One of the hardest-hit segments of society affected by the COVID-19 pandemic is the small businesses and entrepreneurs. After over six months of economic stagnation and community lockdown, many small businesses have been forced to close down for good. Many more will follow throughout the rest of the year. The delicate ecosystem of small business entrepreneurs may be disrupted permanently. I fear this global disaster will hasten the demise of small-scale and local commerce as large-scale corporations and conglomerates fill the gaps.
Personally, I was laid off and the startup I worked for has essentially closed down for good. This was in the logistics industry. I now fear that smaller companies and startups will not be able to keep up with the large-scale giants like Amazon or FedEx.
Many other industries such as restaurants and brick-and-mortar retail shops will also have trouble recovering from this crisis. I fear the entrepreneurial mindset and dream may have been permanently destroyed for many. Many individuals simply have lost too much already or the barriers to enter new industries may be too high now for most individuals to handle.
I pray that the world can quickly recover and governments and communities will prioritize individuals and families over large companies and bureaucracies. As an American, though, I do not feel very confident about this happening.