Finding Learnings in Uncertainty
Finding learnings in uncertainty
BY: SHAHEEL HOODA
Through this pandemic I’ve had the opportunity to engage with hundreds of entrepreneurs, helping to deal with a multitude of challenges.
Our conversations have been about how to survive the crisis, stretching finances, losing customers, whether to let go of team members, how to collaborate remotely, and dealing with team mental health. About six months in, the tone of the conversations seemed to shift. They turned into optimistic discussions on how to see through the chaos and find new opportunities, how to grow revenue, how to hire great people, and how to raise capital for growth. This optimistic spirit became contagious, so much so, that our partners at Sprout Fund started talking seriously about raising a second fund, as we saw our companies growing and raising follow-on capital. In the midst of the crisis, I noticed three main areas where these entrepreneurs had adjusted their thinking and approach which explains, in part, the shift to a more optimistic outlook. I believe these lessons may also apply in our own lives.
Be Vulnerable
There is something about going through a collective crisis that makes people feel more comfortable opening up to one another. I’ve been pulled into so many conversations about mental health, fear, familial challenges, and personal finances. I’ve realized that we have all been dealing with different challenges through this crisis and none of us has been immune, so to speak. We are used to keeping these things to ourselves—of putting forward a confident façade. The messiness of life though, when shared openly, brings us closer to one another and makes us all a little more human in each other’s eyes. The more human we seem, the more we are willing to help. The entrepreneurs that embraced this attitude of openness have surrounded themselves with incredible support that has improved their personal and professional resilience.
Declutter & Simplify
When the pandemic became really real and lockdowns ensued, it seemed like the world had stopped. For many entrepreneurs this became the time to take a step back and assess their resources and activities to ensure survival. Many entrepreneurs engaged in a cleansing of their non-productive activities, resources, assets and customers. By deliberately prioritizing aspects of their business, they reduced the number of moving parts, allowing them to focus on what was most important. With fewer distractions, they strengthened their foundation and could then think more clearly about how to position themselves.
Embrace Uncertainty
It’s human nature to try and control the outcomes in our lives. Yet, the best entrepreneurs are able to walk that very thin line between planning and adapting. We know there is never any certainty in the startup world. To manage risk requires continuous scanning of the environment and making small and large adjustments when the need for change becomes clear. Letting go of past convictions and investments of time or effort is really hard. It takes courage to put that plan aside, open your eyes and see what new doors are possible to open. After getting over the initial shock of seeing the world come crashing down around them, I saw an incredible number of entrepreneurs having the courage to lean in. In doing so, many discovered new and better opportunities for their businesses.
