Entrepreneurship in The 21st Century-The New Normal; is it Working For You?


Published: June 22, 2020

America Under Seige-The Coronavirus

In your lifetime, can you ever recall the entire United States shutting down? The White House, Capitol Hill, Professional Sports, even religious organizations have shut down. Businesses of all sorts shut down as well; employees can’t pay their rent, car notes, or also buy food. Food Banks are overwhelmed and can not supply food to all those who come to see them.

People who never dreamed of getting food from food banks to feed their families are finding themselves’ waiting hours to get food to nourish their families. The economy has stopped or at least slowed down, and people are working from home who can. However, not everyone can work from home; those who can not are called essential workers.  Thus, bus drivers, garbage workers, and others who have to maintain the cleanliness of subways and other buildings places with disinfected for the good of the many.

Travel is discouraged, schools shut down to disinfect, but how can the parents of these kids work if they have no one to watch their children? So, what about the entrepreneurs and small business owners who shut down in March 2020 and who have started opening back up slowly in June 2020? Not all businesses will make it again, foreclosures, repossessions, bankruptcies are on the rise, and the filings for unemployment are in the tens of millions, and it appears we are moving toward a recession, so what is a business community to do?

Now with the social distancing of six feet away from others, and the wearing face mask and not being in large crowds is the new norm of being out in public. The NBA, WBA, Major league Soccer, Hockey, and other professional sports regular season will not be played or least considered. So, where do we go from here professionally and otherwise?

Entrepreneurs-Small Business Owners Managing Working Capital

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Can entrepreneurs, and Small Business Owners manage working capital in a pandemic? There will be opportunities for the savvy entrepreneur or small business person to take advantage of soon. The question is, will they see it, and on the other hand, will they have the ability to take advantage of opportunities once they show themselves?

But what is considered a small business? Small Business Administration says industries that do less than $7,000,000 in sales and have less than 500 employees (depending on your industry) and privately owned are considered a small business. So, the question is, how do small businesses manage their working capital in an era of a pandemic virus that is worldwide? Do they put their confidence behind the Federal Government to bail them out and make them whole as the suspicion that they are doing larger businesses without oversite?

Another question, did your business apply and get your “Paycheck Protection Program” money? It has been three months (since March 2020-June 2020) and part of the Cares Act. Now, if you are one of the lucky ones who got your money because you have an accountant, attorney, or yourself is knowledgeable on how to file out the application, then Kudos to you. But what about the mass of entrepreneurs and small businesses who did not get their money? Due to they did not know how to apply or how to file out the application?

One of The Hardest Hit Businesses is The Restaurant Industry. Can They Survive?

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CNN gave a commentary on the spread of the Coronavirus in restaurants. Dr. Gupta shows how one person infected can spread this virus within an hour span and can have a multiplier effect on the surrounding tables, and patronage, https://www.cnn.com/2020/05/14/opinions/restaurants-will-need-a-miracle-to-survive-the-pandemic-dey/index.html. According to CNN small independent restaurants employ 10% of the workforce in the United States and generate some $1 trillion in various economies throughout the nation. Possible suits, high overheads, and reduced visitation from customers will reduce slim profits from these establishments-to possible closures and bankruptcy in the future.

So how can this industry survive? Money that was theoretical to go to small businesses has gone to other industries that did not need the money. And have snatched away from those who need it the most.

Conclusion

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One must stay cognizant of what is going on around them and their industry. With the nation slowly opening up again, is this wise at this time? True, the economy should and must open back up, but how? The CDC still urges no large crowds, social distancing is 6 feet, and the wearing of a mask is always encouraged, so why are so many still not wearing them?

It is my belief; we will find a new way of working not only here in America but throughout the world. There will be some industries that will come back or make it out of this Pandemic, and yes, there will be others that will not. However, will the restaurant industry ever come back the way it was, probably not? So, what will they do? Find other sectors to get involved with or go back to school and learn another skillset.

One is never too old to go back to school or learn new skills. I did it, I went back to school at sixty, earned my MBA-Marketing, and my Doctorate in Business Administration at sixty-eight. My focus; Entrepreneurship and Business Management. And one of the things one of my professors encouraged me to do long after graduation; NEVER STOP LEARNING.

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