AN ENTREPRENEUR IN THE TIME OF COVID-19

I have lost up to 60% of my revenue

Dear friend,

Over the last few weeks, we have witnessed a negative transformation of most industries due to the Pandemic caused by COVID-19. The events of the last month have been quite startling as we have watched the impact of the COVID-19 across multiple countries and communities, as well as the effect that this has had on the global economy.

The first case in South Africa was confirmed on 5th March 2020 and in less than a month we have seen a dramatic sequence of events, as well as feeling the severe impact travel restrictions have had on the Sub-Saharan SMEs and entrepreneurship, which so many people are dependent upon. It seems that not a day goes by without some more negative news regarding the Coronavirus. The speed at which this crisis is moving has caught us all by surprise and I certainly hope you and your team are holding up.

At a time when Covid-19 has already affected businesses and markets badly, we need to be quintessential entrepreneurs who aim to solve problems that consumers may have during this season and after the pandemic, while seeing opportunities in the midst of the chaos. I have lost up to 60% of my revenue because most of my clients have decided to pause as businesses cut certain activities because of the havoc and uncertainty that has come with the virus, a move that was intensified by the national shutdown announced by President Cyril Ramaphosa on Monday 23, March.

While we navigate through this period, I know you are in constant doubt right now, as we don’t know how long this pandemic will last. If you can still operate from home, do give it your best, read, study and invest in yourself. Here some leadership principles that Rob Stokes has shared and I have found to be valuable to entrepreneurs in such times of crisis:

1. First and most important, acknowledge within yourself that now it is your time to properly lead. Lead yourself before you lead others.

2. Your most important job is to get your ship to the other side, the only things you cannot sacrifice to get there are your values or the ship’s values.

3. There is always an opportunity in every big and small disaster. Your job is to keep your people/customers finding these positives.

4. Listen to all the data, but now is not the time for decision-by-committee.

5. Make decisions that fast but not rash, brave but not foolish. Whatever your decision, make it, be confident in it, move on and ensure your team commits behind it no matter what. Change your mind only if the data changes.

6. Be thoughtful but move forward a little faster than you are entirely comfortable with. You are going to make mistakes, get over them, learn from them and move forward fast.

7. Communicate more than you think is necessary to all those you are leading and servicing. Your staff are vital but don’t forget that your clients are also looking to you for leadership.

In conclusion, I will leave you with these words from Maya Angelou, I quote: “Every storm runs out of water eventually.” This storm will run out of water and will pass too, once we are on the other side; let us not rush into trying to recoup all the lost income. Be empathetic and remember every business went through the same storm, let us help them get running and in the long run we will all be alright. Hang in there, be strong, don’t lose focus and remember why you started doing what you are doing.

Patrick Munkana

Paid Media Specialist & Digital Marketing Consultant

patrick@munkana.co.za

www.munkana.co.za

@pat_joel

Image credit: Jonathan Sudi Anzuluni