How Entrepreneurs Can Invest in Themselves in 2020

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The COVID-19 crisis has been hard for everyone in the world, and business owners and entrepreneurs have not been exempted. But as hard as the pandemic and recession have been to those at the top of the food chain, those who have a stable income undeniably have it much easier than those who have lost jobs, who have been displaced, or those who lost loved ones during the pandemic, and that is why those at the top need to improve their business and leadership skills now more than ever. One of the best ways to help others is to keep our businesses afloat. It’s always a good time for business leaders to keep improving and developing, and here are some of the best motivations for investing in yourself as an entrepreneur.

  • Some people depend on you; people whose jobs and income will be affected by the choices you make. More than just your family, you have employees and staff who will also be affected by your success and your failure. As Dr. John Maxwell famously said, “Everything rises and falls on leadership.”
  • Warren Buffett once said that the one investment no one can take away from you is you. Your business may fail, your investments may return empty, and you may lose every asset you have—but you will always have you, and whatever you have in your personal arsenal, you can use to rebuild and start all over again.
  • There is no end to learning because the business world will keep changing and evolving. The COVID-19 crisis has proven this. As long as society keeps changing, business leaders have to be able to keep up with the trends of the times if they want to be successful.

But not all self-development investments are worth it, especially at a time when we need to be reducing costs, and we must be taking in more than we’re shelling out. So here are some self-improvement investments that are worth it in the time of a pandemic and a recession.

1. Building community

If you’re a Christian or someone who abides by a specific belief system, find a community who shares your core values and beliefs and build a genuine connection with them. Church leadership classes can be a good way to integrate your faith with your business practices and provide a backbone to your mission and vision, all while fostering genuine relationships with people who can help guide and encourage you during hard times. At the same time, it can allow you to help more people as churches and non-profit organizations are often the first to provide aid and help to those who need it the most, like disaster victims and marginalized groups.

2. Going back to school

An MBA or another degree can do so much to enhance your intellectual capacity and your credibility. It will allow you to learn the theories behind the things you’re already practicing, and at the same time, give you more tools to combat whatever challenges may come. Those with MBA degrees also have more capability and resources to bear and assess possible risks and to navigate through challenging economic times. There is no better time to learn these things than now—when the whole world is reeling over COVID-19 and its effects.

3. Teaching what you know

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It’s true what they say: If you’re not able to teach what you know, then there’s a chance you don’t fully understand it. If you find that you have so much to give—your invaluable experience, your knowledge, your story—then don’t hesitate to share it with those who may not necessarily have the means to go to business school. Set up a small webinar or entrepreneurship class for those who are interested in hearing what you have to say. Teaching enables you to help others, but it can also sharpen your skills and enlarge your vision for what is coming up in the business world.

4. Taking online classes

If taking a degree is out of the cards for you for now, then brush up on one-time online courses that have to do with your industry. Various universities and other credible institutions are always offering certifications. It’s a great way to stay up-to-date on business trends and current topics.

Invest in You

Aside from your skills, you should also invest in your physical and mental well-being. Exercise daily, eat healthily, and sleep at least 7 hours per night. It is indeed a stressful time for the business world, but as long as you have you and good people to cheer you on, you can always start all over again.

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