The world as we know it has changed. That part is absolutely true. More so than after 9-11, when many of us thought the same thing. Because this time, it’s not just America that has been hit- but the world. And, it’s still hitting the world- and will be doing so for a while.
Which means it’s time to rethink what we do.
Assuming folks are able to reopen after the pandemic quarantine- here are a few of the changes that will ensue- at least for the foreseeable future.
Menus at restaurants- that will be running at 25% or 50% of their capacity definition from February 2020- will be once-use and throw away. Elevators may be single occupancy. Six feet between desks at the office or plexiglass shields to otherwise isolate us. Our buildings that were changed after the oil crisis to seal inside air and only effect air changes 2 or 3 times an hour will now need much more efficient and frequent air changes- to the tune of 6 to 10 times an hour.
But, discussing those changes are for a subsequent blog. Because we must start at the beginning.
We are all startups now!
And, I will be using the knowledge imparted to me by two esteemed folks- Arthur Lipper III and Dr. Yitzchak Adizes. (I first wrote about Yitzchak back in 2012. Arthur was first honored in 2010.)
Many moons ago (about 550, by my count), I met Arthur Lipper. At the time, he was the publisher of Venture Magazine. And, I was in the process of realizing that repeatedly being on the Inc500 [which honored the 500 small, private companies that manifested the fastest growth in revenue across America] was less important than growing our bottom line. Arthur and I had many discussions about that point.
And, shortly thereafter, Arthur started up one of the best groups I have ever had the opportunity to be a member. The Association of Venture Founders (AVF). We met around the US, sometimes in hotels, but just as often at a member’s office. We were a bunch of like-minded entrepreneurs who would help one another to become “bigger and better”.
I bet you guessed it by now. Dr. Adizes was one of our speakers. I had the pleasure of spending the weekend learning from him.
His primary interest? Business formations and their demise. The trajectory of our businesses is not a straight line- it’s a series of arcs. It is the goal (and the job) of the business leader to extend the arc (as long as it’s on the upward direction) as long as possible. (Think of this as the opposite of flattening the curve!)
The chart below provides the business cycle stages and descriptions. Our job as leaders- solopreneurs, entrepreneurs, corporate executives- is to NOT let our business fall down the trajectory. Instead, we can alter our companies paths to a series of S curves, of sorts.
And, that’s why this is the first blog in a series of “Why we are all startups now”.
Because regardless of where we were on this curve on 15 February, almost every one of us have been watching our trajectory pummel.
Now is the time to change what we were doing on the 14th of February. To think of what our business needs to be now. Who will be our next, our returning client/customer. Why will they become that? What shall we be providing them? And, most importantly, HOW we will be providing that product or service- to make them feel comfortable that we recognize they are our stakeholders.
https://www.youtube.com/watch?v=ApWzNb1Vb_E
No, I am not a fan of BankofAmerica. But, this commercial, narrated by Viola Davis, is spot-on!
Tune in for the next installment…
That’s so sad for so many people, I hope the majority of them don’t get to the death cycle.
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I fear with the fact of cash on hand and the changed marketplace, this may be the more common result, Martha.
I am going to follow this series about why we are all startups now.Change is inevitable anyways.
I’m honored, Amrita! Thanks!
We are about to enter “phase 3” of four phases in our part (and many parts) of New York State tomorrow. It’s been rocky, to say the least, for business owners. So much uncertainty, so much confusion, and I’m already seeing too much of the “we have to do it this way because we always had to do it this way” mentality. One of our major employers just declared bankruptcy this week. So, I am interested in seeing where your series will go.
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That mentality is the fastest route to bankruptcy in today’s environment. The old playbook must be thrown out- and a new one- engineered to build trust with employees, customers/clients, and suppliers (the REAL stakeholders of a business) must be developed, Alana.
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