When we decide to start a business, there are situations that are beyond our control.
Issues such as economic and political changes,
and even natural disasters, are difficult to plan for and can affect
the development of our business and, on occasion, put its survival at risk.
[TEXT: The Resilient Entrepreneur: Planning, Adapting and Persevering] Welcome to The Resilient Entrepreneur: Planning, Adapting and Persevering.
[TEXT: Persevering Through Challenges Written by Angelique Sina] This lesson is "Persevering Through Challenges."
[TEXT: Angelique Sina] This lesson was written by Angelique Sina, president of Friends of Puerto Rico
[TEXT: President of Friends of Puerto Rico and creator of the Hurricane Maria Recovery Fund.] and creator of the Hurricane Maria Recovery Fund.
She is an entrepreneur, a first responder, a farmer and a small business champion.
Her mission is to create a pathway out of poverty for women
and youth in Puerto Rico by teaching them entrepreneurship and farming skills.
As a former relationship manager from the World Bank Group's International Finance Corporation,
she believes in applying global solutions to local communities.
[Founder of Café Ama Love and Sinabel Emergency Response.] She is the founder of Café Ama Love, a social enterprise
with a coffee line that directs all funds to support small businesses in Puerto Rico
and Sanibel Emergency Response,
an emergency management firm based in Washington.
[TEXT: Graduate of the University of Puerto Rico,] Angelique is a graduate of the University of Puerto Rico,
[TEXT: Johns Hopkins University and Stanford University Business School Johns Hopkins University and Stanford University Business School.
As a founder of multiple companies
that have all been at risk due to uncontrollable circumstances,
Angelique hopes to share some key lessons that will allow your business
to become resilient during challenging times.
Angelique was born and raised in the Caribbean.
She notes that her home island, Puerto Rico, has faced hurricanes,
tropical storms, flooding, earthquakes, COVID-19 and political instability.
In this lesson, she will share best practices
young entrepreneurs can implement to help cope with these changes,
pivot and emerge with new ways of doing business.
[TEXT: Evaluate your business model] Evaluate your business model.
If you are selling directly to consumers,
consider your capacity to sell to other businesses.
Consider how you can expand your offerings should your main products
or services not meet customer demands or be unavailable in a crisis or disaster.
A business owner with multiple sources of income
is better positioned in the event one source goes away.
You should also evaluate the way you receive revenue.
Does your business accept only cash or credit cards?
For flexibility, speed and more payment options for your customers,
and scalability, integrate electronic methods of payment
and have them available on your website via an e-commerce platform.
[TEXT: Be ready] Be ready.
Don't let unforeseen circumstances defeat your business.
When was the last time you updated your employees’ operational procedures?
Your team must be ready to fill in any position with or without you.
Having detailed standard operating procedures and contingency
and emergency response plans is crucial for your business.
What are essential functions and how will you get them up and running?
Are your records backed up, protected and easily recoverable?
What are the roles of your employees during and in the immediate aftermath of a crisis?
How will you communicate with your employees and customers, particularly
if major systems like telephones and Internet service are down?
Can you and your team work remotely from home or elsewhere
if your primary location is unavailable?
Angelique recommends business owners identify a trusted team member
or family member and give them access to these documents.
It is ideal to select someone in an alternate location
who can be the emergency contact if something happens to your business site.
[TEXT: Adapt] Adapt.
Some people say that adaptation is the secret to the survival of our species.
The same thing happens in the business world.
Adapting to change in the business field requires us to:
[TEXT: Have a fast-response capacity.] Have a fast response capacity.
[TEXT: Recognize the scenarios of change and act in accordance with them.] Recognize the scenarios of change and act in accordance with them.
[TEXT: Know the new business terrain as much as possible.] Know the new business terrain as much as possible.
[TEXT: Be flexible when things change.] And above all, be flexible when things change, which is the main key to adapting.
[TEXT: Be prepared] Be prepared.
The risk of natural disasters
and their effects on businesses is a real and persistent threat.
And those first few minutes, hours and days can be critical
to a business's survival.
So advance planning is essential.
Your plan should be familiar to everyone in your organization.
Hold practice and accountability drills to ensure everyone knows their role.
In the immediate aftermath of a natural disaster, consider having some
or all of these essential items available to you and your employees.
First aid kit, bottled water, flashlight, or other battery operated light source,
paper notebook and pen, radio to receive communication,
extra batteries and a battery backup for your computers,
solar energy chargers, and a backup generator or solar panels,
extra gas or diesel for your vehicle and equipment,
a printed list of employees and emergency contact information.
[TEXT: Execute passionately.] Execute passionately.
Whatever the situation you and your business are facing, remember this differentiating factor.
Execute passionately to grow your business.
Give the entire contingency and emergency response plans
the love and dedication you have for your business.
Work tirelessly for yourself and your community.
Do not give up in the face of obstacles:
This force will drive your entire strategy.
Remember that moments of crisis don't last forever,
but strong people do!
[TEXT: For more on this course and to access related resources,] For more on this course and to access related resources,
[TEXT: visit our website.] visit our website.