Coronavirus and Entrepreneurism have an unexpected relationship. During times of crisis, entrepreneurs are born out of adversity.
Depending on where you live, you are experiencing statewide school closures. As a parent of a teenager, it is possible that your only concern is ensuring that your child is productive during this time. If your child is too young to be alone, then you run into a number of others issues. Only 3.4% of the U.S. population is working remotely which means that we have a workforce that may be required to use paid time off or not receive pay at all.
The other scenarios to analyze are the industries/sectors that will suspend services in order to limit the spread of the virus.
This potential interruption for many Americans is another reminder of how we need to plan for the unknown.
Protecting What Matters
Government contracts lose funding. The federal government experiences furloughs. Companies are bought out. Businesses go bankrupt. Jobs move to other countries. Natural disasters wreak havoc. The U.S. stock market crashes. A couple of words come to mind when these life-impacting events happen: Do not get comfortable.
Whether you are providing for your family or yourself, you have to protect what matters most. Losing your income can make it difficult to survive especially if you are not prepared. Not having multiple sources of income for your household is risky business. High paying careers give some people the illusion that they do not have to worry about much. The fact of the matter is we could all lose our employment at any time for multiple reasons.
54% of adults in this country are not financially ready for a coronavirus outbreak. Whether it is having savings in a bank or an emergency stash of a couple thousand dollars on hand. Now is the time to position yourself to survive this and the next crisis.
Planning for the Unknown
Events like the one we are currently facing can force people into entrepreneurship. I know a young woman who decided to start a cake business during the last government furlough. She was determined not to sit idle. The question is, what are you prepared to do?
The short answer is to find ways to make more money in order to become crisis proof. These are a few elements to consider when determining how to survive a crisis:
- Having minimal debt in order to have more disposable income to work with
- Money saved in the bank that can cover your monthly expenses for multiple months
- An emergency fund in cash available to you at all times
Think of the skills that you possess. What are you passionate about, or at least willing to work on, that will generate additional income? Dig deep to uproot that idea that you have buried inside of you that is ready to blossom. Maybe you will start a business which will allow you to walk away from your full-time job or at least supplement your income. You then could evaluate the steps it would take to grow into a large business or transition into an investor. You will find that your greatest adversity can lead to your greatest success.
What’s Next
Coronavirus is the latest national emergency that we will survive. It will not be the last. If you transition your free time into a planning session then you are one-step closer to becoming crisis proof. Your hard work and diligence can also have a profound impact on your friends and family. Entrepreneurism can be contagious which is the much-needed backbone to our economy.