The COVID-19 pandemic has had a mammoth impact on the world as we know it, especially from a health and finance perspective. A significant economic downturn is just one of the consequences brought about as a result of the virus. And the reality is that the suffering economy is having an effect on entrepreneurship, too. But there is always a silver lining, as every crisis comes to an end eventually.
Why has COVID hurt entrepreneurship?
A number of entrepreneurs who would have ordinarily stepped up to put their business ideas into practice have felt a strong sense of hesitation to do so now. Unemployment is at an all-time high. Money is tight for practically everyone, and many people are still avoiding leaving their homes unless it’s to go in search of essential goods. Entrepreneurs are hesitating to invest when there is so much uncertainty surrounding start-ups during these times.
Further to this, many of those entrepreneurs who have already kick-started their businesses will be suffering significant profit losses. They are also struggling more than ever to find new customers unless they have managed to leverage the power of digital. Unfortunately, the majority of businesses in rural areas simply do not have the financial means to do this.
Finding the silver lining
The great news is that entrepreneurs are both resourceful and resilient by nature. They understand the need to fight to make their ideas sustainable and to ensure that their businesses continue to thrive. The chances of being able to muster up the strength and courage to bounce back are high. Plus, every crisis has an endpoint.
Although it seems difficult to believe right now when we are still in the thick of it, COVID-19 won’t last forever. When we do all emerge from the pandemic, there will be plenty of fresh opportunities to embrace and new challenges requiring solutions. This alone will encourage a fresh bloom of creative entrepreneurs to come forth and prosper.
Remember to nurture your entrepreneurial spirit even when you are not actively looking to start a business. Join the SA Teen Entrepreneur community for support and guidance today.