Since the Coronavirus’ spread all across the United States, many Americans are worried about the long lasting consequences of the illness. Conflicting reports from different media outlets have left people feeling anxious and confused. In addition to a strained healthcare system, we are also starting to see the affects of a strained economy. Many business owners have experienced a serious decline in revenue over the last month. This has resulted in countless layoffs and furloughs across the country. Now in addition to having to worry about potentially contracting the virus, lots of Americans are also worried about how they’re going to stay afloat financially.
With the number of people looking for answers at an all-time high, who better to share their opinions on the Coronavirus and it’s impact than some of the most savvy people in business. Keep reading to see what the sharks on Shark Tank think about the Coronavirus.
Daymond John
Daymond John is best-known for his clothing line, Fubu. He has been an entrepreneur for decades and as a result has witnessed lots of ups and downs. In a recent interview, Daymond said that, unfortunately, he doesn’t foresee the country’s economic situation getting better any time soon. Daymond told Kitco News, “Everything stopped on a dime and you have to make an immediate plan of action and response. [Businesses] are going to have to renegotiate their land leases, their credit cards, any kind of bills …they’re going to try to have to settle at pennies on the dollar with any kind of third party vendor. So you have to stop the bleeding at first, and then you have to then say, ‘what assets do I have that I can dig into.” He predicts that the effects of this economic crisis could continue to be felt for the next two years.
Barbara Corcoran
As one of the most outspoken members of the tank, Barbara Corcoran has also been very vocal with her opinions on the Coronavirus. She has openly disapproved the relief options that have been rolled out by the Trump administration. Barbara says that the rollout of the relief program has been “horrendous”. As a result, she fears that many of the businesses she’s invested in won’t survive. However, despite the grim outlook, Barbara is trying to remain positive by offering advice. She recommends that people use this time to learn a new skill. Barbara also encourages people to save their stimulus money (if they can).
Mark Cuban
Mark Cuban has seen it all throughout his career in business. He has survived several economic crises and his business savvy mindset usually kept him one step ahead. Cuban has shared his opinion on the current state of the economy and the potential effects. Although things don’t look good now, he thinks the longterm impact could be quite positive. Cuban told MSNBC, “I think capitalism is going to become a lot smarter and a lot more compassionate because of what we’re going through.” He believes that the outcome will be companies shifting to an employee-first mentality. Recently, it was also announced that Cuban was appointed to president Trump’s Coronavirus council.
Kevin O’Leary
Known to Shark Tank fans as Mr. Wonderful, Kevin O’Leary has become infamous for his royalty deals. While he’s usually accused of making unfair deals, Kevin is here to offer advice that will hopefully help businesses’ future deals. O’Leary is suggesting that businesses turn to equity crowdfunding. According to Forbes, equity crowdfunding “is raising capital from the crowd through the sale of securities (shares, convertible note, debt, revenue share, and more) in a private company (that is not listed on stock exchanges).” O’Leary also adds that businesses should be honest with stakeholders and the community.
Lori Greiner
Lori Greiner is certainly a shark, but there’s no denying that she also has a sweet side. She has been donating meals to healthcare workers all over the country. She’s also been doing surprise video calls in an effort to raise people’s spirits while they work hard to make sure patients receive the best care. Lori recently did an interview with Extra TV where she gave a few tips and suggested that people look into the benefits of the Coronavirus Aid, Relief, and. Economic Security Act (CARES). She hopes that lots of good business ideas will come from this time as entrepreneurs work to create solutions for common problems.
Robert Herjavec
As someone with years of experience working in cyber security, Robert Herjavec has brought a different perspective to Coronavirus discussions. He says that businesses are currently more susceptible to attacks due to the increased number of employees working from home. Robert is encouraging companies to take all of the necessary precautions to prevent issues like hacking and phishing. Although Robert applauds the government’s speedy response to the current issues, he feels that the CARES act won’t be enough. He told CNBC that believes that the country’s unemployment rate will spike to the highest number in history. Robert says that many small businesses will have to focus on survival by taking things day by day.
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