While COVID19 pandemic has hit the economy hard, it has meant closed opportunities and loss of livelihood for many of us. And the worse hit are perhaps small entrepreneurs. Think of your local bakery, the parlour lady who used to give you at-home service, the home chef, the yoga teacher who came home for classes and many more from the same category.

Being entrepreneurs with no revenues in hand, and none coming very soon, they are on the verge of bankruptcy; they are unable to pay the salaries of their employees, spend on the upkeep of their property or take care of any overheads. Even though a few work from home, there is either very less or no revenues generated which makes things even difficult for them to manage. Not to mention the plight of those who have to pay business loans even if the revenue is low. Though the banks have loosened up their grip on the loans to be paid off, the anxiety of it all is taking a toll on their mental health. 

Most of them are not able to support their staff and labour. Though they are trying to pay the basic amount for sustainability, they experience a sense of distrust or wavered trust in their employees. This has made them feel like being a businessman was a mistake. They blame their decision and not being prepared for the pandemic. This has negatively impacted their self faith, and they doubt their decision making ability leading to low self esteem. 

“I just wish I had not been tempted to start a food truck business. Look what I have done now, making everyone unhappy at my own expense. I would have been better off in my job” says Naren (name changed on request), an entrepreneur who has invested his savings in a food truck serving Indian street food, last November. Even before he could reach a break even, he is on the verge  of selling off his assets at a loss. 

This self-doubt and insecurity about their self-worth and courage has changed the perspective of most entrepreneurs.  Everything seems like a failure and to deal with the professional downfall thus, has frustrated them. Amidst all this stress they are also harbouring feelings of being a  loser and the shame of not being able to perform and get money home.

Be it small scale businesses or big scale industries, entrepreneurs have to let their employees off and cut their salary which is further adding to their distress. They are acutely aware of how their employees, especially the ones who do not draw fat pay cheques, are hurt and affected by the lay-off. This is adding to their guilt and making them feel totally out of control.

 It is difficult to take in all the struggles but if you take your time to accept all the issues and reflect on the problems step-by-step things might seem manageable.

• Deal with the revenue loss problem by making a long-term plan keeping the new normal in mind. Adapt to it, or diversify if funds allow.
• Deal with the personnel problem. You may have to lay off people or announce salary cuts, but do so after a long thought out decision about the other person’s need, his ability to sustain his family , his loyalty and his importance to your business.
• Deal with your own negative feelings and frustrations by confiding in the person you trust, who will give you honest opinion without being judgemental—be it your spouse, parent, son or a friend.
• If the stress is too overwhelming to work with and is making you lose focus, seek counselling from a professional or atleast open up to a confidante. Bottling feelings up or venting them out on your family does not help.