When you live in New York, it only ever takes a glance out the window to remind yourself that the country is in a state of emergency. The streets are oddly silent; the few who brave the open air wear makeshift masks and veer in fearful six-foot detours around other pedestrians. Flip on the news, and you get a cacophony of news stories that riff on the same two questions — What’s happening with COVID-19? When will it end? — in a continuous loop. Sheltering at home somehow generates as much exhaustion as it does restless cabin fever. Life in quarantine feels like an odd suspension of real life, a time in which the world grinds to an indefinite, boring, and under-achieving halt.
This period of pause is the pits for everyone — but especially so for aspiring entrepreneurs. Currently, over 42 states have implemented shelter-in-place mandates and isolated over 316 million people in their homes. Businesses of all stripes have shuttered their doors or attempted to shift their day-to-day work into a new, remote, normal. It’s a unique and stressful time to be in business; according to a recent study by PWC, nearly three-quarters of surveyed American CFOs are “greatly concerned” about COVID-19’s impact on their operations. While there theoretically could be a worse time to start a business, the current pandemic would be challenging to surpass.
But here’s the thing. Amidst all of this business stress and well-deserved economic concern, there is room for hope. While there’s no doubt that the COVID-19 crisis has burdened us with challenges, it has also compelled tech-forward entrepreneurs across countless industries to pivot into a frantic period of innovation.
To borrow a quote from Entrepreneur writer Hamza Mudassir, “Black swan events, such as economic recessions and pandemics, change the trajectory of governments, economies, and businesses — altering the course of history.” The coronavirus will likely be the same — perhaps, even, for the better.
In recent weeks, we’ve seen an explosion of digital teleworking solutions, teaching tools, therapy and stress-relief apps, and retail solutions that, I believe, will benefit us even when the pandemic finally recedes. These offerings are only available because forward-thinking entrepreneurs took the initiative to see beyond the immediate crisis and give consumers what they need. They continued problem-solving even in a world in lockdown.
I’m not necessarily saying that now is the time to build your business — quite the opposite. But there are steps that aspiring entrepreneurs can take to keep their entrepreneurial dreams alive and prepare for when consumers and business leaders alike can finally step into the open air.
“This will be a before moment and an after moment for the world,” Open AI CEO Sam Altman recently told CNBC. “There’s incredible innovation coming.”
Here’s what you can do to get ready for that ‘after’ moment.
Reflect on Your Business Idea
If there’s one fact that we know for sure, it’s that society will feel the repercussions of COVID-19 long after the virus itself fades.
“We’re going to have to work through this quarantine state of mind even when the physical quarantine has lifted,” Sheva Rajaee, founder of the Center for Anxiety and OCD in Irvine, California, recently told reporters for Vox.
Despite our assertions that we’ll make up for lost time and treasure in-person interactions once shelter-in-place restrictions lift, it seems likely that our current fears of infection and interpersonal contact will persist even as we transition back into ordinary life. Aspiring entrepreneurs need to look at their business ideas and consider whether they could be retooled to better suit the needs of a consumer base that increasingly treasures at-home services. Alternatively, entrepreneurs may want to consider how their business could be pivoted to lessen their reliance on in-person contact and maximize their use of digital channels.
Build Your Connections
Entrepreneurship is an inherently lonely profession. While a friend, a colleague, or a partner may sympathize with your anxiety or celebrate your wins, they can never fully understand the nerve-wracking thrill that comes part and parcel with building a business. During hard times like these, that kind of loneliness can feel crippling; it lowers morale, reduces productivity, and dampens creativity.
But, if you can build a network of people who truly understand the struggle from firsthand experience, you’ll be better equipped to face the entrepreneurial challenge head-on. As entrepreneur and writer David Sax put the matter in a recent article for Fast Company, “We need to build a community of entrepreneurs who can lean on each other, learn from each other, and let one another know that while they may feel as though they are facing the world alone, their experience is shared, and in some way, the burden is too.”
Reach out to entrepreneur-based social media groups; get involved with your local small business organizations; forge real connections with the acquaintances you’ve meant to contact but never have. Take the time to build a supportive network, and you’ll see the supportive and creative returns tenfold.
Balance Your Perspective
The pandemic is happening. Yes, it may seem like stating the obvious — but it needs to be said. Society will be struggling through this challenge for a while, and the repercussions will persist for months, if not years.
As Forbes contributor Hod Fleishman recently wrote, “We need to accept that reality is changing, identify what works, and […] define new ways of working. COVID-19 is terrible, it’s a tragedy, but it also opens up new business opportunities.”
We need to find a way to move on and thrive despite the hardship and uncertainty we face right now. Strive for creativity and productivity — and when you feel overwhelmed, give yourself the time you need to process the stress.
I wholeheartedly believe that with persistence, optimism, and effort, entrepreneurs can get through the COVID-19 crisis and do their part to make our world a better, more creative place.