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How Entrepreneurs Can Tackle The 2020 Crisis

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Entrepreneurs today are focusing on the financial challenges posed by COVID-19. Companies, no matter how digitalized, need to look beyond the immediate liquidity issues. What lessons has this pandemic given to prepare for the “new normal”? How can we enable businesses to thrive in a post-crisis world? These are some essential things to tackle the 2020 crises in entrepreneurship for the future.

The First Phase of Planning

Adaptability will be critical to a business’s survival. Be prepared for the worst. Readjust if the situation improves faster. Startups should assume that all these three things will happen. Receivables will get delayed. Consumers may want discounts on services they’ve availed of. Contracts will not close at the last moment. The experts say communication with the team is vital in aligning goals. Startups should hold weekly meetings with the core team to discuss runway and cash burn. For most startups, the priorities should be liquidity, business continuity, and employee safety.

Be Patient, Funds Will Be Hard to Come By

Right now, any startup’s aim should be to have 12-18 months of cash in the business. It will be tough to raise funds. But still, numerous investors are searching for opportunities to give funding and earn a return. In order to triumph over fundings, startups have to understand the process of pitching business ideas to investors. With the increase in macroeconomic risk, valuations will reset. Many investors may not think regarding growth at any cost. They will focus on consistent growth with an aim towards profitability. So, adjust your business plan and messaging.

How to Delight Customers in the Pandemic?

2020 is not an ordinary year, due to social distancing or quarantine lifestyles, people’s habits and priorities have been altered. To acknowledge the change in lifestyle, businesses can offer at home necessity products or services temporarily. The temporarily offered products/services could be a trial version of your main product. This will bring in some revenue at present and also will boost up the brand awareness for the long term. 

Assess Risks and Work Around Them

The business environment of 2020 has been hit hard by the Pandemic so founders must have some specialized members of the team. They should focus only on risk management. The primary aim of risk management is to create a framework. It allows the company to be proactive rather than reactive. It assesses the macroeconomics trends in the market. While assessing impact, go one layer deeper. See if it has affected your consumers and their operational sectors.

“In the middle of difficulty lies opportunity.” – Albert Einstein

Embrace the New-Normal

COVID-19 has given reason for more and more businesses to pivot their strategy and find ways to make remote work applicable. Employees are connecting with colleagues via collaboration tools and video-conferencing platforms for business

Practically not every business can easily function with their employees working from home, but they need to adapt it gradually. Looking at the positive side of working from home is that there is a healthier balance between work and personal life. Also as an entrepreneur, you can hire a highly skilled or hard-working employee from any corner of the country or world as they will be working remotely. 

An additional way of embracing the new-normal is through being online like never before. 3.81 billion people are using social media in 2020. It’s needless to state the importance of social media in business. Superior entrepreneurs know that the social media presence of the brand leads to a more trustworthy relationship between the business and its potential customers.    

Take a Good Care of Your Piggy Bank

Cash is the king in any crisis. The opposite can also be true. A business left without money can turn into a failure. Look and analyze the cash flowing now. Based on low revenue scenarios, calculate the runway. You don’t have to do everything yourself, your business must have a financial advisor, and if not it’s time to hire one.

 Entrepreneurship is not easy, you don’t have to just take care of the business asset but also care about personal finance. Well, expenses are never under control but a sensible option could be opening a recurring bank account. In a recurring bank account, a specific amount of money gets deposited automatically every month. Set a time to check the deposit each month.

Right now many aspects may look bleak. In the crisis, work isn’t regarding finding out the optimal choice now. The work is to find the choice that is the least wrong. And this choice may still hurt you. But it will be less than the other choices you have with you.  

We may conclude that with proper initial planning, exploring funding options, satisfying customers, assessing risk, and coping up with the latest business trends will help entrepreneurs to tackle the crisis. The lockdown and pandemic will fade away gradually, but until that day, entrepreneurs surely have an opportunity to influence the outcome and come out even stronger. 

Mark Burke is a blogger and a business consultant in Alcor, a global investment bank. Mark is passionate about researching on the latest small business and marketing trends. He loves writing informative blog posts to help small business owners and startup founders in their entrepreneurial journey. Connect with me on LinkedIn

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Entrepreneurs

The Silent Killer of Entrepreneurial Dreams (And How to Make Sure It Never Takes Yours Down)

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Image Credit: Joel Brown - Addicted2success

You started with fire in your belly. The vision was crystal clear. But somewhere along the way the doubts crept in. The “what if I’m wrong” thoughts. The comparison to everyone else’s highlight reel. The quiet voice that says maybe you should just play it safe and get a real job.

That voice is the silent killer. Not cash flow problems. Not bad hires. Not even market shifts. It’s self-doubt that quietly talks most entrepreneurs out of their biggest breakthroughs.

I’ve been in rooms with founders who’ve raised millions and still battle it daily. The difference between those who push through and those who fold isn’t talent or luck. It’s how they handle the internal noise.

The game-changer is learning to treat doubt as a signal, not a stop sign.

Every time that voice gets loud, it usually means you’re on the edge of something important. Growth lives right outside your comfort zone. The entrepreneurs who scale don’t silence the doubt—they thank it for showing up and then take the next step anyway.

Here’s how to make that practical.

Keep a “proof file.”

Every win, every positive customer note, every metric that moved in the right direction. When doubt hits, open it. Evidence beats emotion every single time. Most founders are terrible at remembering their own wins. They move the goalpost so fast that yesterday’s victory feels ordinary by today. A simple document or folder where you collect proof changes the internal conversation. It becomes harder to believe the doubt when you have a running list of times you were wrong about your own limits.

