The COVID-19 pandemic has dramatically changed our world, and the end isn’t yet in sight. The virus has changed many industries in the economy, especially for those who have services or products that require people to buy them in person.
Bav Majithia is a successful serial entrepreneur who knows a lot about how COVID-19 could change our economic outlook.
One of the most difficult challenges of the pandemic has been the move away from small businesses. Small business revenue is down 20% since January 2020, and it’s even worse for in-person businesses like movie theaters, concert venues, and restaurants. “Small business owners are really struggling right now,” Majithia says. “If possible, it’s important to move their customers online and fulfill orders that way. Since the pandemic could last a long time, we can’t know how long it will be before these industries are up and running again.”
The unemployment rate has skyrocketed due to COVID-19, with four in 10 adults saying that they or someone in their household has lost a job or wages due to disruptions from the virus. Many people have had to dip into retirement accounts or savings to pay their bills. “If you don’t have a way to work right now, I would recommend trying your hand at becoming an entrepreneur. It’s liberating not to have to depend on someone else to pay your bills. This is also the only stream of revenue that is accessible to people right now, so it’s worth a try if you’re curious.”
Bav Majithia has run several successful enterprises, including his first company, Genuine Solutions. Since he co-founded the company, he’s moved on to more significant life opportunities. Hobbies he’s passionate about include property and cars, and once the pandemic is over, he wants to spend his time exploring the world. “Through my hard work, I’ve been able to build this life for myself,” he says. “I think other people should have the same opportunities.”
Although the COVID-19 pandemic has made it difficult to make money, Bav Majithia stresses that it’s still possible to live a lucrative life. Even as the economy has issues, some industries are protected, and people should consider building an enterprise for themselves.