In this short reflection from Khun Jirut Wattoom, an experienced mentor, reminds entrepreneurs to use the time of crisis to re-align activities to the core values of their businesses. At the same time, they should always adopt the practice of large corporates by having "Business Continuity Process" in place. In doing so, entrepreneurs will be prepared to deal with uncertainties beyond 2020 pandemic. In his final thought, he reiterates the quote from Sir Winston Churchill "Never let a good crisis go to waste".
Please tell us about yourself.
I am Jirut, a partner at Sprint Accelerator Thailand and Technology Strategy Manager, Chemicals Business, SCG. Over the last ten years, I have been working in the chemical industry, covering a broad spectrum of roles from highly technical ones to business related sides. Throughout those times, I have noticed that science and technology-based ventures find it challenging to connect and to co-create innovation and commercial applications with large corporates.
With that in mind, my partners and I established Sprint Accelerator in 2016. As Thailand's first specialized accelerator for science and technology, Sprint Accelerator aims to support innovative Thai ventures in achieving commercialization with speed and effectiveness.
Todate, we have successfully helped more than 45 science-based companies to start their entrepreneurial journeys. Some have expanded steadily, reaching the next stage of their ventures.
What is the key reflection, brought about by 2020 pandemics ?
Working closely with those startups, I could observe that there is one thing that entrepreneurs should not and need not change (even with the pandemics). That is the real purpose when you start your companies.
"Do you remember your excitement on the first day you had started the company? Mostly, you have a very good idea that would change (or improve) the world we live in to its better version.
Make sure that your company is still on the route to make those changes. If you are currently doing anything that are not aligned with your company’s purpose, you could stop them right now.
Protect your core value and get through this storm. You could switch to your other hobbies later when the climate is brighter.
What are your advices to entrepreneurs to cope with the ensuing uncertainties?
I would like to share one common practice among large corporates that individual startup could also adopt. This particular practice is called "Business Continuity Process" or commonly referred to as BCP.
Business continuity is a process that helps you plan and prepare what to do if you face difficulties. This could help you manage resources (man, money, and time) efficiently.
In essence, you should run your company with several advanced scenarios in mind both positive and negative ones. You should always ask what the worse case scenario would be like for your company and have hypothetical plan in mind to deal with such situation. In doing so, you will be better positioned to deal with any internal or external shocks that might occur in the long-run (such as pandemic in 2020).
What is the final thought you would like to leave with the entrepreneurs?
Many of you may find that the year 2020 is very difficult for your business, I would like to bring up one quote from Sir Winston Churchill “Never let a good crisis go to waste”. This is a very good time for you to re-shape and prepare for further growth.
Published on 1st Dec. 2020