The mind-body connection we would all like to be better at mastering.
Growth and Building Your Roots
Building your roots and surviving as a founder in this market.
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.
- To respond effectively, you'll want to be informed – well informed.
- Once you're informed, you need to communicate with your stakeholders.
- Don't follow the crowd. Be creative.
- Be strategic. Take the long view.
- Don't wait to make difficult decisions.
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.