Food For Thought: Has the crisis crushed our entrepreneurial spirit?

Welcome back to #FoodForThought, a newsletter serving up food for your brain — exploring news headlines, economic trends and workforce issues. Below, you’ll find insights from small business show #TogetherInBusiness and a spotlight on resilience. Hit subscribe above to be notified of future editions and share your thoughts in the comments.

You don’t have to look far to see companies engaging in new entrepreneurial activities — from distilleries producing hand sanitiser to fashion houses manufacturing face masks. This entrepreneurial 'dynamism' is critical to rebooting Australia’s economy post-coronavirus, says RBA governor Philip Lowe.

With companies like Uber, Airbnb and Canva borne out of, or in the years following, the global financial crisis the race is on to see what multi-million dollar business the coronavirus pandemic may produce — as chance (and external pressures) prompt businesses and individuals to step out of their comfort zones to become more innovative. 

But research reveals that Aussies are holding themselves back. Almost half of Australian entrepreneurs agree they see good opportunities but would not start a business for fear it might fail, compared with just over a third of Americans.

Has the crisis killed our entrepreneurial spirit? Or is now the time to grasp opportunity?

This week on #TogetherInBusiness, Yellow Brick Road entrepreneur Mark Bouris AM, communications expert Yatu Widders Hunt and co-founder of HungryHungry Mark Calabro joined me to discuss entrepreneurship. Together, we covered:

• The role of government and regulation in the startup landscape.
• Where to start when building an effective communications strategy.
• How to assess your financial readiness to launch a new business.
• Staying motivated in crisis times.

Watch: Together In Business in full above

Latest conversations

The owner of cheese brand Coon will change its name because of racist connotations.

A record number of hotels are currently being built in Australia, raising concerns about whether the beleaguered industry can support more players.

Sick Victorian workers without access to leave are being urged to stay home and apply for a government payment to help make ends meet if needed. 

Australia’s self-employed workers are feeling more confident when it comes to their jobs, finances and careers, according to LinkedIn’s seventh Workforce Confidence Index. 

The government has unveiled the biggest deficit since World War 2 in a special budget update.

Resources for your business:

• How Treasury is supporting small businesses.
• Income support for sole traders
• The Australian Small Business and Family Enterprise Ombudsman My Business Health portal.
• Information, grants and assistance state-by-state.
• COSBOA COVID-19 small business quick links.
• The Australian Chamber of Commerce and Industry's employer help guide.

Spotlight on: Resilience

Resilience is a muscle, writes Rebecca Minkoff of the Female Founder Collective.

"The more you fall, the easier it is to get back up. Your recovery and bounce back period decrease every time."

And while the coronavirus crisis is tumultuous for businesses and workers globally, it could also be a unique opportunity for executives to learn to become resilient and innovative. 

Australian leaders should be focusing on short and long-term strategies for staff, encouraging ingenuity in response to shifting markets and using this challenge to broaden their own skillset, say executives including former AMP chief Andrew Mohl. 

Together In Business: Building your resilience muscle

Want to learn how to build resilience in crisis times? Join LinkedIn News Australia on Tuesday at 2pm AEST for a new edition of #TogetherInBusiness; a weekly LinkedIn Live show talking about the issues that matter to small business owners and their employees. 

Each week, we'll hear from business experts on topics like maintaining cash flow, retaining customers, wellness and the economy. 

Next time: OzHarvest founder Ronni Kahn, leadership expert Kylee Stone and GoDaddy’s Suzanne Mitchell join me to discuss resilience and wellbeing and answer your questions live.  

We want to hear from you. What are the challenges your business is facing? What tools have you adopted during the crisis to maintain a positive mindset? What have you learned about your own mental wellbeing during the crisis?

Share your thoughts, queries and questions in the comments below and we’ll answer them in next week’s show.

Watch #TogetherInBusiness live Tuesday at 2pm AEST. Follow LinkedIn News Australia to receive a notification when we go live.

Something for you

Each week, I try and end on something to make you smile and think:

• Just about any recipe for success someone might offer usually includes a healthy dose of perseverance, and for good reason. Here’s why grit, on its own, is not enough.
• Trusting our gut is what used to keep humans safe for thousands of years, but over time we have been trained to rely on cold, hard data instead when making decisions. Here’s how to get back in tune with your gut instinct. 
• Repeatedly saying yes to things we don't want to do can build resentment and contribute to depression. Here’s how to avoid the dark side of people pleasing.

Additional reporting by: Andrea Beattie, Pieter Cranenbroek, Cayla Dengate, Scott Olster, Capucine Yeomans

(Photo credits: Getty Images)