Business Insights You Should Take Away from 2020

The $100 MBA Show


Powerful insights. You should take away from twenty twenty here. We go number one and this might sound obvious. But we're going to go down a deeper level and that's you can't control everything that's probably the biggest thing we saw in our face every day is that you cannot control everything around you okay. You're on a coffee shop. You can't control a global pandemic right if you're on a software company you can't control if some of your staff members are infected with covid nineteen and you're down manpower. These are things out of your realm of influence. You cannot control it so you might be singled kilmore ghetto. But what's the point. The point is is that you have to recognize come to terms of the fact that in business those things you cannot control and you have to be ready for that. You have to be ready for the inevitable. There's a great book called the black swan by necessity nicklaus talip- the subtitle is the impact of the highly inflammable. If you don't know the author to lab is an investor and he's made all his wealth off the fact that bad things will happen. We assume being sometimes ignore the fact that the disastrous things like the covid nineteen pandemic is bound to happen in our lifetime. Now i know. Tala specifically considers cova to be something we could have avoided rather than an unpredictable disaster but for business owners. The principle still applies for those you in your thirties or forties. You have a pretty good actually We've had a pretty good run without any disasters. Most people go through a lifetime where they've seen multiple wars. They've had to serve pandemics disasters huge national disasters or even environmental disasters but the human brain is not wired to always anticipate this. If you really want to understand how the pandemic really affected economies has really affected your own business and how you could have benefited. If you haven't already read the book black swan it will allow you to put everything in perspective and allow you to utilize this experience so in the future when this happens again because it will happen again. It's just a matter of time when another thing like this happens again. How can you make sure that it doesn't affect your business your personal life but in fact you'll be prepared and you'll be ready and that leads me to number two. You can't control everything but you can control how you prepare and react a lot of people when this pandemic hit they kinda just put their hands up in the air and said you know what There's nothing i can do. No there's plenty can do. Let me give you an example. Many businesses actually saw an uptick during the covid nineteen pandemic because they prepared and they react properly nicole founder and wife has a personal trainer. Her name is amy mitchell and she runs goddess fitness shrines. He's outdoor boot camps for women and anybody who's in any business that is a physical business in person business that has people congregating. You would think kovic would just totally anomaly that business. No amy had the foresight and said hey. I got a pivot. I gotta change. I gotta have other offerings on my site. And she offered online training people training with her Via calls shows the helps them with their nutrition and diet plan and recently Amy shared with nicole that twenty one of her best years for business because she made that change because she had the revenue stream from online clients and when restrictions. Ease a little bit in australia. And things got back on track. She still had her physical boot camps and the line clients didn't leave. They still kept on going. This is a perfect example of being prepared and reacting properly understanding. That things are changing. Something happened something is different now in the world. I can't just do the same things i got change. I gotta react got adapt number three those who make it when it's tough. They thrive on the other end and this became very apparent in countries where the vid pandemic was under control and things started to open up and economies started to kind of go back to normal. There are many businesses. That just threw in the towel. Just didn't adapt didn't change the people that survived that rough patch. The actually now are market leaders are now really thriving because there's a whole lot less competition. There's a whole lot less noise and people who made it. When it's tough can really go on and succeed when things are back to normal when things are easier for the business owner going through something like this is like going through a war. People can't just be business as normal when bombs are falling from the sky. It's a rough time but those who survived and its peacetime again. They're going to become the market leaders for the next foreseeable future. So people that do the first to really benefit those who know they can't control everything so therefore they prepare and they adapt and react properly. The survived that rough patch and they come out superstrong so even if you're in a country where things are still locked down. Things are tough and covert hang in there trying to lower your expenses as much as possible servive because you wanna see daylight. You wanna be there when this is all over you want to still be in business because then it's going to be a whole lot easier for you not only because you know. The challenges are over from the pandemic but because it weeds out the weak. It's like what phil knight says in his autobiography shoe dog. And i'm paraphrasing here. The cowards and never tried the week died along the way that leaves us

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