Article posted on 4 November 2020

Being entrepreneur during pandemic times

Why it is the right time to access a new mindset?

This huge, complex, global phenomenon that we are living now – the coronavirus pandemic – brings consistent changes in all our life dimensions. Such an intricate fact entangles even more the daily living for an entrepreneur. In fact, we are forced to deal with these “new tectonic plates movements”, to ask ourselves the right questions and to find the answers in a completely new way of thinking.

Will these changes that we are living stay forever or, will we have the power to forget soon this pandemic and go back to our ordinary habits? Are we like goldfishes with memory span of only 5 seconds or, in fact our emotional and mental structure is like of an elephant who never forgets. And if we can’t forget, what would be the best way to deal with these memories?

A NEW WAY OF LIVING

What we are living now is not at all a “limited edition”! What we are living now is the new reality!

The way we connect and engage, the way we consume or produce, study and prepare ourselves for the future has already changed dramatically. In fact, it changes constantly. HORECA, tourism and services industry will not return to pre-COVID-19 levels too soon. Besides, the ratio of necessity versus luxury product or service is changing.

The empolyers, who had doubts or were being reluctant regarding the work from home until this March, have been forced to understand that work from home actually works, and sometimes, it is even more productive than going to the office! Yes, but if we don’t go to the office, who needs the suits? No one can see the pajamas pants during the online meetings when working from home – fact that means, in a domino system, non-productive business for the dry cleanings, office clothes production, space offices and so on.

Still, we must not forget that even if the recessions are extremely paintful, they offer huge opportunities for the entrepreneurs. The Walt Disney Company was created by Walt Disney and his brother, Roy, as a little animation studio during the Great Recession; the Microsoft basis were developed during the Oil Embargo and companies such as Uber, Airbnb, Bla Bla Car and similar others emerged during the 2008 Financial Crisis chaos, re-creating the business structures and patterns of that time.

NEW PERCEPTION OF VALUE

Today’s reality: people are less and less tolerant and have no patience for worthless, unvaluable things which, in the past, they tolerated easier.

In the midst of consumerism era, people are becoming more aware of everything around them, they think twice if what they do is worth it or not, they reconsider what is a must have and what is nice to have. We are moving towards conscious consumption – mindful consumerism  – and people will curtail waste and spend more on locally-made products rather than be at the mercy of global supply chains.

EMPLOYEES MINDSET CHANGES

It is important now, more than ever, for us to understand what it really means to produce value, what is the contribution we make: in relationships, work, life. How can we create something unique, how can we contribute for each other – all this while taking care of our primary safety.

There is the prospect of deeply transformed jobs, which will not be limited only to tasks, where we want to have a major contribution. People will no longer work for a company where the employer isn’t preoccupied for their life quality, no matter how science fiction sounds this affirmation. The entrepreneurs who will react at the first impulse of “effectiveness” – the dismissal will no longer be appreciated.

There will be a massive migration to jobs where input is valuable, where opinion is required – “What solution can we find together? What can we do as a team to increase sales? Who do we need to consider in our business? Who can we partner with? ” – and this is true whether we are talking about the production of socks or the service industry.

It is imperative for entrepreneurs to re-engage with the workforce and reinvent the workplace. The time has come for leaders to become sincerely empathetic, to embrace vulnerability and to walk compassionately in the shoes of their employees and customers, by integrating the well-being and contributions of individuals in the company’s mission and work.

HOW CAN COACHING ENHACE ENTREPRENEURS?

A coaching program can support entrepreneurs to better understand their limitations, which sometimes do not allow them to see the world for what it is, not for what they want. It also helps them a great deal to perceive at a fine scale which are their opportunities and potential, but also observe their collaborators greatness.

The most effective approach is the change of mindset to happen within a group: in other words, it is necessary for people to verbalize, observe, confront and become aware of the real situation, to allow themselves to be vulnerable. Therefore, it cannot be done correctly without the support of a specialist in the management of these special situations. Without a professional – trained to ask percussive questions, challenge people to verbalize frustrations and, moreover, enable participants to work together, that is, to identify what is likely in the given situation, to accept and explore. We are talking about mechanisms that have been carefully studied over the years, which unlock and produce mindset changes.

We already know that the phrase ” we do as we know and will see later – it will do!” is not only obsolete for 2020-2021, but particularly harmful. And one of the truths C19 pandemic has confirmed is that it is no longer possible to “go like this”. And there comes a time in any entrepreneur’s or employee’s existence when a coach or a mind trainer is exactly what they need to grow and develop. The kind of conductor who, although does not play in the orchestra himself, is not the primus inter pares instrumentalist, yet only he has the ability to unite diversity, to coordinate distinct forces, being the only musician who does not make any sound, but makes others do it consistently.

To conclude, the task today is not only to fight the virus in order to return to business as usual, because business as usual is already a disaster. The goal, instead, is to tame the virus – and in doing so transform business as usual into something more humane and safe.

Train for a new mindset – how do you start?

# Always look for opportunities that always appear in the midst of great recessions and suit your business profile or even change completely the paradigm.

# Review the balance between the need versus luxury product or service for your consumer.

# Your employee is your collaborator: involve him in the decision-making process and show consideration for his life quality. Walk in his shoes.

# Accept the fact that, in some cases, working remotely has become the best choice.

# Find a trained partner, a coach, to be with you in the process of readjusting to the new reality.

Dare for more// Lilia

Author: Lilia Dicu, Daring Executive Coach
lilia@liliadicu.ro