Getting back to the raw, a key recession survival notion will require some tough choices. Some may include eliminating non-profit generating divisions and as a direct result lead to job losses for the talent employed there.
Such a move does not really help the economy at large but does help a company stay afloat by not accumulating losses. What’s an entrepreneur facing such a choice to do?
Save the economy? Save her or his company? Stay loyal to her or his talent?
Those are challenges that I would not even wish upon my fiercest competitors. Decisions like those try an entrepreneur’s soul and my take on the situation will make the mood even more somber.
Entrepreneurs have to look after number one. Their mandate is to save their business.
It’s unfortunate that people will have to be let go. It’s unfortunate that some will have to accept a salary cut, it’s unfortunate that some contributions to charity will have to come to a halt and so forth.
That’s entrepreneurial life and it’s unfortunate.
The best thing to do is for the entrepreneur to save her or his company and guarantee its future then after the rain in times of good fortune, goes back to hiring talent, increasing the salaries and add some generous bonuses and resume contributions to charity.
Those entrepreneurs who cannot face the tough realities early and take preemptive measures will find themselves flirting with Chapter 11. Better cut their losses, keep afloat or turnaround their companies to be able to see the next quarter.
Like I said, I do not wish this tough call on anyone. But when the time comes, action will have to be taken promptly and decisively. That’s the entrepreneur’s mandate.
