Make no mistake, this is turning out to be the greatest challenge of our generation or perhaps for many generations. What has hit us is not a one off event, it is a volley! The pandemic will be followed by a Series of crises. It is going to be anything but new normal. As a result I think we need a new strategy to deal with this incredible challenge, one that allows us to anticipate, prepare & adapt to this whole new world. Hang on, what whole new world?
The world is changing in profound ways we don’t understand yet
The world economy is already in a recession. Shortages of food are expected, especially in the lower income countries. The ripple effect of coronavirus on public health infrastructure is going to inevitably mean more suffering and death. As a result, many cities will suddenly find big companies moving their employees to “cloud”. Twitter, Facebook, and Shopify have already announced permanent work from home as an option. Some have announced they will become 100% remote.
What are the implications?
What happens to real estate? rentals in places like San Francisco? Also, why can’t companies like Shopify then hire a fully remote talented engineer in Manila? Or Dhaka? How will this change the Job Market? Will Bay Area remain lucrative? what about Bangalore? Will Harvard, and Stanford be the same they used to be? Will we as a generation accrue same amount of education debt? What about retail to e-commerce shift? Shift from television to streaming? What about shift towards cashless? Cryptocurrency? Remote education? Rest assured, many have already become mainstream and are here to stay. Everything is on hyper-drive. In conclusion, it is mind numbing and we won’t be able to stop it or slow it down!!
Prepare for anything but new normal
Many governments around the world fumbled, jumbled and simply didn’t get their head around what was coming. Many touted this just as a flu, others said we will acquire “herd immunity”, some were debating until it was too late. This is not the criticism of the governments, they have a tough job balancing precaution with overreaction. However, it underscores the nature of the challenge. It is completely unpredictable. Although some have done better than others, and there are lessons to be learnt. The unpredictability stems from the pandemic itself, for instance, it cannot be predicted whether therapeutics / vaccine will arrive in a month or in a year or in a few years. Although most of us have an optimism bias, it is a dangerous proposition if it does not prepare us for what is coming.
Anything but new normal presents opportunities as well
WHO’s chief scientist recently painted a bleak picture suggesting it will be 4-5 years before the COVID-19 pandemic is under control. We cannot assume that people in charge, or governments necessarily know what they are doing. You need to be in charge. Do what feels right, don’t let anyone tell you that they know better. The more original solutions and meaningful actions the more our chances of coming out stronger as a community. Especially, the younger generation has a massive responsibility to figure out what is wrong and fix it and also build a better future. If someone has an issue with how you are doing something, then let them do it their way and you let history decide who did it better. Remember, all crises come with great opportunities.
Adapt and build a community for what you believe in
We need to adapt to the changing landscape. Many small private label retailers and some big fashion brands are now partnering with Amazon to keep going. Some of my dear friends have completely changed their area of expertise and adopted to upcoming technologies such as Cloud, AIML among others. I have seen a massive push in areas such as group buying, where farmers sell their produce direct to the consumer – cheaper prices, fresher produce, and elimination of middlemen. No big tech involved, whatsapp and google sheets do the job just fine for these pandemic entrepreneurs. Many of our team have joined up with academia, and friends to help governments make policy decisions. All of these are heroes in my opinion.
Passion economy has become very big as well!
Passion economy is about celebrating individuality and sharing it with the world, and in return getting paid handsomely for it. As per the linked article, the top writer on the paid newsletter platform substack makes US $ 500,000 a year from reader subscriptions. All of us have hidden teachers, cooks, music tutors in us, and we too can make an opportunity from it. Turn to YouTube and start a v-log, open that Shopify storefront you always wanted to sell Socks, write a blog, create a private label on Amazon, start a podcast, help someone with parenting, pick up someone when they are feeling low, or help a stranger who needs a job. Do something you are passionate about, and who knows you may have the next million subscribers.
Good luck on your journey, it is going to be unique and challenging, but I promise you it will be worth it. After all we are in anything but new normal.