- Optionality killed many startups in good times, and will impact more in unprecedented times like now.
- We will hear a lot of bad news about tech startups doing layoffs or shuttering down.
- Remember that no-decisions is also a decision, and usually not a good one.
- The world has come to a standstill. It has never happened before in our lives.
- If you have 36 months of runway, consider yourself lucky and sit tight.
- If you can get to profitability, do it now whatever it takes.
- If you need to raise money, remember you are not in a position to negotiate terms.
- If you need to downsize, cut once and cut deeper.
- Don’t listen to the gambler in your mind, spending that extra month to get ahead of the competition when this is all over is not a good idea.
- To be ahead of your competitors by 1-2 years, you just need to keep standing when this is all over.
- Once your risk of ruin is reduced to near zero (as close to 36 months of cash as possible), take the opportunity for the smallest possible bet on a validated opportunity that will deliver outsized returns on your business, or you will learn about the fatal flaw as quickly as possible.
- This is the time to work on it since the world is going through an unprecedented pause.
- Again, secure survival before making any opportunistic bets.
- As you make your bet(s), remember that 20% of your efforts will yield 80% of the results so really push your thinking to find your blindspots and increase chances of success.
- The return to normal will not be rapid, it will be slow. The pandemic doubled every few days, the return will take months and years.
- It will be a new normal anyway, so time to re-think all your strongly held assumptions.
- We’re entering a new world of practical digitization focused on needs over wants, where teachers become influencers, and learning goes online in a rush.
- If you want to work on something new, make sure it’s a knife worth falling on.
- The job of the founder is to make better decisions than others, its a tough job and I wish you the best.
- Health, family and friends are most important, so take the time to be there for them. But first take care of yourself.