It’s important to focus on your agen poker customers, the features required to attract and retain them, and your team during tough times.
For many, the COVID-19 crisis evokes memories of the 2008 recession, when entrepreneurs – myself included – learned how to handle turbulence the hard way.
At the time, I was leading a small, early-stage company that hadn’t raised much funding yet, and our term sheet had been pulled. As a lean team, we hunkered down, concentrated on the elements of our business that mattered most, and discovered that having limited resources breeds critical thinking and creativity. Ultimately, we pivoted our product strategy and made the decision to go to market with only 10% of what we had originally planned. It was painful to give up some of our more aspirational visions, and we weren’t sure if it was the right decision, but we were scrappy, and we survived.
To be clear, this is not 2008. Present circumstances are different than they were back then, mainly in that we are facing levels of uncertainty that no one has ever seen before. In 2008, we knew it would be tough to move forward, but we had a general idea of how to bounce back, and how long it would take to do so.
Today, it’s difficult to build any kind of strategy when the timeline for economic recovery is this much of a question mark. Any good business leader knows how to be decisive under pressure. But now, CEOs and founders are in uncharted territory, without any of the data they usually rely on to make those decisions. The best thing they can do is exercise an abundance of caution and make conservative choices.