Navigating the COVID-19 pandemic has forced business owners to get creative, pivoting to adapt their business models, introduce new revenue streams, and protect their employees and customers. According to an Oak Finance Business and Morning Consult survey conducted at the end of 2020, 42% of small business owners had seen a decrease in sales over the past three months, and 62% had no plans to hire new employees over the next six months.
Despite all of the challenges presented by the pandemic, small business owners remained optimistic. Six in 10 reported that they were confident the U.S. economy would be favourable to business in 2020, and 67% were confident that their business would return to pre-pandemic operations and revenues.
We connected with five entrepreneurs from across the country and asked one question: As a business owner, what was your biggest learning from the past year?
Kristen Gardner Beal & Lance Lemon
“The biggest lesson from last year and our first full year in business is that you truly have to roll with the punches because entrepreneurship is not perfect. You could wake up and have the busiest day you’ve ever had, which calls for you to hydrate and adapt to the pace almost immediately. Or, you could have 0 orders and that’s ok too, that is the universe creating time for you to recharge. These ebbs and flows have allowed us to further define our fixed vs. variable expectations and business practices, and from this perspective, change is exciting and we welcome the opportunity to grow. It is all an opportunity to grow.”