A new entrepreneurial reality after quarantine
During this pandemic, new ways of navigating the business ecosystem are being learned and adapted. Many countries, as well as Puerto Rico, are taking the necessary steps to deal with this pandemic in the most sensitive and responsible manner possible, adapting to the changes.
Due to a strict Executive Order (EO) as a health security measure, many small and medium business (SMB) owners on the Island ceased operations. Foundation for Puerto Rico, along with other organizations, collaborated in the Colmena 66’s Levanta tu negocio survey, where information was collected on the status of more than 580 businesses around the Island. Through analysis, it was possible to identify the main concerns among SMBs. At the time of the survey, most of the operating businesses were in the agricultural, high-tech services and management industries. Construction, tourism, and restaurant and hotel activities operated minimally, given the restrictions of the EO.
The income reduction for many SMBs has had an economic impact on many households on the Island. Some will only be able to withstand this closure for a few weeks, resulting in thousands of layoffs and dismissals. Unemployment claims on the Island continue to increase.
Given the evident changes due to COVID-19, Foundation for Puerto Rico foresees the emergence of a new business reality on the island. Therefore, some recommendations were drawn up so that the SMBs can face changes in the best possible way.
It is time to align business people with the current reality on the island. It is important to recognize that supporting the business ecosystem is a contribution to economic and social stability.