This Business News Story Was Uncovered By Us From: https://www.youngupstarts.com/2020/12/29/could-covid-kill-entrepreneurship-how-to-make-sure-it-doesnt/
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by Andi Gray, president of Strategy Leaders
It’s no secret that the COVID-19 pandemic has left many existing small businesses struggling, and the continued economic uncertainty threatens to kill the ambitions of entrepreneurs who planned to launch new businesses but now must put their dreams on hold.
This crisis will end up being much worse for small businesses than the 2008-11 sub-prime mortgage crisis. That 2008 crisis mostly hit banks, mortgage,insurance, automotive – all of which were primarily big, publicly owned stock companies. The only small business dominant category was the construction sector which was devastated for years.
Today’s crisis hits and potentially harms nearly every type of small business.
During that 2008-2011 period, for the first time, the number of business starts fell below the number of business failures. In other words, more businesses were killed off than were launched, and many people wondered whether we had killed entrepreneurship itself. It took five years or more for the small business community to recover from that. The COVID-19 pandemic impact is so much larger and deeper.
And when small business takes a hit, the country as a whole suffers.
Small businesses make up 50 percent of the gross-domestic product and also employ half the workforce. What happens to them determines what happens to the overall economy. We as a country cannot afford to fail them.
So, what steps should small business owners take to make sure they come out on the other side of the current crisis in good shape?
Here are a few questions you to consider:
How is your online game?
If business owners aren’t already thinking of themselves as all-virtual, e-commerce sellers, they need to be. That’s how your c… Read More
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