Major Challenges for Entrepreneurs During COVID-19
The continuous disruption of the Coronavirus outbreak has threatened the livelihood of so many entrepreneurs and small business owners. According to a recent survey from Goldman Sachs, nearly half of business owners that were surveyed expressed that they were afraid of thinking if they could continue running business operations for more than three months.
The situation today is deeply unsettling. Entrepreneurs are facing many hurdles, including ensuring the activities they have put their blood, sweat, and tears to stay afloat. Apart from that, several employees that they’re trying to protect and reassure come through as a monumental task when they themselves are limping with burnout.
From discussions with my clients, business owners, and regional leaders, I’ve been able to identify some major issues entrepreneurs are dealing with during the Coronavirus pandemic.
Taking action and moving forward
A global crisis like the one we’re currently experiencing demands quick thinking in the face of uncertainty. However, with so much at stake, entrepreneurs find themselves dealing with analysis paralysis, meaning, the inability to make a decision due to overthinking.
Delaying decisions will only result in more troubles and problems, especially like these, will require more decisions. As Jeff Boss said about overcoming analysis paralysis, “In the military, it doesn’t matter in which direction you choose to move when under a mortar attack, just so long as you move. Decisions are never final for the simple fact that change is never absolute.”
Break down the list of actions into smaller steps and then cater to issues based on their extent of urgency. Once you go for the proactive measures, you’ll feel more in control and more confident in your ability to determine oncoming trials and tribulations.
As the Legislation Says
The business environment is changing at an unusual rapid pace. It seems like the government introduces new regulations that impact business owners almost every day.
To understand and follow new legislation and regulations, businesses will need to monitor news from the local, state, and federal sources daily. Most importantly, make sure you’re getting your information from an authentic source, such as a government website, a bank representative, accountant, or other professionals.
Finding Balance and Achieving a Healthy Mindset
We’re all experiencing a lot of intense emotions along with fear, anxiety, and hopelessness during these uncertain times, and entrepreneurs are no exception. To make it even worse, there’s an additional stress level as they try to achieve best by their employees and customers.
Remember the saying “you can’t pour from an empty cup.” Overextending leads to burnout, and once you reach that state you won’t be in a position to help anyone. That’s why entrepreneurs must carve out time to rethink and take care of themselves.
It can be difficult to break away from work right now. Be intentional by setting a certain amount of time in your schedule—whether that be going for a walk, spending some time with your family, or enjoying a long, luxurious bath. The more you find inner calm during this crisis, the better you will be to make decisions and lead your work.
The extent of this crisis is unprecedented, but there is a silver lining. Eventually, we will come out on the other side of this pandemic with a better and greater sense of personal empowerment and increased connection to our community, all of which will be advantages for our business ventures in the future.
Visit Oscar POS for information regarding start-ups and point of sale software. Whether it’s a new venture or an ongoing business, we have just the right tool for you.