Impacted By The Coronavirus? Watch This…

– We have been self-quarantined
for almost a week now. You see, I am making this video. I do not have my typical
camera crew with me or fancy lights or fancy productions. This is simply me talking
to you through my iPhone, and my wife, Jenny, is
actually holding this camera. You see, I know that I
have a huge following on social media, and I know for a fact, a lot of my fans, a lot of my students, they are being impacted
by the coronavirus. I also know that a lot of my
friends who are entrepreneurs, who are business owners,
they are struggling. I know that a lot of them
are closing their doors. A lot of them are going out of business. These are very challenging times. Some of the videos that you
saw on my channel, my YouTube, they were actually
pre-recorded a few weeks ago, and this video, here, is
real time, what’s happening. Now, I am not going to give
you a raw raw motivational talk because that’s not
what’s needed right now. What’s needed right now are practical (claps hands)
strategies that you can apply in your life and in your
business that makes a difference. At times like these, there’s a lot of fear in the marketplace. There’s a lot of fear out there. People are panicking. It is exactly at times like
these that they need leadership, not from me, but from you,
that they need leadership from you as a father,
as a mother, as a son, as a daughter, as a business owner, they need a leader like you,
that you need to step up. You need to take charge of the situation because they’re looking towards you. They’re counting on you
to provide leadership, to provide clarity, to provide confidence, to provide that vision where we are going, how are we going to overcome this. Now, I’m not going to tell you
that everything’s going to be fine. In fact, things are not going to be fine. Things are about to get a lot worse. You see, this is not the first time I’ve experienced something like this. Maybe not to this degree, but I have experienced a
few major panics like this during my life and my business career. The first one was back in 1997. Back then, I immigrated to Canada, and I was here for a couple years already. In 1997, when Hong Kong returned to China, that triggered the Asia financial crisis, and within a very short period of time, my father actually went bankrupt because of the financial crisis. So I know, first hand, what
it’s like to be a victim of a financial crisis, what kind of damage that it could do to a
family, to your loved ones. You see, because of that, I
learned to be self-reliant. I learned that even sometimes in life, you cannot count on even
your own father to provide for you, that we had to be self-reliant. The only person that we
could count on is ourself. That I needed to step
up as a son to provide for my mom and for my family. And in 2001, 9/11, I
remember it, you remember it. I vividly remember, I
woke up in the morning. My mom was saying to me,
“Dan, turn on the TV.” I turned on the TV, and
I saw the plane crash into the World Trade Center. I couldn’t believe it. I thought it was a movie. I couldn’t believe. I’ve never seen anything like that. And while I was in disbelief, slowly, I came to the realization,
“Wow, this really happened.” And then, of course, as you know, the stock market plummeted, also triggered a financial
crisis during that time. And I was a business
owner, young entrepreneur, not knowing a whole
lot, struggling in debt. It was a very tough time,
very very tough time. But then, a few years later,
2002, SARS hit Hong Kong. Now, if you know my
background, my history, you know I was born in Hong Kong. All my family is in Hong Kong. My mom was with me here at the time. My father was still in Hong Kong. So it was very, very difficult to see. That’s why my heart goes to the nurses, the doctors, the food truck
drivers, the policemen, because I know how hard it is. In fact, one of my childhood
friend’s mom actually worked in a hospital during the time of SARS. It was a very difficult time. So this is not the first
time I’ve witnessed and seen something like this. So if you’ve been impacted
by the coronavirus, here’s some strategies for you. It might not solve all your problems, but my goal is to give you
a little bit more clarity or maybe to help you to figure out where you should go from here. Number one, and that is don’t get paid for your time, get paid for your skills. I’ve been talking about
this for years now. In fact, I wrote a book about it last year called “Unlock It,” that
we are transitioning from the job economy to
now the skill economy. That the job economy, it’s dead. The old model of going to
school, getting good grades, and get a job and work
that job for 30 years, that model, it’s outdated. Now, we are in the skill economy, meaning that you need to embrace the idea of being more like free
agent, more like a freelancer, more like an independent contractor, more like a remote talent so
that you are not counting on, and you cannot count on the government to solve all these problems for you, that they will rescue
you, or you are relying on a company to take care of you. The only person that you can rely on is yourself and your skillset. So maybe, lets say you
are a graphic designer, and you’ve been always
working for a company. During a crisis like this, maybe it’s time to embrace a new model that maybe you’ll be more a freelancer, more like a freelancer model that you are now working
with different companies. You’re still applying your
skillsets, your expertise, but now, you can work with more people instead of just relying on one company. That is the old model. The new model is different. Now, if you don’t have those skillsets, and maybe you are a
waiter, you are a waitress. Nothing wrong with that. But the question you have to
ask yourself is do you want to be a waiter or a waitress
for the rest of your life? If waiting is the skillset that
you have or the people skill is the skill that you have, that is good. But knowing that, you learn that skill. It also means that you
could learn other skillsets. It’s at times like these
you have to ask yourself, “Okay, what kind of new
skillsets do I need to develop?” That you’re no longer just getting paid for your time just for, by being there, but actually your skillset. You see, in the job economy,
you get paid for your time. But in skill economy,
you get paid for results. What kind of results can you deliver? How can you deliver those
results more efficiently, more effectively than most other people? Those are the key questions
