Andrew Chung shares advice on how businesses should run their operations during the coronavirus pandemic as highlighted in a blog post from Medium. Many businesses have been hurt by the pandemic by laying off workers and fewer startups are being formed as a result of COVID-19. This has directly caused fewer employment possibilities for the American people. In regards to Andrew Chungs advice, he stresses businesses to adapt by examining their budget. CEOs must also think outside the box, according to him. Startups can try to initiate runway planning which can help with funding and set financial goals.
Watched #Mercury & #Venus in conjunction last night. We took shots each minute 8:59 to 9:12 PM – look closely to see Venus’s beautiful crescent shape. A moment of social connection during #coronavirus as passersby shared a rare celestial moment during a difficult time. pic.twitter.com/JH9F41qeKi
— Andrew Chung (@achung) May 22, 2020
Andrew Chung believes it is important for startups and businesses to look to China and Taiwan as a model for success. Both have been able to reopen their economies and boost morale. Businesses should focus on their strengths during a time like today and adapt. Distribution strategies is also an essential aspect. It can be difficult for startups to acquire funding which is why Chung stresses for them to work with partners they know and trust. Some can try to get government grants and other programs to pay for funding. A new startup can look to family and friends for some income. Businesses need a portfolio to attract and persuade partners on why to invest into the company. Next, Andrew Chung states people need to follow the examples of countries in Asia who were able to overcome similar economic collapses like the SARS outbreak and more
According to Chung, and his company 1955 Capital, it is important as ever to form a positive team culture and environment. Employees make the bulk of a company and they are vital to its success. Chung recommends they check in with workers and create productive events to form teamwork. Lastly, the individual reflects although it can be a tough time for startups, they should focus on growth and making more income by following his advice. He states they should look ahead and do whatever it takes to adapt. Andrew Chung is a businessman from San Francisco who is the founder and partner of 1955 Capital that helps solve countries issues through the use of technology. The businessman is a graduate of Harvard University and the Wharton School of Business at the University of Pennslyvania.