Entrepreneurial Thoughts on Coronavirus
The news around the Coronavirus continues to evolve rapidly. I cannot help but apply some entrepreneurial thoughts on Coronavirus. Likely much as the virus is mutating. While our nation and our planet continue to put forth maximum effort into fighting the virus itself, our economic concerns only continue to grow. While progress and economic pain management is still possible, my immediate hope for the future is that we build a playbook for how to handle this type of economic standstill for generations to follow.
As an entrepreneur and small business owner, this time period is exhausting on many levels. There is no clear path forward, and very little leadership from our elected officials I have been impressed with. However, I also realize this may be my confidence bias talking.
Entrepreneur Confidence Bias
Confidence bias being the reason I have followed the career path I’ve followed. Since I was a young man in the Marine Corps I have often thought there was a better way. Better opportunities for myself. Opportunity to use my own ideas and abilities to their fullest. Without hindrance from an age old hierarchy and a leadership structure designed to reward tradition and an outdated, but functional system. Often a system built around maintaining mediocrity rather than pursuing the best possible outcome.
This is not to say I do anything better than any other individual. I have been extremely fortunate to have great mentors and advisers throughout my life. Great employers, great teachers, great coaches, great professors, and more amazing Marines than I could ever count. However, often, in my opinion, the system does not properly reward or promote the best candidates as it should. This is why I work for myself, pursue my dreams and visions in the method I view as most likely to succeed. These are my entrepreneurial thoughts. This is my confidence bias. I trust myself more than I trust most people. This is also true as I apply entrepreneurial thoughts on Coronavirus.
It’s Called a ‘Bias’ for a Reason
My paths do not always prove to be correct or efficient, but this is why it is called a bias. This bias does not mean I don’t solicit opinions from others or consider information from experts or trusted sources. It simply means I consider these inputs then examine them through the lens with which I have experienced success (or failure) thus far. Often I follow the advice or guidance realizing I have no qualification or experience to modify or disagree with popular opinion.
Yet, if upon examination, I think there is a possibility that my view will add value, I will not hesitate to trust my experience or my opinion. This, I think, is what makes an entrepreneur an entrepreneur.
Its confidence, not cockiness. I have very few ideas which I can execute solely on my own. I rely tremendously on the skills, work, loyalty, and commitment to a shared vision of other people. This is what turns entrepreneurship into small business.
Entrepreneurial Thoughts & Small Business Make the United States Successful
This type of behavior and development of ideas, strategies, and culture is what makes the United States the incredibly successful economic engine that it is. Small business is the lifeblood of the United States Economy. Some of this has shown through as this economic stalemate continues.
Paul Sullivan recently authored an article in the New York Times Titled, “I Didn’t Want to Shut My Doors’: Businesses Find Ways to Survive.” Within the article Mr. Sullivan interviews entrepreneurs who have revamped their operations to keep their virtual ‘doors open’ or find ways to generate revenue outside their normal stream as our country fights this pandemic.
One example includes a gentleman who used to host wine tastings, moving his tastings online and shipping specific bottles to tasters prior to holding a Zoom call. Another examines a Custom furniture builder in West Palm Beach, FL, Aaron Moreno, moving his business from large pieces to smaller pieces. Pieces built to fit the pandemic and social distancing protocols. Baby gates, shelving, small coffee tables from washed up driftwood that his craftsman can build at home and customers can handle and install themselves.
These are entrepreneurial thoughts on Coronavirus too. These types of stories are inspirational and embody entrepreneurship and small businesses across America, but what about the not so successful stories? Letting firms fail, by no fault of their own, is disastrous for our country all by itself.
Government Should Act More Like Small Business, use Entrepreneurial Thoughts
I would like our elected officials to show a bit more confidence bias. Use entrepreneurial thoughts. Make strong decisions that make the most sense for our country. We don’t necessarily need the best deal available right now, but we need a deal right now. Everyday we wait we are losing tremendous economic horsepower. It can and will be replaced, but there will be a huge period of pain and suffering if we have to start from the ground up.
Evaluate the best information available. Compare that to your skills, abilities, and experiences to make bold decisions. Bold decisions, clearly communicated, to get our country back up and running. The virus is scary, no one is arguing that. However I think the economic impact may be scarier still. As an entrepreneur, small business owner, and contributor I would like to see a plan that works simultaneously to fight the virus and the impending depression.
Do Something, Even if its Wrong
The information is fluid and always changing. This too is how Entrepreneurial thoughts apply to Coronavirus. Our decisions may not stay constant, we may have to adjust, pivot, or simply rescind our decisions, but I am of the opinion any action, in this situation, is better than inaction. It may sound counter productive, but here I think it may apply: “Do something even if it’s wrong.” Create hope. Create opportunity. Create resilience & a ‘Can do’ attitude.