Coronavirus has damaged businesses and industries in many ways. Businesses that thrive on crowds have closed. The cities are facing lockdown, people are staying at home, and markets have deserted everywhere. The widespread coronavirus has compelled entrepreneurs and their employees to work from home.
But, many of them are not in a habit to work in isolation. They are missing face-to-face conversations with their team to convey their plans and have little idea how to deal with the new working situations.
Today, entrepreneurs are emotionally unprepared to cope with such emergencies. New surveys from The Gallup Wellbeing Index, Harvard Business Review, the Self-employment Review have reported that various isolation symptoms are developing in entrepreneurs. Still, they have no other option than to deal with the situation. A better approach will be required to evaluate their plans and make them suitable for these circumstances.
Entrepreneurs are now compelled to rethink their business strategies. They are in a situation that demands a new marketing plan, management of employees, fresh requirements of funds, and other issues.
With the demand for products and services plummeting, this scenario has made a majority of entrepreneurs nervous. According to a Harvard Business School survey related to the impact of COVID19, 75% of the surveyed business owners are ‘very worried’ about the economic impact due to the spread of coronavirus.