thrive regardless of the economic instability in the world. Your product offers a unique value that your entire team believes in, but now it’s time to let others believe in it too.
Think creatively. Make bold predictions about the future. Is your product a SaaS application? Or is it a service that people will love? Will it have any relevance in the future, once the pandemic is over?
2. Take another look at your product
Online video conferencing tools are currently booming. So is the healthcare field. Certain sectors that heavily relied on customers’ physical presence like restaurants have failed in recent times.
Do a reality check. Take another look at your business model, market size, and revenue-generating factors. Rebuild your strategy by looking at the current thriving businesses. Is there a way to integrate your business into the already thriving businesses? Chalk up a short-term business model. Act on it decisively.
3. Manage the finances effectively
This is perhaps one of the biggest problems to deal with. Preserving cash should be given the most importance. Fundraising at a time like this is bound to be harder than usual. Look for partnerships, communicate with potential investors. Just look for ways to tread the waters. It’s going to be a long while before the economic situation settles down.
4. Always communicate with your team
Working in a startup is a very dynamic process. It’s very important to know what every team member is working on, and if they’re on the same page to enable a smooth workflow.
Get on Zoom calls. Record your meetings. Use tools that take automatic meeting notes. Takedown meeting minutes, and use apps that transcribe your customer interviews. Every insight is important to analyze the future course of action.
5. Be Positive
There’s always a possibility for a new opportunity to come your way.
Persist through the process with determination and hard work. Take bold but calculative decisions. It can always turn around.
From India, Chennai