In this video, Patrick Bet-David discusses the many lessons 2020 has taught us thus far.
While 2020 has been a challenging year for so many, we would be doing ourselves a disservice if we did not make the most out of every challenge to draw important lessons to learn from as we move forward.
These are the 15 biggest lessons Patrick Bet-David has taken from this year.
Not All Crises Look the Same
While crises are difficult to predict and all bring their unique set of challenges, the process they put us through is very much the same. The way we respond, in order to overcome them, never changes. Therefore, it would behoove us to study each crisis we have gone through and analyze the elements that either helped us succeed or completely broke us. By doing so, we will implement better practices for the next crisis whenever it comes.
A Hero Emerges
Crises serve as an effective filtering process out which heroes emerge from. It separates the strong from the weak and shows us what we are really made of. What has the last crisis revealed about you and what can you improve based on that revelation?
Cash Is King
During a time where so many preach the idea that cash is trash, this year has taught is that it is quite the opposite. Cash is king. Having cash gives you flexibility in a time of crisis and allows you to invest when few have the ability to do so, giving you an edge over the competition.
Research & Draw Your Own Conclusions
As a leader, it is incumbent upon you to research and study current events to draw your own conclusions, instead of taking what a news anchor says as gospel. Relying on someone else’s research, opinions and conclusions can lead to making the wrong decisions and thus, suffering the consequences.
Operating Your Business Remotely
The quarantine has showed us that it is important to develop an effective way to conduct business remotely. Being able to hold each other accountable without being in the same office can certainly be challenging. Whoever can solve that problem will have an advantage moving forward.
Pandemic Proof Business Models
This pandemic has led many to audit their business plans to ensure they can continue to thrive in the midst of government restrictions, fear and economic collapse. Being able to pivot quickly and prepare for the next crisis will give you a competitive advantage moving forward.
One of the most dangerous things you could do in a crisis is allowing yourself or others in your family to make decisions led by emotions. More often than not, emotional decision-making brings with it unintended consequences. This is because emotions are not necessarily based on facts and rarely account for important factors that will impact the desired outcome. Thus, is always best to wait to make decisions once emotions have subsided.
Operating on small business margins put you in a very vulnerable position that will inevitably lead to you to go out of business. If you are currently in that position, it would behoove you to restructure your business or transition to a new one with big business margins.
Predicting the Future
Not even the experts can predict the future. During this pandemic we had experts give contradicting advice as the situation evolved. Taking what anyone says as gospel, especially with regard to the future, is too big of a risk. You will be better served by doing your own research and drawing your own conclusions.
During times of crisis, the media grows more powerful. It is important to consider how that will impact your business and personal life to leverage it to your advantage.
Social Media also becomes a lot more powerful during times of crisis. Anyone with a phone is now a reporter who can expose what they are seeing to millions of people with just a few clicks. Learning to leverage that power to your advantage will give you a competitive edge.
Similarly to emotional decision-making, emotional reaction/impulses can lead us to do things we wouldn’t normally do or say. This year we witnessed how poorly we reacted based on emotional impulses from viral videos on social media and the like. Having the emotional intelligence to wait until emotions have subsided to act will help you thrive during a crisis.
While conspiracy theories are filled with fiction and misinformation, there are a few instances in which you will find factual stories labeled as a “conspiracy theories.” This is particularly prevalent during times of crisis, where many groups of people might want to hide key information from the public.
Life Is Fickle
The pandemic has taught us how fickle life really is and how important it is to savor each moment. It is easy to get busy with the tasks that come with achieving your goals. However, it is important from time to time to take moment to and focus on the present, because tomorrow is not promised to any of us.
Your Next Five Moves
Lastly, you ought to always have your next five moves laid out in a clear and concise manner. This will give you sense of direction, especially when things go wrong. Thinking of your next five moves in the event of a crisis is what separates the pros from amateurs and the winners from the losers. What are your next five moves?
Recommended Video – 8 Ways to Prepare for a Market Crash https://youtu.be/PUB3pFA_RBA
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