For entrepreneurs searching for light at the end of the tunnel, the re-tightening of lockdown measures might have dashed hopes of a gradual return to relative normality.
As CEO and founder of SeedLegals, the largest closer of funding rounds in the UK, I’ve had many conversations with small business owners who are worried about planning for further restrictions – which the Prime Minister warned may remain in place for up to six months.
At SeedLegals our team talks to thousands of entrepreneurs. Based on that, and our own experience, here are the mindset changes I share with business owners to help inspire them and their team, and ensure the success of their business amidst economic uncertainty.
Be opportunistic
The most successful entrepreneurs have the attitude that nothing is a problem; everything is an opportunity. Sure, the pandemic has presented some tough times – and owners of restaurants or gyms, for example, face unique challenges.
But for many businesses, it has also created opportunities to take advantage of changing times. Investors, in particular, look for companies which are able to see the light during tough times and offer new products which customers now need.
Don’t be afraid to take decisions which help your business to adapt; it is only the failure to make such decisions which is fatal.
A great case study on this is SeedLegals customer ChargedUp. Before coronavirus, ChargedUp provided mobile phone charging stations. With people working from home, that stopped being a service that people needed. So, they reinvented themselves as CleanedUp, repurposing their mobile kiosks as hand sanitiser dispensing stations. Within weeks they did a deal with TfL for hand sanitiser dispensers at every tube station in London, and business has been booming since then.
That’s an amazing, innovative example of lateral thinking and a blueprint for entrepreneurs to seize the opportunities which are thrust upon them.
~Business Game Changer Special Promotion~
Hold onto your purpose
Not only has Covid caused many businesses to lose revenue, it has also adversely impacted product launches, internal communication and slowed rates of investment.
As an entrepreneur, it’s easy to feel like you have the weight of the world on your shoulders. After all, you have to do whatever you can to make your business a success. It’s like becoming a parent – after two years, you wouldn’t say, “I’m bored now, can I give it back?”
In the same way, that motivation for keeping going in business when the going gets tough has to come from holding on to the initial conviction which made you start out in the first place.
What was the vision when you first set out? If you feel your business’ raison d’être could do with outlining, now is the time to put it in writing. Breaking down that overarching purpose into smaller, achievable goals will help you stay motivated.
Another driving factor which can provide a sense of purpose are your colleagues. Other people have actually followed you into your business – they’re not working anywhere else! By joining your team, they bought into your vision – it’s important to recognise that and hold onto it when your own belief might waiver. When you wake up in the morning, go into work – or log onto Zoom – and see your employees sharing your vision that the business can make the world a better place, that’s a moment to savour each day.
Sometimes, situations change, and your initial vision might not work. If that happens, can the business pivot to something else? Maybe it could become B2B instead of B2C, for example? Founders have an endless number of choices they can make to get a business working, generating revenue and aligned with a vision. Seeking advice other company leaders can help, too – it’s all about settling on a purpose which your whole team can get behind and build towards.
Be decisive
On top of the many everyday decisions an entrepreneur takes to safeguard their business, the pandemic has also thrown up new issues requiring strong leadership to solve. It’s crucial that business leaders have a clear view on matters such as the safety of their team, when to reopen, the working from home policy and so on.
When these new uncertainties arrive, employees look to their leaders to see how they react. For this reason, it is vitally important to be mindful of your actions and emotions. How you react directly influences others – panic or uncertainty can be more contagious than the disease itself.
However, if you are strong, then your team will follow. Often, entrepreneurs see themselves more as tech enthusiasts or problem solvers than as the head of a company. But if you have a team looking up to you as a leader, you don’t have an option except to be a leader in the space you have built.
As well as making sound decisions for your team, it’s also important to take steps to ensure your personal wellbeing. While in normal times you want to always be up to date with the news agenda, a pandemic is different. Allocating a set amount of time to finding out what’s going on in the world, instead of being constantly plugged in to 24 hour news channels, can alleviate some of the stress and anxiety leadership entails.
By Anthony Rose, CEO and founder at SeedLegals
Anthony is CEO and Co-founder of SeedLegals, a revolutionary new legaltech platform that lets startups and investors complete the legals needed to build, grow and fund their business, at a fraction of the cost of using a law firm. Known as “The man behind BBC iPlayer”, Anthony ran the iPlayer and other BBC services from 2007 to 2010, taking the iPlayer from pre-launch to major success story. He is a technical and product visionary whose career has included 3D graphics, P2P music, internet video, social TV and online communities.
