“An intergenerational team brings more diversity in thoughts and strengths that can help a small business reach a larger audience more effectively,” says Kimberly A. Eddleston, a Northeastern University entrepreneurship professor and a senior editor on the EIX Editorial Board of the Schulze School of Entrepreneurship at the University of St. Thomas in Minneapolis.
“In the initial stages of entrepreneurship, it’s imperative [to have a support group] because that’s a period full of unknowns, self-doubt and in many unfortunate cases, loneliness,” Nathalie Molina Niño, author of “Leapfrog: The New Revolution for Women Entrepreneurs” and chief executive of O³, a privately held investment company, told me.
“Navigating uncertainty during this pandemic and the associated political and economic landscape is the biggest challenge for any entrepreneur,” said Sanyin Siang, executive director of the Fuqua/Coach K Leadership and Ethics Center at Duke University and author of “The Launch Book: Motivational Stories to Launch Your Idea, Business or Next Career.” “The motivator is a deep belief in the idea.”
Participants develop meaningful relationships with other people over fifty on the same path and learn from their cohort’s wisdom and experience,”
I’m hanging in there,” Ms. Burns said. “I’m still in a revenue hole, though, for 2020 as compared to last year — about a 30 percent year-over-year drop. Coronavirus cases are surging in Ohio right now, so I am unsure how it will play out — we’ll see.”
“Without my employees, I can’t be where I am today,” she said. “I need them. I can’t betray them. In the long run, they will be there for me.”
It is possible for small businesses to come out even stronger, said Scott Shigeoka, an entrepreneurship coach. “There will be small operators like Iwi Fresh that walk away from this time with a more diverse customer base, stronger business model, new partnerships and resilience to future crises or pandemics.”
For a small business trying to stay afloat during the shock of the coronavirus, every little bit of financial aid can have a bearing on their future.
The pain and uncertainty of the impact of the coronavirus on small business owners is staggering and likely to be substantial. Entrepreneurs are being forced to take drastic steps to continue operating and many are fearful about their futures.
Women are starting businesses out of necessity, because they can’t find decent jobs, or are unemployed, according to Amex. Some are launching their own businesses because workforce rules aren’t flexible to adapt to their caregiving duties for aging relatives or children, or they want more power over their working lives.