Over the past few days, I have talked to many business owners whose business is either stable, or even growing. Many express a sense of guilt over their current success. I get it. The news is full of small businesses failing, and yet they are lucky enough to have a business that is doing okay.
A Sense of Guilt
The coronavirus has not impacted all small businesses in the same way. Certainly many have been decimated by the sudden shock of the virus to our daily lives. Here in Franklin, TN, where Mrs. C and I call home, restaurants, coffee shops, retail stores, and other “non-essential” businesses have been ordered to close their doors. The owners of these businesses struggle to make it through by offering carryout, delivery, and/or going online. Anything to keep the lifeblood, that is cash, flowing into their businesses.
On the other hand, some small businesses are holding their own. For various reasons, their business models help insulate them from the ravages of the current economic chaos.
I would urge these business owners to save their feelings of guilt for things that they have consciously done that are wrong. You did not cause these crises. You have done nothing wrong. We need your businesses to succeed. Your businesses will be the foundation of economic growth once we get through the immediate crisis. Your businesses will help reignite the economy, helping to create jobs and spawn entrepreneurs to create new businesses out of the ashes of this economic disaster.
Be Humble
A good way to frame this is to think of the impact of a tornado. One house can be completely wiped out by the storm, and yet the house next door is completely intact. Is it because the one whose home was spared had some great foresight to pick their lot over the one next to theirs? Of course not! It is a result of the randomness that is a part of our lives.
So what should these business owners be feeling right now? How should they psychologically process the seemingly randomness of their good fortune while seeing others fail?
I would urge business owners whose businesses are still operational to turn any guilt they have into humility.
Feel humble that out of events that no one could have predicted, you are fortunate enough to have a business model that allows your business to continue.
Remember those entrepreneurs less fortunate than you. Be humble, feel grateful, and keep moving forward. We need you!
Positive, uplifting thanks!
I completely understand the guilt that these people are feeling having successful businesses during such a devastating time for others. At the same time, I am grateful for the small successes happening in the market which will hopefully keep us afloat once we get past this pandemic. My hometown has reacted very similarly to Franklin in transitioning to online and or carry out/delivery to attempt to keep some kind of income. Unfortunately, we have been sad to see the businesses that attempted to do carry out or delivery, but could not continue because they were not getting enough business. I do think the best advice for these businesses to focus on humility rather than guilt as there is no exact formula for such an unprecedented time that allows only certainly businesses to stay afloat, it is all by chance.
Dr. Cornwall:
Is not a great opportunity to adjust one’s business model going forward. I realize you can’t prepare for every catastrophe but this is a great GREAT lesson for budding entrepreneurs.
It is completely understandable for thriving business owners to feel pity for the less fortunate businesses. But, as you mentioned in your tornado metaphor, the successes of some businesses are due to the services and goods they offer as well as the “randomness” of an economic crisis. These business owners should be feeling a sense of pride in the foundation of their companies rather than guilt. As far as processing the randomness of their good fortune, they should understand that certain aspects of their hard work and company’s foundation are what equipped them to thrive in times like these. I agree that these business owners should feel humble and understand that they have done nothing wrong, nor have they purposely harmed other businesses.
It makes so sense how some small businesses may be feeling guilt as they compare their situation to those who are less fortunate. However, I think you make a great point on the importance of turn this guilt and comparison to humility. This humility will allow them to stay positive in the midst of the hardship, and allow them to continue to serve their community through their business. So many of these small businesses have been such a blessing to many during this hard time by providing people with resources and changing their methods to ensure the safety of their community! With the uncertainty and fluidity of everything that is going on, unfortunately some will be affected much more than others.It is so beautiful to see people come together and help in any way they can, especially these small businesses.
I think this was an encouraging and needed post for entrepreneurs both on the succeeding side as well as the failing side. While some people are benefiting greatly from these situations it is important for them to remember, as you said, humility. On the other hand it can push other entrepreneurs to reassess their business models. If they feel confident in the industry they are in but are suffering they can begin to pivot and transition into that start up mind set again. From there they can begin to make the necessary adjustments to be prepared for the future.
I do agree with the guilt aspect of seeing business failing. I am located also in a small town and, like everywhere else in America, have been on lockdown for about four to five weeks and constantly see businesses closing down. As a successful business owner in this pandemic the best way to help business owners who are struggling is to contribute to the economy in any way that you can. Helping local business can be hard but finding opportunities to help is always possible. Like stated in the article “we need your business to succeed.” When this pandemic is over successful businesses can hopefully be the foundation of economic growth.
The guilt that is being felt by small business owners that are making it through this pandemic reminds me a lot of those who suffer from survivors’ guilt. Ultimately, despite what some individuals who own small businesses have done to prepare for times like these, no one could have anticipated this fallout or been able to stockpile a cash reserve large enough to equip their business to survive. For those who are seeing profit- or are even able to make it through- and for those who are laying restless in their beds at night worrying, the mantra must become: all is grace. Life can be random, and it certainly did not single anyone out and choose to give success as a reward to some. Guilt is a valid emotion, however, your choice is in how you respond; as Dr. Cornwall has written respond with gratitude and humility. We need you, and we are all grateful for your success. Yours, will become the pillars of our new normal.
Starting a business is a struggle as it is, and coronavirus has only created more and more hurdles to jump through. It is disheartening to see people discouraged at their success–or what they view as a lack thereof–instead of looking for the silver lining in what would otherwise be considered unfortunate situations. As you always tell us, the more you fail, the more you learn!
I really like the tornado analogy. We can’t predict what is going to happen when there are events that we cannot control. The small businesses who have stayed open has done something right, and hopefully they are able to spread that knowledge to others.
This is a very relatable post. As the pandemic set in, the real estate market (my family business) began booming. We struggled to navigate the difficulty of a growing business during such a troubling time. I really loved your advice here, and it certainly hit very close to home for me!
Guilt comes from people with tremedous respect for the other people that have businesses failing within this time period; which makes it hard to understand why one business can be doing well and another fails. I think it’s an amazing thing to see many companies being humble about their success and giving back to those who may not be so fortunate. Cash flowing into your business shouldn’t feel upsetting but feel accomplished in this time an age of things happening due to inflation and the economy not being able to stay afloat.