Recession = Reinvention

“Be fearful when others are greedy and greedy when others are fearful” - Warren Buffett.

I wanted to share a few initial thoughts around how we can navigate these uncertain times as entrepreneurs, stay clear headed and be nimble through this crisis.

There's a whipsaw cutting through organizations and the economy around the world right now. One end is being driven by fears (and the reality) of an unfolding recession, the other is being driven by fears surrounding a global health pandemic. 

THE PANDEMIC

The pandemic and the safety of you, your family, the older people in your life is of course, paramount. I won’t discuss the health crisis or it’s implications on our health - I’m no expert. However, I will discuss what this trigger is doing to the global economy and how we can respond to (and capitalize on) it as entrepreneurs

KNOW YOUR BRAIN

We’re all governed by some ancient machinery called our brains that respond more predictably to events like this than you might think.

Right now you’re probably feeling entirely controlled by the part of your brain we call the Reptile. It’s the one that pushes the PANIC button and has you feeling like it’s a smart move to stock up on a years supply of food, wash your hands again (even after you did 2 minutes ago) and stare at your fellow human beings in the grocery line with suspicion and a brooding resentment for being in your vicinity. Breathe and ignore it! He or she has a mission to send you back to the stone age. Statistically, you’re 14 points of IQ dumber when you’re operating from the Reptile.

The monkey is the part of you that just wants the world to keep going like it’s always gone. It’s the part that thinks, ‘maybe this is just insignificant and it will all blow over in a few weeks’. It will keep you in stasis and stop you from responding decisively and swiftly to the changing circumstances. Be careful, it wants you to stay the same.

The Entrepreneur is the part of you that realizes that above the carnage and blood in the streets, this is the time to innovate and reinvent. This is the time to create not consume. To be the source of wisdom and insight in your industry, not a spectator of it. To lead people through this challenge and adapt how you do what you do to meet their changing needs. To be nimble and to be light - to face the challenge head on and take decisive action to lead us into the new paradigm that it creates.

BE THE SOURCE

More than ever, people and organizations will be looking to someone to lead them through this challenging time and soften its impact. This is your opportunity to deliver a strong message around how you and your business can be a source of relief in their time of need.

This includes adapting your marketing message to become the solution to their problems and find a compelling narrative around how your products and services helps solve their problems today, not last year or last month.

It also means being able to deliver on that. It’s quite likely you will need to make some changes to your delivery model to support them. Whether it’s doing more online, providing extra guidance and assistance, creating online groups or 10x’ing your communication in this time. They need to know you’re there for them and that you will share the burden of the new challenges they’re facing.

THE DENT COMMUNITY

We talk a lot about discovering your mountain of value through the KPI Accelerator. Well, one of the hidden mountains of value you only discover once you join this program is the community.

Not just here in Canada but all around the world. The Dent community is comprised of more than 3000 innovative and inspiring entrepreneurs from around the planet. 

These are people that have been leading the conversation in their respective fields for years. They’re already poised to capitalize on challenging times because they’ve focused intensely on being positioned as the source of insight for what they do.

Lean in to this community. Ask lots of questions. Share experiences. Offer help and guidance. Demonstrate your bravery and courage. Share the Dent you’re here to make.

More than ever, this is the time to support your community and let them support you. Don’t be shy, reach out. Start the conversation. Now is the time to play an even bigger game than you were before, not hide in the shadows waiting for someone else to make the first move.

More than ever, now is the time to...

Be Brave.

Have Fun.

And let’s all go make a Dent in the universe.