297: Steve Blank’s 3-Step Process to Help Businesses Cope With COVID-19

Steve Blank is a legend in Silicon Valley. In addition to launching eight startups in 21 years, he’s also a well-known author and educator at Stanford University, Columbia University, and the UC Berkeley Haas School of Business.

Having worked in the realm of entrepreneurship for so long, Blank has survived some of the worst recessions in U.S. history and has first-hand experience of what it’s like to keep your business afloat under high-pressure circumstances—knowledge that’s directly applicable to the COVID-19 global health crisis.

In this interview, Blank shares his three-step process for what every business needs to do right now to survive the pandemic. He breaks down everything from calculating your burn rate to reassessing the way you work with your team. Blank also shares his own personal experiences with the 2008 recession and dot-com bubble.

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Key Takeaways

• Why Blank believes today’s entrepreneurs should listen to the advice of seasoned founders
• The three-step process Blank recommends to understand where your business is headed, from calculating finances to reassessing business models
• The biggest lessons Blank learned during the 2008 recession and dot-com bubble
• Why Blank believes in planning for the morning after
• The importance of high-level execution during times like today
• How to think about recalibrating in terms of retaining staff and hiring
• The importance of setting expectations—whether in your marketing or management
• Why this pandemic could be an opportunity to re-evaluate how you want to spend your life