Surround yourself with people who are playing a bigger game.

Isolation breeds doubt. A strong peer group normalizes the struggle and reminds you you’re not crazy. The entrepreneurial path is full of invisible landmines. Having people who’ve stepped on a few of them—and lived to tell the tale… makes the journey feel less lonely and more possible. Find masterminds, find mentors, find founders a few steps ahead of you who are willing to be honest about the hard parts.

Reframe failure as data.

Every setback is just information about what to do differently next time. The fastest learners treat mistakes like tuition, not tragedy. This doesn’t mean you celebrate failure or become reckless. It means you extract the lesson quickly and move forward without carrying the emotional weight longer than necessary. The founders who win long-term are the ones who fail fast, learn faster, and keep their identity separate from any single outcome.

Get brutally clear on your “why.”

Not the surface-level money or freedom story. The deep one that still lights you up even when the work sucks. Reconnect with it daily. When doubt shows up, it’s often because you’ve lost sight of the deeper reason you started. Spend time with that reason. Write it down. Say it out loud. Let it remind you that the discomfort is temporary and the mission is bigger than the fear.

And finally, give yourself permission to be in process.

Most entrepreneurs compare their chapter one to someone else’s chapter ten. They see the polished results and forget the messy middle that every successful founder had to walk through. Your story isn’t over. It’s not even close. The doubt you feel today might be the exact thing that forces you to get clearer, stronger, and more intentional than you’ve ever been.

The path of entrepreneurship was never meant to feel safe. That’s the whole point. It forces you to become the kind of person who can handle bigger problems and bigger wins. Doubt will show up. It always does. But it doesn’t get to drive.

You do.

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Entrepreneurs

The One Brutal Mistake That Keeps Most Entrepreneurs Stuck at Six Figures (And the Fix That Unlocks Seven)

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Image Credit: Joel Brown - Addicted2success

You built something real. Customers are coming in. Revenue is growing. But no matter how hard you grind, it feels like you’re hitting an invisible ceiling. The business owns you more than you own it, and scaling feels like a distant dream instead of the next logical step.

I’ve seen it destroy too many sharp founders. They’re doing everything “right”—working longer hours, chasing every opportunity, saying yes to every client. And yet the growth stalls while their stress skyrockets.

The mistake isn’t effort. It’s identity.

Most entrepreneurs still see themselves as the indispensable hero who has to touch every single part of the business. They built it with their own hands, so they believe only they can run it at the highest level. That belief is exactly what caps them at six figures.

The shift that changes everything is deciding you are now the leader of a system, not the worker inside it.

You stop being the best operator and start becoming the best owner. That means ruthlessly auditing where your time is spent and handing off everything that doesn’t move the needle on growth. Yes, it feels scary. Yes, it feels like you’re losing control. But the entrepreneurs who break through are the ones who trust the process more than their ego.

Here’s what that actually looks like in practice.

First, identify your $10,000-an-hour activities

The ones only you can do that truly grow the company. Everything else gets documented, delegated, or deleted. Most founders I know are shocked when they finally track their time for two weeks straight. They discover they’re spending 60-70% of their week on things that could be handled by someone else at a fraction of the cost. The ego loves to whisper that “no one can do it as well as me.” That voice is expensive. It costs you leverage, it costs you time with your family, and it costs you the mental bandwidth to actually think strategically about the future of the business.

Second, build repeatable systems for the rest.

Not fancy software. Simple checklists, processes, and people who own outcomes. Your team stops waiting for your approval on every little thing. This is where most entrepreneurs get stuck—they hire help but never actually transfer ownership. They create bottlenecks because every decision still funnels back to them. The fix is to document the process once, train someone thoroughly, then step back and let them own it. Yes, there will be mistakes in the beginning. That’s the cost of building something that can eventually run without you. Every mistake becomes a better system.

Third, measure what matters.

Revenue per employee. Customer acquisition cost. Lifetime value. Stop celebrating busywork and start obsessing over leverage. I’ve watched founders go from celebrating “we’re so busy” to celebrating “we added three new team members and revenue per person went up 40%.” That’s the shift. When you start measuring the right things, your decisions change. You stop hiring to offload tasks and start hiring to multiply output.

The hard truth is that most entrepreneurs never make this transition.

They stay the bottleneck in their own business. They become the ceiling. And the business grows to the exact size that one person can manage with heroic effort… then it plateaus. The ones who break through are willing to feel uncomfortable for a season so they can build something that actually scales.

You didn’t start this journey to trade one boss for another… especially when that boss is you. Let go of the need to be the smartest person in every room. Your job now is to build something bigger than yourself. The ceiling isn’t real. It’s just the point where your old identity stops serving you. The question is whether you’re willing to let that old version of you die so a new one can lead.

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Business

Scaling a Business? Here’s What Usually Goes Wrong

Before you hire, expand, or chase bigger revenue, here’s what every founder needs to fix to scale without losing control, culture, or quality.

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how to scale a business successfully

Growing a business is the dream. But scaling one? Honestly, that is a completely different reality. (more…)

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Business

Why Most Financial Plans Fall Apart (And How to Fix It)

Most financial plans fail due to poor risk management, lack of strategy, and emotional decisions – here’s how structured advisory keeps you on track.

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Why Most Financial Plans Fall Apart (And How to Fix It)

Advisory services are redefined into a mandate for individuals and corporates seeking enhanced financial planning capabilities. (more…)

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