Navigating Through Uncertainty
Entrepreneurship assumes an innate degree of optimism and perseverance. But even the most determined founders can feel subdued when faced with yet another crisis.
That’s why adaptability is a startup’s strongest asset. As recent global events push us into a new era of market volatility and economic uncertainty, companies must be prepared to recalibrate their business to the new reality. Whether that means pausing their hiring plans, tempering their expansion efforts, redirecting resources, or any other number of operational activities, today’s startup leaders should have a set of defensive and offensive tactics they can quickly deploy during times of crisis.
Moreover, founders should expect crises to occur regularly. As I’ve discussed before, startups are operating in an environment of uncertainty and volatility more often than not. Boom times – like the period we were in just six months ago – can make us forget that fact. Founders who study their history and plan for the unexpected are more likely to not only survive a single crisis, but to also have the ability to withstand multiple difficult periods.
I sat down with my Blitzscaling co-author Chris Yeh to discuss some of the key lessons I’ve learned from past crises in my own career; the differences between this and other difficult times such as the dot-com bubble, the Great Recession, and the beginning of the pandemic; and strategies for startup founders to navigate the latest crisis. You can listen to our conversation on the link below or wherever you get your podcasts.