The novel coronavirus has upended all of our lives in one way or another, whether we have lost a loved one, our livelihood, or now face juggling teaching children from home while working remotely. The struggles are being deeply felt by people from all walks of life. One group that is especially being hit hard are the young entrepreneurs. Let’s take a closer look at how these months (and potentially years) are impacting them and the businesses that they would have gotten off the ground, if not for this global health crisis.
Many young entrepreneurs who have a business model or idea that they hope to promote usually need investors who can financially support the start of the business. This is a tough time to identify investors who want to take a risk on the downward turn of the economy and the start of a new enterprise.
Without needed financial backing many new businesses will have to wait until the crisis is over to start their grand idea. In fact, the reality is that too many companies will be struggling themselves and consumers may not have the confidence to try a new business as they have before this worldwide event.
Keeping Up with Legislation
This is a time of changing state and local legislation in regard to workplaces and employee rights. Young entrepreneurs will need to stay abreast of what rules apply to a new business and how to safely open and protect consumers/employees.
If financial and legal issues don’t overwhelm young entrepreneurs, the information overload may do the trick. Starting a new business is hard all on its own, never mind in the middle of a pandemic. There is an amazing amount of new, and ever-evolving information that is coming out regarding the state of the economy, interest rates, lending agreements, and employment issues.
It is a real struggle to handle the minutiae of the day along with starting a business idea. The good news is that our country, and the world, will come out on the other side of this pandemic. Businesses will reopen, ideas will blossom, and hopefully our economy and citizens will become healthy again. For more resources on how you can nurture your entrepreneurial spirit during this time, check out our resources pages at North Shore Career Center and MassHire North Shore.