Startups and entrepreneurs will have to reassess where they’re at financially and adjust accordingly during the pandemic.
Shawn Smith, a counselor, psychotherapist and CEO of Don’t dis-my-ability, said there’s a lot of financial and lifestyle stress.
“People are worried. Really there’s a lack of resources out there and options for people to choose from because we’re in the middle of a pandemic. There’s no book on how to operate right now,” he said.
Smith said everyone staying at home is working with a different situation, whether that’s childcare concerns, or only one income available or both partners working, which requires a lot of flexibility especially on the part of entrepreneurs.
“So my sense from talking to people is that’s it’s a wait and see attitude, which is troubling for most entrepreneurs because we’re used to having goals that we can work towards. And so when there’s an opportunity for our minds to worry and wonder, unfortunately that’s where it goes,” he said.
Smith said he’s been trying to stay in a routine as much as possible and where he can, he’s been finding projects around the house to keep busy and avoid rumination, which is something he suggests others try as well.
Smith said he’s aware that Prime Minister Justin Trudeau announced funding of $270 million targeted at entrepreneurs and startups but he’s concerned it may be a bandaid solution.
“I think anything right now is going to help. Something is better than nothing. That’s my mindset but I also think now is the time to be very frugal,” he said.
Smith said he’s prepared to be frugal over a long haul and suggests others try to do the same.
