How to Survive a Crisis as an Entrepreneur
The Great Recession of 2007-2009 was one of the most difficult periods of my life, but I got through it, learned some valuable lessons, and eventually emerged in a much better place as an entrepreneur. Now, even though the coronavirus pandemic is causing both a health and economic crisis, I’m confident I can get through this difficult period, using my past experience of overcoming a recession. And other entrepreneurs can also take action to make it through to the other side.
As cheesy as it may sound, I can say from experience that it’s important to remain positive and optimistic each day. Take a few minutes to think about what you’re grateful for and what opportunities you might have so that you can be in a good mindset to start planting seeds that can eventually bear fruit later this year or in 2021.
Build an emergency fund
For those who already have clients and continue to have some opportunities to earn income now, don’t take this for granted and assume you can make it through the crisis unscathed. Work hard now and build an emergency fund with the income you earn so that if your business slows down, you’ll be able to get through some lean months. Your clients may be able to still work with you now, but who knows what the long-term economic effects of this pandemic will be.