How to prepare for a crisis as an entrepreneur

Before you start as an entrepreneur you should already have planned for some worst case scenarios that you might come across in your entrepreneurial journey. And after you have taken the necessary action steps to reduce the risks that come with some of these scenarios, put the plan in some drawer and forget about it. Because otherwise you might never take this journey at all. Because let´s be honest, things can and will go wrong.

And then you might also be hit by a crisis that you have not seen coming at all. So, how do you prepare for that?

  1. A crisis never comes by surprise, but usually starts announcing itself long before we call it a crisis. So look out for what is happening around you and in the world, and think about how this might affect you and your business.
  2. Take a step back and breath. A crisis has a beginning, a peak, and an end. So, instead of panicking, try to stay calm and think logically about your next steps. Instead of focusing only on “putting out the fire” take some time to think about what good might come out of this crisis and what steps you need to take to benefit in the long term.
  3. Make sure you have a financial cushion before you start your journey that helps you get through tough times and start growing it from the very beginning. A good financial planning will help you with this.
  4. It is your responsibility to prepare for any crisis and not just wait for others to help you out of it when it has become too big to handle.
  5. And last, but not least, remember that you are never alone in your journey. When things start to go really wrong and we are absolutely panic-struck, we often tend to forget that we do have a network we can talk to.

As an entrepreneur and in life in general, you can never plan for everything, and it is impossible to reduce the risk to zero. But when you follow these tipps, you will realize that you will come out of any crisis. Maybe a bit shaken, but definitely stronger than before.

“I finally figured out that not every crisis can be managed. As much as we want to keep ourselves safe, we can’t protect ourselves from everything. If we want to embrace life, we also have to embrace chaos.” ― Susan Elizabeth Phillips, Breathing Room