Founders are having to shift their focus from planning and executing growth strategies to survival strategies. Growth is still happening, but you'll see more foundational and root growth.
Khaled Hussein, a serial entrepreneur and investor, founded his first tech company, a development house, back in 2004. Khaled outlined five key tips that he has followed to respond to these ebb and flow times.
"If my experience as a founder has taught me anything, it's that you need to take a step back and take in the whole picture," he says.
We'll also add one more here....
6. Make sure the team that makes up your root system is solid.
A startup team is not just a group of people working together towards a common goal, but a close-knit family that has each other’s backs through the good and the bad times.
During economic slumps, many companies pull back and wait on the sidelines. That's a reactionary, short-term mindset and creates opportunities for other businesses that have their eye on the long term.
Embrace this time as a kick in the pants for creativity and innovation; with the right mindset and innovative strategy, founders can hold on. Stay committed to building your business and keep your eyes on the big picture.