The best way to describe the current time, may be — “There are decades where nothing happens; and there are weeks where decades happen”, (Vladimir Lenin). Those are not times to “rest” under the lockdown, but rather work hard preparing for the day after.
True. Covid 19 (Coronavirus) came to your seed startup in the worst time!
Your tech startup was starting to catch up, gaining traction and customers, and even incomes started to flow. Investors started noticing you, and then, it all stopped! Completely.
The seed investors you were negotiating told you they no longer seek for any new investments, the customers stopped paying, and the world stopped. You’re feel you’re losing control of the future of your company.
Well guess what?! you are not the only way feeling this notion of losing everything you worked for. In fact your leading competitors feel it is a much larger scale than you do! The world paused leaving them with much more expenses than you, struggling harder to survive.
“When written in Chinese, the word ‘crisis’ is composed of two characters. One represents danger and the other represents opportunity”.
You listen to all kind of motivating, but you feel you don’t have the power, nor the will to raise yourself in those difficult days- So which are the options ahead for you?
1. Give up- The worse one is to get carried to despair, and let the reality decide what will happen next. It’ll most likely get you to close your business.
2. Make the most of the Situation– Prepare to sell your company in what I called “Tactical Exit” . Corporate Companies will look to buy companies like yours, even when you think it was “unsuccessful”. Mainly for its tech and team. This “Exit” will not make you rich, but it’ll let you cut your losses and prepare for your next phase. If fact, not only Corporate Companies will search for “barging deals”, like your startup is, it seems that some Asian VC’s just raised money for this purpose which they call “Post Crisis Buyout boom”.
3. Preparing your “head start” for the day after! — This option is the most motivating, yet the hardest. How come?
Let’s start with the good side- Preparing for “head start” is truly motivating since it asks you prepare yourself to “to conquer the world”.
Understanding that the crisis effected your startup badly, but it effected your leading competitors MUCH worse! Their leading position made them hire more people, spend more money, and the current situation makes them focus on surviving. They are most likely ot thinking of their next growth, nor matching themselves to the “world after” the crisis.
It is a common notion to believe that the world after the virus will not be as it were before. Does that mean your product/Service should change? If so prepare for that change, and start doing it now. Preparing for that change needs a lot for thinking, brainstorming, reading, a lot of “back office” work that takes time! Well, now under Quarantine time is your main resource- This is your head Stat!
So why is this option of “preparing the Head Start” is the hardest?! Mainly since you’re hearing lots of bad news, and energy is down.