Since the pandemic hit back in March of 2020, some persons were left unemployed as businesses and companies started scaling back on their employees. Similarly, many were left at home with nothing to do as the country placed many health restrictions which resulted in persons staying at home. As of consequence, many were left with an understanding that there is no such thing as “income security” when being employed in a business. Thus, different business ideas were birthed, allowing many to start their own business.
As a result, persons need to understand the importance of income security and how they can improve their own business within a pandemic. Why is income security important? Income security is important for both society and the economy. Having a secure income will help prevent persons from running their business dry as well as themselves. Income security can greatly enhance a person’s ability to have a great life.
But, how can someone have a great life when they don’t know how to manage their own business or how income security works. To recapitulate the objective of this campaign is “to identify and encourage entrepreneurial ventures that can strive during any form of economic crisis.” So, for this reason, The Entrepreneurship Boom was created.
The Entrepreneurship Boom is a social media campaign to aid in understanding income security and how it can better a person’s business and the livelihoods of young business owners between the ages of twenty-one to thirty. The campaign managers are Abigail Simpson who is a student at the University of the West Indies, Kasheem Lawrence an agent at a Bpo Industry, and Rebecca McIntosh a work from home mom, confidence coach, and business owner; came together to encourage persons to grasp the outcome of income security.
Our research revealed that individuals are diving ‘head first’ into owning their business and not comprehending the ramifications that come with maintaining a business, such as handling their monies. Individuals need to recognize what they must do to improve themselves and their business, utilize the technology that is within their reach to develop their business. Hopefully, persons would establish the things needed to better themselves by taking short courses in financial planning, data management, and forecasting their revenues to calculate the amount of money their company will receive from sales during a specific time period. Also, to improve themselves to the changes in the business world.
In addition, the courses taken above and the skills learned are bound to improve persons’ financial data and ensure that they have a secure income and can manage their small business. Also, keep upgrading themselves every day and being up to date with the business sector. The world is changing every day and individuals must keep themselves and have the mindset to learn and grow. Implementations that can be done to better your business:
- Gather Client Information
- Establish Goals and Objectives
- Analyze Financial Situation
- Develop and Present Financial Plan
- Implement a Plan
- Monitor and Review Financial Plan
In speaking with an expert, he said, “The importance of income security is very necessary because it could either make or break a business. Persons must adapt their mindset to change and know how you could own your business and be financially stable.” In the world of business, we need to develop these basic skills such as:
Self-discipline
Open to learning new things
Problem-solving
Decision making
Managing time
Prioritizing
Money management
In conclusion, taking all these necessary steps can develop you and your business to becoming a pandemic-proof business. It will be a difficult road to achieving these but with hard work and dedication, your business is bound to be successful.
