Things I learned from talking to 10 local business owners in challenging times

How to manage a business in this incredibly difficult time in human history

Photo taken from Bloomberg.

As fears grow over how Covid-19 will impact the global economy, smaller businesses across the cities are noticing a marked drop in footfall. The impact of the virus on the business community is real.

With the coronavirus closing businesses and putting the country in lockdown, independent business owners have seen their lives completely change.

They have seen their usual customers and daily lives disappear, and they have been left in uncertain times with no clear answer as to when they can open up again.

To see how some different businesses are doing and creating a content that may help some of you, I’ve spoken to four different business owners from Denmark to Hong Kong to see how owners and entrepreneurs are coping with the pandemic. And here are some valuable insights/ business advices I’ve gained from talking to the owners in small businesses and local shops during the lockdown.

“Because I am a true entrepreneur.”

I still remember how the owner of a fashion brand, Danefæ in Denmark has given this advice during the difficult times of an economic shutdown in late March. If you’re a true entrepreneur, you can’t survive having a normal job. If you’re not out there making it happen and running a business, you’re not an entrepreneur, you’re a person with entrepreneurial tendencies. Now that’s fine. As long as you’re happy that’s what matters. As a true entrepreneur it is a process to have downsides from all different directions, but at the end of the day, the goal being a entrepreneur is a long-term game and it is one of the best way to be happy because there are so many outcomes in the next quarter which you don’t know. But always be prepared and this is the fun, enchanting moment of being a business owner.

It is OK to feel afraid, scared or desperate. This isn’t your fault. But being accountable is one of the biggest key to happiness and it is totally different from beating yourself up for your mistakes. People have negative feelings or thoughts about failures and mistakes, but the minute you start dwelling on it, you’re making it more likely that your next thing won’t work. The owner of Danefæ has been surviving the lockdown working with virtual online business strategies and getting creative to recover from the sales and trade activity. But the owner of Danefæ has realised that especially in this challenging time, people are blaming themselves and wrap up their self-esteem up in their successes. But the truth is, there’s nothing wrong with any of those things — and once get comfortable with your failures, you might find that they can actually be your greatest strengths.

There should always be an emergency budget — both in terms of health but also in terms of finance, job security, housing and caring responsibilities. But this is the moment of time to keep our expenses low and saving cash as an offence, because when there is another chance of opportunity, smart business’ owners struck.

The perspective of good life is important to keep us moving forward. Many of us are complaining about the situation of a covid-19 lockdown, economic crisis and we don’t realise that we have the greatest era to be alive in human history. Even though people are changing the original form of how they work, we literally have more opportunity than ever. Everything points to the fact that the world is getting better. There’s more opportunity than ever because the internet changed everything. During the time of the lockdown, 864 million people have joined a social network, gaining access to more information, entertainment, and community online. These facts, and many more clearly articulate the positivity and optimism I see that the world truly better than it was before. We have limitless alternatives, and owners in an optimistic perspective are shifting towards an online business for a new opportunity. This is the time to reflect and develop perspective because this is the foundation of a winning career and striking for a long-term business.

This article was inspired by interviewing business owners during the covid-19 lockdown in Copenhagen.

Thanks for reading :).