How many times in your life have you been going down a road. Doing everything right. In business, this could mean, you had the perfect idea, the perfect plan, the perfect team in place, you executed flawlessly, and then something came out of nowhere and knocked you off course? It could be a shift in the economy, an illness, or something else you never planned for. And everything you did up to that point. Every phone call you made, email you wrote, meeting you held had to be thrown away. You had to start over.
Well, for many people, that’s what the events of the last week have felt like. In a time where we have had record increases in wealth, employment, and entrepreneurship, and when everything felt like it was going well, we got hit, not by financial crash, but something none of us expected, a global pandemic. The result has so far been the biggest drop in the stock market since the 1980s. And that’s just the beginning… In the last week we have seen businesses shut down, sports leagues cancel their seasons, and schools locking down.
Now, alot of people, like myself, were hoping these events would come and go. That their effects would be short-term, and then we would transition seamlessly into a strong economic recovery.
But the fact is, everything has changed.
And the more we learn about Corona Virus, the more it's becoming clear it will not come and go quickly. The business disruption it creates will lead to thousands of companies shutting down, negative growth, and recession.
This week, I’ve been totally overwhelmed by the number of partners, clients, and friends who have called to say:
Many of these people feel paralyzed. Like they can’t move. They are glued to the television and news websites.
They don’t want to be honest about what is going on all around them. They are hiding from the truth because they are embarrassed or uncertain or scared. They feel all alone.
And the clock is ticking.
And their bank accounts are getting smaller every day.
When the market crashed in 2008, I took a beating! I had made a lot of money. I had sold a company to the Virgin Group and had the opportunity to work with my hero Richard Branson. Until, the market crushed. Then, I lost everything, went around $400,000 in debt, lost my company. And it all happened in a few short months.
The whole time, I was “hoping” things would change. And hope is not a strategy.
I felt paralyzed because I “didn’t know what to do”.
I was waiting for the cavalry to come, someone to save me, and they never did.
And looking back, I just wish I had a roadmap, a guide, a simple set of instructions that would teach me not only how to survive, but THRIVE in a down market.
And even when we face uncertainty, there are a simple set of rules, a playbook for managing through a crisis, that remains the same. I have taken all of my personal experience, my work writing two best selling books on entrepreneurship, and interviews with people who are the very best of the best at what they do like Daymond John, Gary Vaynerchuk, Barbara Corcoran and more to create the guide I wish I had.
And I want to share with you.