10 tips for entrepreneurs in times of crisis
David Luquin, director of the startup accelerator Atelier by ISEM, proposes 10 tips for entrepreneurs to face the coronavirus crisis.
30 | 03 | 2020
It is clear that the coronavirus has marked a before and after in our lives. When this crisis ends -which it will end, of that you can be sure-, we will look back and take stock of all that we have changed and learned, but above all, of all that we have discovered: a society that is united and strong in the face of adversity.
Adversities especially hard for entrepreneurs, not only in the fashion sector, but in all industries and sectors. David Luquin, professor at ISEM Fashion Business School and director of the Entrepreneurship Unit of the University of Navarra, launches a message of support and optimism for all of them through these "10 tips for entrepreneurs in times of crisis".
An entrepreneur finds opportunities where others find problems. With the current situation, new problems appear that require new solutions and, therefore, people who devise and carry them out. People like you.
2. Yes, it is true that consumption has slowed down, but society is going to come out of this situation with a great desire to socialize and consume again. Take advantage of this time and get ready for it.
3. This is an excellent time to train yourself; for example, to discover digital marketing and those tools you would like to know, but never have time for. Come out of this situation better prepared, better professional.
4. Review your business plan, and if you have not made a plan, take the opportunity to do so. It is the best way to face the problem: redesign your future.
5. We have rediscovered the true meaning of many terms: a VUCA (volatile, uncertain, complex and ambiguous) environment was this and not everything we had been told before. We will come out of this, and we will come out stronger and better.
6. Surely you need cash, don't be ashamed, we are all in the same situation. Liquidate stock. It is another way to reset. And take advantage of the situation to study and understand how your customer behaves.
7. Good players see where the ball is going to be, not where it is now. From this will come a transformed society; and that society will be your client. Be very concerned about understanding what are the keys that are now transforming society.
8. Be clear, transparent and ask for help, whether from your customers, your suppliers or especially your employees. One thing this crisis has made clear: the value of your community. Don't think you are the center of all evil; others around you are having a hard time too. Ask for help and offer all the help you can give. All those to whom you do not fail will be by your side to help you get back on your feet.
9. Being an entrepreneur is a task that wears out personal relationships. Take advantage of these days to return all the affection that the people close to you have given you when the night was very dark.
10. Count on ISEM and its professors. Now more than ever, we are at your side: to review your business plan, to evaluate proposals, to focus your training, to have a conversation with someone you know will understand you. Everything ISEM wants to be, translates into being able to be valuable to you at a time like this.