Courage, commitment are the recipe for enduring
Many people ask me, “What’s it like to be a business owner? Do you think I can do it? What’s the secret formula to make sure you are successful?”
Well, think about how many people are affected by the pandemic, the uncertain times we are facing, the fear of the unknown and the feeling that at any time you — or a loved one — can be impacted.
When you are starting a business, the same emotions we are currently experiencing are the same emotions entrepreneurs experience as we build our businesses. If you put everything on the line and risk everything you have, the feeling is stronger.
Imagine an elephant sitting on your chest. That’s what it’s like to be a business owner. The feeling eases as you become more experienced and skilled at your trade. However, if you stick around long enough, you learn that it’s only a matter of time before that horrible feeling — that tremendous pressure on your chest — comes back. This reminds us to stay humble and to respect the ebb and flow that comes with owning a business.
Running a company takes a tremendous toll on the entrepreneur, mentally and physically. For those who can stomach the emotional and physical pain, it can be extremely rewarding in the long run. But being realistic, only a small percentage of startup businesses will ever experience these rewards.
Two weeks ago, Gov. Wolf mandated the shutdown of many businesses throughout Pennsylvania — with the exception of essential business, like restaurants (takeout and delivery). This decision is affecting many families, especially in the restaurant industry where I happen to play. I noticed many restaurateurs adapting to the current situation and shifting from a sit-down operation to a full takeout and deliveryonly operation.
It may seem easy to do from an operations standpoint. But it’s the equivalent of introducing a new operating system to your computer and then having to learn all the commands, overnight. It gave me joy seeing many operators putting in the effort to continue to serve and feed their community during these difficult times and adapting to the new playing field.
While some decided to close their doors, when you are fully committed you find the courage to keep moving forward — despite the difficulties ahead of you. Strong entrepreneurs keep fighting until there is nothing left.
What’s the secret formula to being successful? The answer to this question can be summarized in three areas:
Knowing your numbers gives you the competitive advantage of staying ahead of the game. For my industry this means having the knowledge of my labor costs, food costs (as a percentage of sales), rent/mortgage cost (as a percentage of sales) and other factors. This knowledge gives me a clear picture of knowing when to slow down on operations and when to confidently speed up and take advantage of market opportunities.
2. Understand operations: On the operational side, this means having the
desire for continuous improvement and the way your company does things. Ask yourself and ask your team these questions all the time: How can we improve and how can we get better?
My belief is, if we are not growing, we are dying. And by growing, I don’t mean opening new stores. Growth is defined by how we improve our operational efficiencies around people, process, technology. You get the idea.
3. Have grit: Are you hungry enough to keep going, despite whatever negative circumstances come your way? And they will. What’s your motivation to keep going with the same enthusiasm as the first day you opened for business?
For all entrepreneurs out there, whenever you face times of uncertainty and turmoil, it’s here that resourcefulness and creativity finds a way to solutions.
Now, more than ever, we have been tested as a nation with the coronavirus pandemic. As an entrepreneur, there is no other place in the world I would rather be than in the United States of America — the home of the brave and land of the free. Ours is a nation that will always find its way to come together and work its way out of a difficult situation. It’s a nation with the courage and commitment to always find a way. This will pass. We keep moving forward.