COVID-19 Crisis Management 101: Pause to Think Before You Act

In an all-out global crisis caused by the COVID-19 pandemic, entrepreneurs have to remain cool and collected. Below are some basic rules to follow in an emergency.

What’s going on?

In battle, a commander must have a proper assessment of the evolving situation. He must understand what is happening on the ground. From what I can see, the unfolding events represent a threat to small and medium-sized private businesses. Small companies and sole proprietors may lose their market share and fall prey to major international firms. It may also serve to deflate the economic bubble.

What's the best response?

Right now, as never before, the motto of the space nation of Asgardia becomes relevant – One Humanity, One Unity. Amid the recent developments, all independent entrepreneurs must unite in a worldwide party that would protect them. According to the Constitution of Asgardia, all political parties are prohibited. But Asgardians are allowed to participate in the political life of the countries of their residence.

Saving your business

First of all, you need to train your mind to assess the situation properly. It makes more sense to think of these events as a time of renewal, or ground zero. For me, there is no such thing as a crisis. It is a new environment that would one day again become my routine and daily grind. To be honest, I love the state that most people call ‘crisis.’ The word doesn’t have any negative connotations for me. Back in the 1980s, I got bored working in the public sector and joined the ranks of entrepreneurs, which was a struggling segment in the Soviet Union at the time. When that became routine to me, I moved on to another industry in a crisis, Russia’s defense sector. Now, I’m an entrepreneur again.

Of course, there is no silver bullet for every industry. But you can still come up with some general guidelines for such circumstances. Don’t panic. That’s rule number one. No knee-jerk response. That’s rule number two. Right now, many businessmen are frantically looking for changes that they think would help them survive. But the truth is, in a time like this you need a breathing space, even if it is just a short pause. You need a cool head to take a sober and balanced decision and start pulling your army out of harm’s way.

Remember the parable about the elephant? There’s just one way to eat an elephant – one piece at a time. Any problem can be solved if you apply this rule. You need systemic solutions. It means that, first of all, any issue should be broken down into some elements. However, it’s essential not to lose sight of your ultimate goal otherwise you miss the forest for the trees.

To sum-up, zero in on your goal, ignore any obstacles, and believe in yourself. What you need today is not just proper management decisions, it’s also essential to think positive. 

Dr Igor Ashurbeyli, Head of Nation of Asgardia