Magic Johnson's advice to new start-ups amid Covid-19 pandemic: 'I would just lay low' (via CNBCMakeIt)
CEO and co-founder of NerdWallet, agree the pandemic can be tricky and scary for new start-ups, they also see opportunity.
In fact, Chen, who founded NerdWallet amid the 2008 financial crash, thinks right now is the "best time" to start a business.For instance, new startups can find better talent and get cheaper marketing rates amid a pandemic, he explains. Also, there's less business competition because some may be hesitant or scrapped for cash during this time.
But Chen does urge entrepreneurs to "take things slow" when launching a new company or product amid a crisis. He cautions startups to "raise as little money as possible."Koulopoulos, who has 30 years of entrepreneurship experience under his belt and launched two companies during recessions, reminds new entrepreneurs that many big companies and products were born during recessions.recession.
Instead, Koulopoulos advises entrepreneurs to keep moving and "don't allow yourself to succumb to the gloom and doom of the news cycle."Still, Johnson thinks newbie entrepreneurs should play things "safe" and "push the pause button" on any major risks during this time. Johnson, now 60, is currently the CEO and the founder of Magic Johnson Enterprises , an investment conglomerate valued at an estimated $1 billion dollars, according to its
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