To say that COVID has changed the way people do business is an understatement. In fact, with over 41 million Americans officially signed up for unemployment, entrepreneurship has never looked more alluring than it does right now.
But for entrepreneurs who are already up and running, navigating the unclear waters of business success during a pandemic isn’t easy. From delayed shipments to going out of business, COVID has changed everything for entrepreneurs. But even with the negatives, there are some positives as well.
Particularly for entrepreneurs with brick-and-mortar establishments, COVID made sure that they either sank or swam. For some, there was no option, and when the doors shut, so did the business.
However, others found success by finding ways to stay afloat during the pandemic. For instance, the food industry took a massive hit to revenue, but with a little quick thinking, some entrepreneurs created a new business within their established business.
Bakeries became bread delivery companies, as did fresh fruit and vegetable markets. The lesson learned is that while not every business survived COVID, many did merely by make use of the resources they had at their disposal.
COVID has also taught entrepreneurs how to practice empathy. Sure, most business owners care about their customers and want them to be happy. But during a time where countless individuals faced layoffs, it was also time where entrepreneurs opened their doors and their hearts to help those in need.
Whether it was donating to needy families or creating masks to help stop the spread, the pandemic shed light on how human everyone is and the need for more empathy.
Knowing When to Call It Quits
No one wants to see the hours they poured into a business wiped out in months, especially when they experienced success. But one of the most important lessons entrepreneurs will take away from COVID is resilience. Having to close up shop doesn’t make someone a failure; it makes them wise.
Knowing when to say this isn’t going is far better than trying to navigate those murky waters again and eventually sink. Stepping back and analyzing the situation allows business owners to start anew, find ways to make a comeback, and learn how to protect themselves better professionally and personally.
As states continue to reduce stay-at-home restrictions and allow businesses to reopen, being thankful for good health and a business’s longevity is what matters most. While some companies didn’t survive this horrific period in history, there’s always a new business in the making for ambitious entrepreneurs.