Post-pandemic lessons for business owners | Trevor Koot | TEDxRoyalRoadsU | Summary and Q&A

TL;DR

Business ownership is incredibly difficult, but the pandemic has brought about a newfound empathy and understanding towards struggling businesses.

Key Insights

• 😨 Business ownership involves immense pressure, responsibility, and fears of failure.
• 🥺 The pandemic exposed the realities of the challenges faced by businesses and led to a newfound empathy from consumers.
• 👨‍💼 Transparent and vulnerable business owners are now perceived with more understanding and support.
• 🖐️ Consumers have a role to play in supporting and encouraging business ownership.
• 👨‍💼 The perception of business ownership has shifted from judgment to empathy.
• 👨‍💼 Local businesses are struggling for their survival, and their challenges deserve our understanding.
• 👨‍💼 Business owners should not feel alone in facing the difficulties of operating a business.

Transcript

foreign [Applause] is freaking hard I wasn't allowed to swear the first time I said that sentence publicly was three years after I started my first business I was presenting to a banquet room full of business people as a young entrepreneur Award nominee that was almost 20 years ago and though not scripted that line received the loudest run of Appla... Read More

Questions & Answers

Q: Why is business ownership so challenging?

Business ownership comes with immense pressure, such as the responsibility to provide employment and the fear of failure. It often involves taking risks that may or may not pay off.

Q: How did the pandemic impact businesses?

The pandemic forced many businesses to close temporarily or permanently due to reduced or no income. This put businesses in a vulnerable position, struggling to pay payroll, mortgages, and rent.

Q: How did the pandemic change the perception of business owners?

The pandemic normalized empathy for struggling business owners, with a sense that everyone is in this together. Consumers began to appreciate the challenges faced by business owners and showed less judgment.

Q: Will this new perception of business ownership last?

The author hopes that vulnerability and empathy become normalized in business ownership. The changed environment provides an opportunity for a common understanding and appreciation of the difficulties faced by businesses.

Summary

The speaker reflects on the challenges and pressures of being a business owner, including the responsibility of providing employment and the fear of failure. They share their own experiences of almost going bankrupt and having to make difficult decisions that affected their staff. The speaker also discusses how the pandemic has changed perceptions of business owners, with increased empathy and understanding from consumers and a shared sense of vulnerability within the business community. They call for continued support and less judgment towards business owners, emphasizing that running a business is extremely challenging.

Questions & Answers

Q: What challenges come with business ownership?

Business ownership comes with overwhelming pressures, such as the responsibility of providing employment and the fear that the business could fail at any moment. The speaker discusses how they felt the weight of responsibility, knowing that their staff's livelihoods were dependent on them.

Q: How did the speaker's experiences shape their perception of business ownership?

The speaker shares their personal experiences of almost going bankrupt twice and making difficult decisions, such as laying off staff. They reflect on how these experiences made them realize the true challenges of business ownership and shattered the illusion that it comes easily to others. It also made them recognize the facade they and others put on to hide their struggles.

Q: How did the pandemic change perceptions of business owners?

The pandemic exposed the reality of business ownership and the struggles that many businesses face. The speaker discusses how businesses had to close due to reduced or no income, leading to financial difficulties and the inability to meet obligations like payroll, mortgages, and rent. In this vulnerable state, business owners openly admitted their struggles, and consumers showed empathy and understanding instead of judgment.

Q: What role does vulnerability play in changing perceptions?

The speaker emphasizes the importance of vulnerability in changing perceptions. When business owners became more transparent about their challenges and struggles, it created a sense of shared vulnerability within the business community. This vulnerability allowed for increased understanding and support from both staff and customers.

Q: How has empathy from consumers changed?

The pandemic has led to increased empathy from consumers towards business owners. The speaker shares their own experience of writing letters to boards of directors, disclosing their potential bankruptcy, and realizing that there was no negative reaction. They explain that consumers now perceive business ownership with less judgment and more understanding of the risks involved.

Q: What does the speaker hope for the future of business ownership?

The speaker hopes that the changed perception and environment sparked by the pandemic will become the new normal. They express the desire for vulnerability to be a normalized characteristic of business ownership that is appreciated by staff, colleagues, and customers. They also hope that consumers will continue to demonstrate empathy and support for business owners, and that judgment towards business ownership will decrease.

Q: How does the speaker suggest we embrace this changed environment?

The speaker calls on everyone to embrace this changed environment by sharing a common understanding and appreciation for the challenges of business ownership. They encourage business owners to recognize that they are not alone and to support each other, while also urging consumers to show empathy, shop local, and refrain from judgment towards business owners.

Q: What is the significance of the restaurant's sign mentioned by the speaker?

The speaker mentions a restaurant sign that reads, "If you don't come in and eat, we don't either." They explain that prior to the pandemic, such a sign may have been seen as desperate, but now it is understood as a reflection of the struggles that many business owners face. This sign symbolizes the shift in perceptions and increased understanding of the challenges of running a business.

Q: How does the speaker view the future of the business world?

The speaker hopes that the changed perception and understanding of the challenges of business ownership will become the new normal. They express the desire for vulnerability, empathy, and support to be integral parts of the business world, creating a more supportive and understanding environment for business owners.

Q: What is the main message conveyed by the speaker?

The main message conveyed by the speaker is that running a business is extremely hard, and that business owners should not feel alone in their struggles. They emphasize the importance of empathy, support, and less judgment towards business owners from both the business community and consumers.

Takeaways

The speaker reflects on the challenges and pressures faced by business owners, highlighting the responsibilities and fears associated with business ownership. They emphasize the significant changes brought about by the pandemic, which led to increased empathy, understanding, and support for business owners. The speaker calls for the continued embrace of a changed environment where vulnerability, empathy, and less judgment are integral parts of the business world. They emphasize that running a business is challenging, and everyone should appreciate and support business owners in their struggles.

Summary & Key Takeaways

• Business ownership is fraught with overwhelming pressures, responsibility, and fears of failure.

• The pandemic has exposed the reality of the challenges faced by businesses and has led to a greater sense of empathy from consumers.

• The perception of business ownership has shifted, with a focus on vulnerability, empathy, and reduced judgment.