Are you an entrepreneur looking for support with your business model during COVID-19? Attend the next 2-Day Pivot Camp on July 23rd-24th for guidance on how to rapidly iterate your product or service, reach new customers, and explore additional revenue streams.
In the age of COVID-19, entrepreneurs just may be the key to promoting and encouraging community recovery. That being said, the majority of the conversation around how to help entrepreneurs revolves around loans and grants, even though entrepreneurs need a lot more help than just monetary resources. While these are definitely important aspects of entrepreneurship, we wanted to find out what else is on the minds of entrepreneurs during these trying times.
With that in mind, SEED SPOT paired up with researchers at the University of Delaware to speak with entrepreneurs about their experiences dealing with this crisis. By talking to several SEED SPOT alumni, we learned some inspiring insights that are too good not to share.
Resilience is at the Forefront
One of the most motivating aspects of the conversations was that these entrepreneurs were even more passionate about their business and their impact than before, a testament to their strength and tenacity. Rather than let the negative news around the world bring them down, they are focusing their energy positively on how their social-impact businesses will make a difference globally. Though entrepreneurs are definitely facing added and different stress, entrepreneurship 101 teaches that it’s possible to turn every negative into an opportunity.
The New Networking Strategy
Another fascinating way that SEED SPOT alum are adapting to their situations is by using technological tools to stay connected and continue to grow. Resources like Zoom and social media have helped maintain relationships and connections, and virtual webinars and classes have been helpful as well to stay motivated. It’s not always as easy to network and build a relationship with somebody virtually, but technology makes it feasible and they are thankful for that.
Forging Routines of Connection and Care
There’s also a silver lining in all of this. Many entrepreneurs are reporting that they are having more time for self care as a result of being cooped up in the house all day. “[I’m] Doing a better job of following up with people I haven’t talked to in a couple months or even a year just to see how they’re doing. I hope after all this is done, that doesn’t go away”, reports one entrepreneur.
Deep Diving into Fundamentals
Lastly, SEED SPOT alumni entrepreneurs also had some advice to share with other leaders trying to make sense of everything happening in the world. One of the most consistent pieces of advice was to take this time to better understand your product and your market, and really dive deep during this down time to learn all the ins and outs about your business and your market position. They also stressed the importance of staying positive, and reminding yourself that this difficult period won’t last forever. Good things come out of difficult circumstances, and COVID-19 is no exception.
Thank you to the SEED SPOT alumni who agreed to speak with us, and thank you to the researchers at the University of Delaware for your assistance in this project! Together, we are stronger.
If you are an entrepreneur who can relate to the challenges that these alumni have faced, and you want to make a pivot with your business, then SEED SPOT’s virtual 2-Day Pivot Camp is for you. Sign up today to reserve your spot at the upcoming 2-Day Pivot Camp from July 23rd-24th.