How should a business respond during a crisis like COVID-19?
Cut out panic-inducing news consumption, focus only on the things within your control (content, hiring, product focus), build a plan with a trusted mentor, and get team buy-in before executing.
How should a leader handle failure or bad decisions?
Take hardcore ownership of outcomes even if partly out of your control, acknowledge the 'elephant in the room' openly with the team, learn from it, and move on quickly rather than dwelling on it.
How do you avoid failure in business?
Seek guidance from people who have already solved the problems you're likely to face, rather than relying purely on fearlessness; good mentorship is key to avoiding and learning from failure.
How can a business manage risk as it grows?
Maintain at least 6 months of operating expenses in cash flow reserves ('oxygen in the tank'), and build recurring/subscription revenue for predictability.
What should new entrepreneurs focus on instead of startup hype?
Focus on identifying and solving a real, simple customer problem rather than getting obsessed with the 'idea' or the cultural cachet of being a founder/entrepreneur.
What's missing for small businesses trying to grow?
Most small businesses never nail a consistent, predictable 'selling system' (how they reliably turn prospects into customers); establishing one is key to scaling.
