Today's COVID-induced market correction is different from the other three, but like the others, its duration and depth of impact are currently uncertain. None of us knows how this will unfold. That's how it felt the other times too.

Your job as a founder and leader is to unify your team, plan for scenarios that are possible, and act to protect your company, employees, and customers. If you're a startup, your company hasn't made it through an economic downturn before (even if you have), so it's a leadership moment.

Most important, be courageous, be realistic, and lead. Be transparent and do more all-hands meetings than you have in the past (virtually, of course). Be visible. This is a time to make hard decisions about priorities, projects, lines of business, and even staffing that perhaps didn't seem worth discussion before but definitely should be now. Companies that act quickly and make hard calls are best suited to emerge from a tough economic cycle in advantaged positions and can be the winners in their markets over the longer term.