Pivoting in a time of COVID-19
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Show Overview:
As we all adapt to the new normal as presented by COVID-19, we come together virtually to discuss how the Coronavirus has affected us, our friends, and brainstorm strategies that entrepreneurs and small business owners could use to pivot during these unprecedented times.
About GFGF:
The Get Found Get Funded podcast is at the intersection of entrepreneurship and social justice where we focus on entrepreneurship as a possible path to wealth creation — specifically for Black and Latinx communities.
Key Takeaways:
- If you are an entrepreneur or small business owner, you need to look for ways to adjust your business model and rely on your new strengths.
- Find equitable partnerships that can stabilize and benefit your business.
- This is a time for investors to look for businesses that are pivoting in a unique way, showcasing long term flexibility and focus.
- Keep your primary focus on the well-being of your staff and yourself, nothing is more important than this.
- Reset and mobilize your team, look for areas of weakness and strength and find ways to reorganize your business model to balance these out.
- Don’t be afraid to pause and reset, this is a necessary step to ensure you don’t burn through valuable resources.
Timestamps:
01:50 Unlikely result of the pandemic: venture investment opportunities
03:13 Hope for small business owners looking to keep their businesses alive or start over
07:00 Angel groups have been closing deals during this time
08:15 Time to look into equity funding campaigns
09:19 Unique opportunity to look into crowdfunding and platform building
11:23 How can you leverage what you have going for you during this time?
15:22 Unique examples of adjusting for success to the changes brought on by COVID-19
16:20 Using social media when one-on-one business is limited
19:57 New business vs. readjusting an existing business
28:36 Good time for entrepreneurs to flex their skills
35:36 Rare opportunity for new companies to become household names.
38:16 Looking at examples of adaptive business models that surround us, our studio!
39:45 Closing remarks/Outro
Items Mentioned in the Show:
Black Momma Vodka: https://blackmommavodka.com/
Giving Tuesday: https://www.givingtuesday.org/
Black Girl Ventures: https://www.blackgirlventures.org/
Quotes from the Show:
- “This is also an opportunity to look at equity crowdfunding campaigns, there are several that are out there. And that will be a good way for you to invest in a venture that you actually are interested in and have a passion about.”
- “We do acknowledge that this is a really rough time. And yet we really do want to offer a different perspective and some hope and optimism for a positive outcome on the other side.”
- “It's not about giving something up, but rather, it's about how we can leverage, you know what each other has in the best way to bring both of us forward further.“
- “I've seen partnerships help companies scale, even the largest I've seen partnerships, help companies solidify their position in the market.”
- “I think one of the things that is so amazing for entrepreneurs right now, is that they really get to showcase their entrepreneur muscles.”
- “It's a time for doing two things, number one, for getting super efficient with what needs to happen. But the other thing is to set boundaries and to really have time for self care.”
