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This has shown that a lot wrong with the global economy, and by extension, it will affect startups. This downturn could be likened to the economic depression of 2008. In 2008, millions of workers were laid off and many businesses shutdown. Despite the presence of declining economy, young startup founders, especially those under the age of 35 who experienced economic depression in 2008 as teenagers and children, can deploy strategies to stay afloat. Below are tips that can help young startup founders stand strong and stay afloat in the face of economic downturn.
Strengthen Organizational Trust
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Finally, as a leader, you must lead by example by investing in your peer relationship, and encouraging your team.
Show Resilience In Leadership
Invest In Employees With Diverse, Adaptable Skills
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This as well should be adapted in the workplace where employees are reskilled to stay afloat. Investing in team’s knowledge is a way of building agile organization. Also, startup leaders must build adaptive measures within workplace. For example, cutting down of expenses and collapsing similar departments into one, to avoid unnecessary expenses. Moreover, startup leaders must help their team to multi-tasks and as well provide tools that help them to do these tasks well.
Final WordsIf you’re a startup founder under 35, the thought of a down market may feel overwhelming and as well difficult to overcome; however, economic downturns come and go. What matters most is applying coping mechanisms and strategies while the storm rage and then pass away. How to get around economic downturn is by building an agile organization where the leader displays resilience and strength and leading with courage. Also, it is a time when there is economic depression, you have to build adaptable and diverse measures such as reskilling your team and providing tools that makes changes easier. Featured Image Source: Business Review
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