The Ongoing Crisis Should Not Be Wasted
While crisis create damage and lossses, they also create ideal change opportunities that did no exist. Time to seize the opportunity!!!
It is always wise to try to search for the positives around you, especially in the midst of a crisis situation. It may seem impossible to accomplish at the time, and you may not always have control over the circumstances. However, you do possess the power to control how you react and control the crisis as opposed to being controlled by the crisis. Instead of getting distracted and lost in turmoil, if one chooses to focus on any good that can emerge from it like knowledge gained, lessons learned, and potential growth, neither the future nor the present needs to be so grim.
Sometimes, no matter how terrible an event becomes, people can still discover a tremendous amount of good, gratitude, and humanity among the wreckage. The recent pandemic has certainly left a long and wide trail of pain, loss, devastation, and mental health challenges, but it has also proven to be an exceptional catalyst for incredible discoveries, opportunities, and growth both personal and in business. Along with a major increase in consolidations, mergers, acquisitions, and complete shutdowns of companies, especially small businesses, there has also been an ever-growing number of people who are discovering new and even better ways to earn income and adapt. At-home digital work opportunities and entrepreneurship have skyrocketed, along with their success rates. Rather than being “swept away,” society has found alternate and often improved functioning methods. People have started companies at an unprecedented rate and have tapped into the amazing ingenuity they are capable of.
The pre-pandemic world differed so greatly from the one in which we currently live. If nothing else, people from all over the globe have learned about crisis management, early preparedness and resilience, “outside the box” thinking, and most importantly, relentless perseverance. The pandemic has also made possible a tremendous range of options and opportunities that were nonexistent in the past due to previous restrictions and laws. Although the medical, technological, and financial industries have enjoyed the most benefits and innovations, all fields have been affected. An endless array of discrepancies, flaws, and failed policies that have existed for decades were also brought to light, providing perfect opportunities to address and rectify these ineffective, dishonest, and sometimes even harmful practices.
Other major changes that have transpired include the way companies accept payments, receive and deliver inventory, maintain operations, and provide services. The utilization of digital payment and delivery options has increased exponentially, and the digital enterprise has been forever changed and enhanced. The democratization of finance for instance is one of the revolution that has accelerated throughout the crisis and the future will likely exist without costly bank intermediaries.
As we start returning to pre-pandemic conditions, and the mental stress start easing, we will return to some of the more in person based transactions. This includes the way we shop, the way we socialize as well as the way we attend or practice sports. This in part also explains the significant stock volatility and correction of these stocks that grew exponentially during the “digitaization acceleration” during the pandemic. These includes companies such as Netflix (down 120% year on year), Peloton (down 300% year on year), Amazon (down 20% from its peack) and Robinhood (down 80% year on year). In spite of the return of the normalcy, market volatility, high inflation and potential recession risk will persist. This wave of market turmoil and economic contraction is the result of the trillions of dollars of liquidity injections (by central banks), coupled with geopolitical instability triggered by the Russian invasion of Ukraine. In other words the good news is that we are slowly going back to normalcy, but the bad news is that we will all have to pay the price of these market externalities and adjustments.
You can find more information online about the effects of the COVID-19 pandemic on society, as well as possible techniques and solutions for handling some of these changes and troubles. There is also a plethora of ideas, tips, and guidelines for starting your own business and perhaps becoming an entrepreneur yourself. We share more insights in one recent article called “As Macchiavelli said, don’t let a good crisis go to waste”. The bottom line is, people are incredibly resilient and their ingenuity emerges during the toughest times.
About the author
Andrea Zanon is a Founder, CEO and experienced technology and impact entrepreneur who has made powerful strides in his career. He is currently the CEO of WeEmpower Capital, which he founded in early 2018 and which promotes ESG.