Many businesses have been hit hard by the current crisis and many entrepreneurs are desperately seeking ways to replace lost income. And yet, other businesses seem to sail through even the worst of downturns.
What makes the difference? A huge factor is whether you, as a business owner, understand uncertainty and know the right strategies to respond. And in this video, we take a deep dive into exactly that.
In case you haven't seen it yet, check out part 1 here.
Topics Covered in This Episode
- What everyone gets wrong about uncertainty (because the human brain just isn't made to fully understand what uncertainty even means).
- How knowing what you don't know can save your butt in a crisis.
- Strategic approaches (and examples) for how to survive and thrive in a short runway, medium runway and long runway scenario (click here to learn what all the runways are about).
- Probablistic thinking, "future headlines" and other mental models that can help you make sense of all the chaos.
Links & Resources
- Superforecasting by Philip Tetlock - excellent book about the typical failings of trying to predict future outcomes (and ways around them).
- Stretch by Scott Sonenshein - discover why some organizations are so much more resourceful and creative than others.
- The Lean Startup by Eric Ries - the now legendary book on how to bring an agile approach to entrepreneurship. Good read, although it won't save you in the crisis (as discussed in the video).
Honestly, the best entrepreneurial content online. So much truth and value. It’s a crime you don’t have 100x the views on the YT channel.
Avid Thrive Themes user! Keep smashing it
Thank you for your comment, Andrew! That’s a very kind compliment. :)
Outstanding Shane, keep it coming. This is a perspective people need in light of all the negative news coming our way.
Thank you, Jerry!
Shane, love the new look of your site. Which template is this in the new Thrive Theme Builder?
Hi Sherman, it’s using the Shapeshift Thrive Theme. The only one we have, at the time of writing. :)
Great conversation and great value. Thank you!
Thank you, Jay!
Valuable content! Can’t wait for the next one :)
Maybe give us a trailer sneak peek!
Thank you Shane for sharing all these amazing videos.
Keep it up man.
Thank you! Next episode coming very soon!
Great approach and strategies. Thanks Shane. :)
Thanks for your comment!
Shane, you are a young man with ‘wisdom’ beyond your years. Appreciate all that you do. :)
Quality content Shane!
Great video, thanks.
I just finished reading Dan Heath’s book “Upstream: the quest to solve problems before they happen” so it’s more about preventing bad things to happen not how to deal with them when they happened. But one thing that really struck me was, he says:
“Our brains, when confronted with complexity, will often perform an invisible substitution, trading a hard question for an easy one. When faced with a difficult question, we often answer an easier one instead, usually without noticing the substitution.” (S.158-159)
He also talks about “Ghost victories”, that can fool almost anyone—even (or perhaps especially) the people achieving the “successes. Ghost victories are results you achieve that look like a success but then in the long run they turn out to have created even more and bigger problems than the problem you thought you solved successfully.
I thought those were two really interesting concepts that you might be interested in exploring if you haven’t already. Especially the one with our brain answering the easy question instead of the difficult one could relate to what you said about not just substituting in-person yoga classes with Zoom yoga classes but actually building assets so that after the crisis you didn’t just survive the crisis but actually are further ahead than before.