How to survive or even thrive in a pandemic — By Professor Chris Imafidon
Sections of the popular press tend to paint a very bleak picture of the pandemic and the associated loss of lives and livelihood, but in amongst this dark cloud, there is a silver lining for you if you can understand the hidden link between education, employment and entrepreneurship. This skill can be learnt, it is not genetic and can make success achievable even at turbulent times.
EDUCATION
The world went through the Spanish flu pandemic in 1918, and by 1919 light appeared at the end of the darkest tunnel, and the world began to recover and flourish. In May last year at our series of meetings in London, the multiple bestselling financial education guru, Dr. Robert Kiyosaki, made the following powerful statement:
“I am concerned that too many people are focused too much on money and not on their greatest wealth, which is their education. If people are prepared to be flexible, keep an open mind and learn, they will grow richer and richer through the changes. If they think money will solve the problems, I am afraid those people will have a rough ride.”
Our greatest wealth is education. This must not be confused with what happens within the four walls of a classroom. That is called schooling. The outcome of schooling is certification, but the outcome of education is wealth. Schools can become obsessed with inflexible curriculums and teacher-led activities instead of focusing on individual learners’ needs or talent. So, in turbulent times, as experienced by our grandparents in 1918 with the Spanish flu pandemic, what saves the day is flexibility and adaptability after re-learning to work with the new dynamics.
This re-learning and education rapidly opened up new employment opportunities and re-defined the boundaries of entrepreneurial activities. South Africa’s ex-President Nelson Mandela put it succinctly when he said that “Education is the most powerful weapon to change the world”.
According to Official UK government statistics, over 50% of businesses experienced a decrease in turnover this year, with the accommodation and food service industries having the highest percentage of businesses experiencing a decrease, at 79%. Before the pandemic, the government expected to borrow around £55bn this financial year. Seven months in, the government has already borrowed £215bn, and the total is expected to hit £394bn this year, the highest level seen in peacetime.
These government figures represent a new vista to learn about the new situation created by both the market and the response of the government to it. The businesses that are adversely affected can quickly study their current clients and note their new needs, demands and aspirations. Once that is established, and researched, one can then reach out to current partners, affiliates and pivot or develop new goods and services. If we look at the UK government’s information, we can clearly see that the accommodation, food and financial services industries are experiencing massive changes. This has led to crisis for some and great new opportunities for others. In Chinese culture, this is an even more fascinating phenomenon.
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ENTREPRENEURSHIP
In the late 1990s, I was honoured to be one of the first Western senior lecturers invited to teach and supervise MBA students in China. It was in Beijing that it became clear that the Chinese ideogram for “crisis” is made up of two characters signifying “opportunity” and “danger.” After several interactions with most of my students who were middle/senior managers, it’s easy to understand why “a crisis is an opportunity for change and growth as well as a danger of regression or stagnation,” This is exactly what every entrepreneur, employee and student should understand about our current economic climate.
This also resonates with the writing of Charles Dickens, stating, “It is the best of times, and the worst of times”. It is the worst of times if one refuses to be re-educated, re-learn and re-brand or seek insights. But it represents the beginning of the greatest era for anyone who renews their minds and understands that data is the new “oil” or “gold”. The new provides insights into how data can be mined and existing relationships built upon. It then exposes anyone to the very best of times in the form of innovation which is a direct product of education, leading to new services and products according to market demands. One quick example is how Zoom or Teams, little-known apps before March this year, have exploded in user numbers. Another example is a hardly known Artificial Intelligence firm from Silicon Valley called Fireflies now assisting organizations such as Salesforce, SLACK, Microsoft etc. with online meetings and supporting students at Oxford and London. In the first quarter of 2020, the number of Zoom customers with more than 10 employees increased by 354%!
EMPLOYMENT
So the real questions that should be keeping everyone awake today, are a) how best can we serve our clients now? b) How best can we assist the last client we served before this turbulence? and c) What are their greatest needs TODAY, and can we or our existing partners or staff meet their new needs, demands or aspirations? Can we become their new suppliers?
I spoke at a recent Zoom meeting on “Surviving the sad pandemic times”, and I made it clear to the retailers who were present how they can achieve this new posterity. A bookshop proprietor asked me how their sector can apply this principle, and so I did some exercises during the Q&A which proved that his bookstore could easily transform to a learning centre, education provider and online knowledge base for training, therefore allowing him to survive the pandemic.
We must all see our clients as a person or organization using our services on a long-term basis instead of a one-transaction customer. A customer is someone who purchases your services from you while a client is someone that seeks and uses your professional advice.
In the middle of the most terrible storms, there are many opportunities to learn or gain new insights. The application of these lessons leads to innovation, rebranding, entrepreneurial and employment successes, so the key is to apply them to your business if you want to survive, and even thrive, in this pandemic.
Professor Chris Imafidon, a multi-Guinness World Record holder; Internationally renowned adviser to monarchs, governments, presidents and corporate leaders; Mentor to New York Times Bestsellers and a Sunday Times Op-ed author.
Would you like to share your story or expertise with our readers? Contact our editor-in-chief, Rafael dos Santos, by clicking here.
High Profile Magazine Editor-in-chief Rafael dos Santos
