3 Things To Do Right Now as an Entrepreneur

Written By PETER DIAMANDIS

[Editor’s Note: This article originally appeared on the author’s blog. For more of his thoughts on Covid-19 and business in general, click here.]

In the midst of this global pause, during which many of us are under lockdown in our homes for likely 60 days, this is a perfect window to do the following 3 things when business ramps up again.

1. REINVENT YOUR BUSINESS

• There are two key pieces of advice here: First, if you haven’t digitized your business yet, now is the time! Figure out what processes, assets, products, or services you (or your company) currently implement in an analog fashion and figure out how to digitize them. Once you digitize them, you’ll be able to dematerialize, demonetize, and democratize your products and services.

• What does this mean? The digital camera digitized film. Netflix digitized Blockbuster. Google digitized the library. And Zoom is digitizing in-person meetings.

• Second, if you have a product or service that is not doing well, now is the time to kill it. Once you bury it, you can then take resources – cognitive, monetary, and human capital – and focus them on a digitized version of what you’re delivering.

2.REINVENT YOURSELF

Sixty or 90 days of “sheltering at home” is enough time for you to create new habits and traditions that will stick with you for the rest of your life. Consider habits that serve your health, which in turn aid in strengthening your immune system, now a global focus in the epidemiology spotlight.

• Sleep. Maintain a regular sleep schedule, where you’re getting at least 7 hours and targeting an optimum of 8.

• Exercise every day. One app I highly recommend is the Johnson & Johnson 7-Minute Workout, and it’s free!

• Meditate. By creating and maintaining a meditation practice, you’ll see a considerable reduction in your cortisol levels, thereby reducing stress on your immune system. I often use neuroscientist Sam Harris’s app, or Calm.

• Diet. Right now, I’m heavily focused on intermittent fasting, focusing my eating between about 4:30 p.m. and 8:30 p.m., and fasting the majority of sunlight hours. I’m doing this 5 days a week, but even doing this one or two days a week is highly beneficial. The data is clear: intermittent fasting increases vitality, energy levels, and mental clarity.

• Family traditions. How about creating new traditions with your family? What conversations have you never had with your brother, daughter, spouse, or your elderly father that could teach you something new about them? Craft new traditions, engage in storytelling, and be intensely curious. Odds are you’ll uncover surprising experiences, opinions, and wisdom you never knew someone had.

• Quit smoking. Finally, if you’re a smoker (or vaper), now is the time to quit. There’s never been a better excuse to hunker down and stop the habit (particularly as it increases the severity of a Covid-19 infection).

3.LEARN NEW THINGS

It always stuns me that the vast majority of us let years and even decades pass without ever discovering subjects or hobbies we have a natural affinity for. Whether it’s architecture or astrophysics, learning new things isn’t just a temporary activity. It’s an invaluable ritual that keeps us cognitively sharp and turns us into lifelong students. Pick 3 books you’ve had on the back burner to read now. Or dive into an online course that covers a technology you know nothing about. (If you’re a member, my Abundance Digital portal spans everything from 3D printing to virtual and augmented reality, and includes digital coaching from me.) Or find a docuseries on a totally foreign subject matter.

THE VITAL IMPORTANCE OF MINDSET

Your mindset is everything! A negative mindset will never lead to a positive life. The human brain is wired to look for danger. And when we see danger, it puts us on red alert, clouding our mindset.

Consider taking a diet from the news (or viewing it in moderation). Instead, focus on the positive things, like gratitude, or your ability to reinvent your business and build new skills. We live in a time when we can solve many problems, and our collective action in tackling this pandemic is giving rise to tremendous resilience.

In the weeks ahead, I hope you maintain your safety, health, and an abundance mindset. I truly believe we are heading toward a hopeful, compelling, and abundant future for humanity.

WITH DEEPEST GRATITUDE, PETER

Peter Diamandis, named by Fortune as one of the “World’s 50 Greatest Leaders,” is the founder and executive chairman of the Xprize Foundation, which designs and operates large-scale incentive competitions. He also is the executive founder of Singularity University, a graduate-level Silicon Valley institution that counsels the world’s leaders on exponentially growing technologies. He has started more than 20 companies in the areas of longevity, space, venture capital, and education, and is a New York Times best-selling author. His newest book, The Future Is Faster Than You Think, was released in January 2020.