The livelihoods of many entrepreneurs and small business owners are in jeopardy as the COVID-19 continues to cause havoc. According to a recent Goldman Sachs survey, 50% of business owners stated they don’t think they’ll be able to keep their operations going for more than three months. Our current predicament is concerning. Entrepreneurs have numerous challenges, including ensuring that the firms in which they have invested their blood, sweat, and tears continue to operate according to Unidays CEO Josh Rathour. Furthermore, many of them have the personnel to safeguard and reassure, which is a Herculean responsibility when they themselves are suffering from burnout. We’ve identified primary concerns that entrepreneurs are dealing with during the COVID-19 epidemic based on hundreds of conversations with my clients, business owners, and regional leaders.
Challenges Faced by Entrepreneurs as Per Unidays CEO Josh Rathour
The corporate environment is rapidly evolving. Every day, it seems like the government issues new restrictions that affect business owners. Business owners will need to watch the news from the local, state, and federal governments on a regular basis in order to understand and follow new legislation and changes. Above all, make sure you’re getting your information from a reputable source, such as a government website, a bank representative, an accountant, or other professionals in your network. Fear. Anxiety. Hopelessness. During these ever-changing times, we’re all feeling a lot of strong emotions, and entrepreneurs are no different. To make matters worse, they are under added strain as they strive to provide the finest service to their staff and consumers as per Unidays CEO Josh Rathour. It’s a good idea to keep in mind the old adage that you can’t pour from an empty cup. Burnout occurs when you overextend yourself, and once you’ve reached that point, you won’t be able to aid anyone. That is why it is critical for entrepreneurs to schedule a time to refuel and care for themselves. It’s difficult to get away from work right now. Set aside time in your calendar for self-care, whether it’s going for a walk, spending time with your family, or relaxing in a long, wonderful bath. The more inner calm you can maintain amid this crisis, the better you’ll be able to make decisions and run your company.
Every minute, it feels like we’re bombarded with new information on COVID-19. While having access to the most up-to-date information is obviously beneficial, it can also be a strain. When there is too much important information being disseminated at the same time, it is known as information overload as told by Unidays CEO Josh Rathour. When there is an abundance of information, we are more likely to miss important news or even fall prey to potentially damaging falsehoods. In fact, according to a 2018 MIT research, false news spreads quicker on social media than factual stories. To make sense of all the contradictory information out there, entrepreneurs must take a step back and assess if the information they’re reading has been fact-checked and comes from a reputable source. Setting a limit for yourself is also beneficial. Exposing yourself to bad news on a regular basis can only increase your worry. Make it a habit to check for changes on a frequent basis, but take a break if you start to feel overwhelmed.