The Daily Rundown

SBDR: Millennials Moving Into Management, Coronavirus’ Impact on SMBs

Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.

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If you’re working from home and need something to talk about with yourself when you go to the kitchen to get a drink, consider discussing a recent survey about Millennial managers. If you are a Millennial manager who already knows all about the topic, check out one person’s opinion on why coronavirus is good for small business or the impact of SXSW’s cancellation on the (probably mostly Millennial) SBOs and freelancers who were signed up to work the event.

Millennials as managers: “low-key thinking of ghosting”

The oldest members of the Millennial generation are approaching 40, which means that some are already nearly 2 decades into their career and well-established management roles. As Millennials move up the office ladder, it’s shaping the workplace for their employees from older and younger generations.

The Number: 62%. There’s a 62% chance that your boss is a Millennial. Ha!

The Quote: Young managers are burned out, constantly working, and low-key thinking of ghosting.”

A “glass is half-full” view of coronavirus’s impact on small businesses

We usually shy away from offering too many opinion pieces here at the Small Business Run Down. But since the news is dominated by coronavirus stories that are largely speculative any way, we decided to throw this silver-lining piece into the mix.

The Number: $8 billion and some change. The author believes that, not only will some of the $8 billion-plus coronavirus rescue package end up in the pockets of SBOs, significant funds will also be directed to research and development efforts to beat influenza. 

The Quote: I’m not making light of the coronavirus. I realize that many more people will get sick,  and even die, in the months ahead. There will be hardships. But I’m grateful for a few things.”

SBOs and freelancers feel pain of SXSW cancellation

Small business owners and freelancers are used to operating in feast or famine conditions. The cancellation of Austin’s SXSW festival, however, shines a light on the economic hardship faced by independent businesses as festivals and conferences across the country postpone in response to the coronavirus. For some, the lost wages from a week-long event represent a significant percentage of their yearly earnings.

The Number: $2,112,335. An Austin-based filmmaker and friends started a website for small businesses and freelancers who lost work due SXSW cancellation to connect with other gigs. So far, over $2 million in lost income has been reported on the site. 

The Quote: “(Last week) I had been running around all week buying hundreds of tortillas and pounds and pounds of cheese to make sandwiches and stuff. I spent most of my day today running back around town returning it all.”

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