In this topsy-turvy COVID environment, we’re exploring a lot of new ground trying to figure out how we should navigate these uncharted waters. And, one interesting tidbit that has surfaced dates back to childhood.
In its 2020 Business Survey, RBC Royal Bank was asking small business owners how they were feeling right now and compared the findings to the general population. What they found is that entrepreneurs are more likely to express confidence in their ability to bound back from adversity than the rest of the population and almost one-quarter them say they will not only survive, they will thrive in this pandemic.
And they attribute their abilities to their childhood. About one-third said they experienced financial stress as a child and it shaped their thinking. Adversity, it turns out, is a powerful teacher.
Further, they were more likely to have been raised by parents who were business owners compared to the general public. And those who engaged in entrepreneurial ventures in their youth were more likely to become business owners later in life.