COVID-19 has had a profound impact on our lives and our economy. Bloomberg Economics says that the world’s GDP growth could fall to zero during the pandemic in a worst-case scenario. So what does that mean for consumers and entrepreneurs alike? Business consultant and investor Mike Luzio shares his insights on the issue.
Luzio has worked in executive and advisory roles in helping companies and up-and-coming entrepreneurs form vision roadmaps, accelerated growth strategies, partnership alliances, and exit plans. He sold his first bootstrapped business, Industry Retail Group, that he started with only $15,000 for more than $50 million. “It’s a hard time to be an entrepreneur,” said Luzio. “It really is. Many investors aren’t interested in going out on a limb with new ventures or companies right now, and it’s hard to make sales.”
However, Luzio doesn’t think that this should stop entrepreneurs from reaching their full potential. “Being an entrepreneur is always hard,” He describes. “There are always curveballs. COVID-19 happens to be one of those curveballs.”
Luzio believes that social distancing will also likely be a part of our lives for quite some time. He speculates that social distancing will affect how people buy and how investors will invest for the foreseeable future. Restriction of movement will be a part of our lives for now. This is incredibly difficult for many companies and entrepreneurs, particularly in specific industries like movie theatres or restaurants.
When asked for advice about what entrepreneurs should be doing right now, Luzio shared, “Stay the course and hunker down. Ups and downs are a normal part of being an entrepreneur. Trust your product and yourself and use what you have. That’s the most important thing.”
Mike Luzio has been posting inspiring content on his Instagram account to encourage entrepreneurs during this pandemic. One of his posts has a quote that reads, “What comes easy, won’t last. What lasts, won’t come easy.” Another says, “Even if you fall on your face, you’re still moving forward.”
COVID-19 has rocked our world. However, if people can keep their eyes on the prize and persevere, they can achieve their dreams despite the setbacks.