that you need to ask. Number two, double down on your learning. You see, most people, during time off, self-isolation, what do they do? They watch Netflix, they watch TV. They play video games. That’s their choice. But wouldn’t it be smarter
to now take these times that you normally wouldn’t
have, go listen to that podcast. Watch more educational videos. Learning, take some courses online. Learn from other people. Read a book, read a Kindle. Do something to upgrade your skills. Now is the time to learn. Now is not the time to waste time. See, the world kind of, at the moment, kind of freeze, everything
kind of slows down. Everybody slows down. Now it’s time for you to
prepare yourself emotionally but also mentally, as well,
so that when things return back to kind of normal, you’re there. You’re prepared. It’s very, very critical. Don’t waste time. The reason you want to keep
learning during times like these because if you want to keep your job, if you want to get a new job,
these skillsets will serve you. You need those additional
skillsets, additional knowledge, if you were to survive and
thrive in times like these. Number three, expand, don’t contract. Maybe you need to change the way that you sell as a business owner. Maybe you need to change
the way who you sell it to. Maybe different target market. Maybe different price point. But we need to do something as an entrepreneur, as a business owner. Do you know that a lot
of great companies today, they were actually
launched during recession? IBM, Microsoft, General Motors,
Disney, General Electrics. A lot of these great companies, they were launched during the recession. Why? Because during the recession, everybody, they are hiding in their bunkers. They are afraid. Everybody is panicking, but
as a smart entrepreneur, if you’re smart, you’ll
also see opportunities. You see there’s a way
that you could expand if you could survive, if
you have the resources, if you know how to allocate
your resources, now is the time. Because everybody else, they freeze. If you are the one that’s active, you’re proactive in the
marketplace and you’re expanding, you’re advertising, you’re marketing more, you would get more tension
in the marketplace. And when this blows over, you would have dominate your industry. Now, easy to say, not easy to do. I understand that. But you have to ask yourself,
and you have to have that communication with
your team, and say, “Hey, this is what is happening. “This is what’s going on.” Right? A powerful question that you
could ask with your team, and this is the same question that I pose to my team is this, “How
could we double our revenue “with 50% of our resources? “How could we double our
revenue with 50% of resources?” See, it’s a thinking question,
and now, it expands our mind. Okay, what do we need to do? When the world panics, we expand. That’s what a true entrepreneur does. When the world panics, we expand. Also, communicate, over
communicate with your vendors. Over communicate with your customers. Over communicate with your employees. Because if now, they are working remotely, they are working from home, you don’t have that
face-to-face interaction. It is more important than ever
to actually over communicate because again, they need your leadership. They need to know what is going on. They need to know what you’re thinking. They need to know what
each other is thinking. Now it’s time to unite as a team, to work as a team together,
and to move forward. So expand, don’t contract. Number four, cut your losses. There are businesses we could
pivot, we could self-correct, we could re-engineer, we
could re-structure, yes. But there are businesses
that cannot be saved. They are businesses that they
were already slowly dying. The coronavirus, simply,
it is an accelerator, accelerates the dying process. I know how hard it is to
walk away from your business, but knowing that you’re an entrepreneur, don’t let the business define who you are. You are a business owner. It may not be this business. Maybe you’ve been doing it
for years, maybe even decades, but sometimes it may be
time to turn the key. But take all the skills and
all the knowledge you have to start the next thing. Maybe do it a little bit differently. Serve a different market. Structure the business in a different way. Hire more contractors, more remotely. Maybe it’s offline, now it’s more online. Maybe it’s event driven, now it’s more online virtual
learning, social media driven. I don’t know your business, but I know there are
things that you could do. But sometimes we just hang on too long. We are so emotionally
attached to the business. Now, we’re throwing good
money against bad money. Now, we’re wasting good
resources when we could’ve used that money for something
else in the future. That would be my recommendation. Yes, the coronavirus will test your EQ. The coronavirus will test
your resourcefulness. Now it’s more important than ever to be cool, calm, and collected. Because if you’re not
cool, calm, and collected, how could you expect your team to be? Number five, take some time to reflect. You see, when my father went bankrupt, I was kind of living in self-pity. I was asking the question,
“Why does this happen to me? “Why is this happening to me? “What did I do?” But that didn’t get me anywhere. So I believe sometimes we
need to shift the question. Yes, times are bad, but a
better question to ask is, “What can I learn from this?” Because let’s not lose perspective. At the moment when we’re so close to it, when we’re experiencing it,
of course it’s very hard. But you take that out and you look at it from this global epidemic,
two years, three years, five years, 10 years, 50
years, 100 years from now. As challenging as it is,
let’s not lose perspective. What can we learn from this? How could you ensure that if something like this
happens in the future, that you could protect your
family, ensure their safety, but also ensure their financial wellbeing. What could we do to prevent
this from ever happening? Right, what could we do as a
group, as a team, as a company, as a family, what could
we do to move forward? What could we learn from each other? Although the social distancing
is kind of, it sucks. But I bet afterwards,
people will be more united. People now will cherish those times when we have with each other. Human beings, sometimes we
are very, very interesting. It’s at times like this we learn. It’s at times like this,
if you want to, to reflect. So stay safe, stay
strong, and stay healthy.

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