(Photo source: Image by Ralf Unstet from Pixabay)
When our world was turned upside down by the coronavirus, my mind quickly began racing through my mental rolodex, wondering how everyone is doing. Certainly my immediate concerns were for family and friends, especially those with health concerns. Soon my web of worries shifted to all of the entrepreneurs I know — students, alumni, and friends. I began a steady campaign of reaching out. First to friends and family. Next to my alumni entrepreneurs.
What I heard from my alumni entrepreneurs was particularly heartwarming and encouraging.
Entrepreneur’s Response
First, those with employees expressed how important it is to find ways to help their staff. We are seeing story after story of business owners doing what they can to lessen the blow to their employees. Locally, we are seeing country stars do what they can to help the employees of their bars and restaurants on Lower Broadway in downtown Nashville. Dierks Bentley and Florida Georgia Line both committed to give each of their employees $1,000 to help them make it through the time while his Nashville bar. Between the two establishments, this is over 200 employees. John Rich has committed to keep paying his bar workers during the shutdown. I am hearing the same commitment from several of my alumni entrepreneurs.
Second, I heard a consistent message of doing what it takes to “make it to the other side” of this crisis. Reports from places like South Korea, which is several weeks ahead of the US in its outbreak, talk about a slow return to business. This is encouraging, and supports those who predict we might see the beginning of a turnaround by early to mid summer. The entrepreneurs I talk to are shoring up cash flow and making cash budgets that can see them through to June or July, even with little or no revenues. These are often tough and austere plans, but they are doing what they must to keep their businesses alive.
Finally, I am hearing the indomitable entrepreneurial spirit in their responses. They are worried, and even scared, but they are also showing hope and resiliency. They inspired me. Facing much more dire circumstances than I am right now, their optimism and courage reminds me that it will be our entrepreneurs who lead us out of this. It may seem like a long, dark tunnel, but there is a light at the other side where things will improve.
The Other Side
I do want to offer a note of caution, however. When we do get to the other side, and we will, it will look very different than the side we left. Entrepreneurs will be tested to adapt to a new reality. A shock to our economy, to our society, and to our culture as we are now experiencing right now will fundamentally change many aspects of our lives. Entrepreneurs will need to be ready not only to survive during this short-term period, but to adapt over the long-term, probably like never before. The other side will present a myriad of both amazing opportunities and significant threats.
Be ready to be more entrepreneurial than you ever have been before, and you will be alright when we get to the other side of this crisis.
I agree with what you are saying about how things will have shifted to a new “side” in recovering from the economic impacts the coronavirus put on our society. I see this as an opportunity for entrepreneurs to take a jump at delving into industries online, being as how we are currently in a time where many, if not most, employed workers are learning how to complete their work remotely. A shock to the world like this puts the entertainment industry at a stand still and it seems as though there has not been a quick way they have figured out how to continue to do their jobs at home. If anything, while entrepreneurs businesses are currently in a period of down time, it might be beneficial for them to be thinking of their next “shift” with their company to be fully functional if our world were to be faced with a pandemic like this again?
The corona virus pandemic has definitely shifted how the economy and our lives will be lived. I love what you said about Florida Georgia Line and Dirks Bentley paying their employees at the bars downtown out of their own pocket. What acts of kindness! Right now we need to stay optimistic (even though this is tough) because we will get out of this. Going through this crisis will make us stronger at the other end of the tunnel. Many businesses are paying their employees during this time which is an amazing act of kindness. Praying that good will come out of this.
Certainly, this is a season of adaptability for entrepreneurs. The state of the nation and world is shifting significantly during a day. All anyone can do is attempt to move with the tide and plan for survival. But I am curious to see how this pandemic influences the next generation of entrepreneurs, the ones that are now dreaming of the businesses they will launch in the next few years. The number of entrepreneurs per generation varies. However, the world birthed in the wake of this pandemic seems to be one of opportunities. Individuals notions of their rights have shifted as have expectations of government, employment, and education. Institutions will likely begin to evolve in response. Amid all the fear, anxiety, and doubt there seems to be a communal sense of excitement. The world shaped by this crisis might just bring with it a lucrative environment for new entrepreneurs. I am excited and waiting patiently to see what this viral shut down brings.
I completely agree with what you are saying, and this topic has been a popular one in my household. One of my family members works at Ernst and Young, and it has been interesting while also somewhat horrific to see the impact this is having on businesses big and small across our nation. As you mentioned I have lots of respect for owners of businesses committed to helping their employees that may be out of work due to this crisis. I think for entrepreneurs who have yet to enter the market with their business this is a great lesson in how quickly the market can change, but also the importance of budgeting your company to have enough cash flow so that in a crisis you are more likely to be able to keep your business afloat.
I love your thoughts on “the other side”. I believe you are exactly right when you say the world will not be the same as it was when this began. It will be incredibly interesting to me ti see exactly what will change, as I think it will take a few years to know exactly what we have lost, as well as what we have gained throughout the pandemic.
It’s surreal to see two big country artist paid their employees at the bar downtown out of their own pockets to keep the business of their people running. This certain topic has been around for the past two years of most of our lives, because of the fear of the unknown is the only certainty that was given to all of us. I believe soon we will all get to the the other side and where we can be much more satisfied within the our companies.