It’s been six months since the pandemic started. Most of the industries were affected immensely by the lockdowns. Evidently, business operations were challenged to continue. With the experiences during the crisis, successful entrepreneurs learn valuable skills that made their businesses to prosper.
The utmost skill that most successful entrepreneurs learn is to pivot their businesses. With the unprecedented happening, great business leaders need to adapt rapidly for a significant change to make their business survive. Companies that were not able to decide quickly have difficulty in managing their operations.
“For those entrepreneurs who successfully navigated these challenging times, education was also critical to their success,” Forbes report stated.
Despite the situation, entrepreneurs quickly learn new skills, mindsets, and habits without formal education.
“Entrepreneurs are a special breed. While we all value education, many of us struggled with traditional schooling because we wanted to compress our learning into a shorter period of time. We wanted to get out there and start accomplishing things,” Mike Calhoun, the Founder, and CEO of Board of Advisors Inc. stated in the report of Forbes article.
“A lot of successful entrepreneurs have learned a lot through trial and error. Others took a valuable short cut and learned either directly from mentors and peers, or indirectly by modeling the activities and mindsets of people they look up to,” Calhoun added.
With the crisis, Calhoun was able to reinforce his business model making his business prosper. His company was able to conduct engagements virtually optimizing the business relationship amidst the pandemic.
Having said that, successful entrepreneurs also learn to work remotely. In most cases, working remotely is disruptive to traditional companies because they could not micromanage their workers.
“The key to successfully implementing a remote workforce is first to develop a clearly defined process for employees’ tasks,” Robert Nickell, the founder of Rocket Station.
Notably, Nickell’s team consists of six hundred people. Because of the situation, they documented each task and turned the lost employees into virtual assistants. Thus, the business attained a 40% reduction in cost while increasing their productivity by 120%.
Interestingly, an innovating enterprise, Standard Hydrogen Company, was able to do more research during the lockdowns.
According to the report of Forbes, the company aims “to improve the way the oil and gas industry has been disposing of its toxic hydrogen sulfide (H2S)”.