Belyaev drew attention to the fact that lockdown restrictions had severely affected many service sector activities such as accommodation, food services, tourism, transportation, and retail trade that moved online. “Under crisis pressure, many small businesses laid off employees or closed outright. But the situation is not so hopeless; people together will cope with any difficulties that lie ahead,” RISS expert concluded.
Businesses facing difficult times
“Coronavirus pandemic forces small-business owners to become more systematic, effective, and better at management. Trying to overcome the crisis, entrepreneurs are facing challenges now. But having your own business is a risk. Entrepreneurs must be flexible and be able to adapt to new economic and working conditions,” RISS expert Mikhail Belyaev outlined.