EO Members share the biggest lesson they learned from the past year, with the hope of taking their learnings with them as they move forward in their entrepreneurial journey.
Acknowledge your vulnerability
“The power of vulnerability.” This is the fundamental realisation that Cesar Aldea, Aldea Consulting Founder and Managing Director, has gained from his experiences last year.
“At the start of the pandemic, our business was booming. We had 10 full-time doctors working with us across 4 states. As a General Practitioner Locum Agency, we thought COVID will bring more work for us. However, the 40% drop in patients attending GP clinics forced our clients to cancel the service. The impact on our business: we went from 10 FTE (Full-Time Equivalent) dropping to 1 FTE within 72 hours. Our revenue fell by 90%. The worst part, and at the same time the most relevant, was having those hard conversations with the doctors (90% of our workforce) to let them know they’ve lost their jobs,” Cesar recounted.
But he didn’t let these ordeals get the better of him. “I knew the way we handled this challenge was going to be paramount for the future of our company. Looking back, I remember the stress levels needed to quickly come up with a contingency plan to save the business, as well as the relationship with our workforce and our clients. The option taken was simply to be vulnerable and share our fears, hopes and plans, something as a business owner you often keep to yourself. Six months later, the result was that we managed to bring back all of those who once we lost, and the relationship with our people and clients certainly has strengthened. Today, our business is no longer driven by the fear of losing people or clients but by a much stronger sense of purpose and service,” he shared.
Don’t forget to Take care of yourself first
For Gry Tomte, Director + Founder of HÜD Skin + Body, “There are no lessons better than those who smack you in the face. So thanks to the year that was 2020!”
It was not an easy year for Gry and her team. “Being in an industry -- amongst many -- that was closed for pretty much eight months, the biggest lesson I learnt was that you need to take care of yourself before you can take care of others. When we first went into lockdown, the adrenaline kept me working 18-hour days consistently to ensure that not only we could pivot in terms of operation but also we could pivot the way the team worked and felt engaged and connected to their brand new roles - much different to what they’d signed up for. There were so many challenges thrown my way every day that I completely forgot to look after myself. In a normal world of running a business, this is fine for a short amount of time. But sustaining this type of adrenaline over eight months can be detrimental. The result was a business and a team that made it through in good shape, while for me, having adrenal fatigue and burnout,” she recalled.
“Having reflected on the lessons learnt throughout, I can see I have become very familiar with the term amygdala highjack. I forgot to put on my oxygen mask before attempting to help others around me, which made it hard to function at my optimal,” Gry added.
Then, one of the lessons she picked in a learning event came to mind. “I had the pleasure of spending three days with Warren Rustand at a conference in Vietnam, and I remember his story of when he went through a very tough time. What he said was when he was faced with extreme pressures, he carved out MORE time for all the things that made him a better person. Double the time on gratitudes, more time exercising, more time doing the things that filled his cup, such as spending time with family. By doing so, only then can you have clarity of intent and laser-sharp focus on the road ahead. Somehow I’d forgotten this very valuable lesson. So my biggest takeaway is: the more consistent you are at taking care of yourself, the more consistent your results will be. And of course, like most business owners, I learnt that having a cash reserve is a must!”
Communicate, communicate, communicate
Transparency and constant communication have been key to many businesses, given the limitations and restrictions imposed due to the pandemic. Many have to work from home and conduct most of their transactions online. With the lack of physical interaction, people often miss certain things and can put some strain on them. This is where one’s presence, albeit virtual, can be of value to individuals or groups.
“Our success in 2020 has been communication with customers, suppliers and team,” stated Carlo Santoro, RetailCare Founder. They have achieved this because, according to Carlo, “We have over-communicated across the board to ensure everyone knew we are there for them.”
Stay connected with others, empathise and be resilient
“The biggest that I learned in 2020 was the power of resilience. Resilience is what gets you through the toughest of times,” EthnoLink CEO and Founder Costa Vasili remarked.
He pointed out, “Since EthnoLink was founded in 2011, we’d had a reasonably steady growth trajectory and never experienced a recession. The year 2020 was truly challenging for the world, and what I discovered was that resilience was a skill I needed to develop — quickly. I did this in particular by staying connected with my networks and speaking with our team, as well as our clients and suppliers. By staying connected, it enabled me to feel like I was in control. I could empathise with the situations that others were going through, which helped keep my situation in check.”
Meet the challenges with confidence and adapt fast
In the case of Liston Newton Advisory Director John Liston, his biggest lesson from 2020 is that “everything can be taken away from you very quickly, whether that is your freedom, your business or your life. When I realised it can all be taken away so quickly, it makes me want to go for bigger and bolder goals.”
Having experienced such difficulties in 2020 have even made John bolder and more determined than ever. “As far as business conditions go, it couldn’t get much worse than last year, so I feel that surviving this is like surviving all the things you fear in business. You realise that you can adapt and operate in these conditions, which give you more confidence in yourself and your business,” he noted.
Be Proactive
“In the challenging and uncertain times, a proactive approach to determining the future will almost always outperform a reactive approach to ‘weathering the storm’,” said Jason Ellenport, Principal at Edison Partners. This has been his biggest learning last year.
He cited how they made a proactive stance during the crisis and the benefits it has brought to businesses. “During the COVID lockdowns of 2020, Edison reached out to over 200 privately owned businesses to better understand their needs and understand how we could be helpful. Fast forward 6-12 months, those businesses that established operational clarity, a strong team and cultural alignment and a proactive strategic outlook (despite all the uncertainty) have fared demonstrably better than their more reactive and conservative counterparts.”
The previous year, due to the pandemic, may have created a huge dent in economies, markets, industries, businesses and people’s lives. Some of the damages may be irreversible. However, instead of shrinking from the difficulties, it is an opportunity for business owners to stretch their entrepreneurial muscles, learn from the experience, move forward with more resolve.
Share with us your biggest lesson you learned in 2020 through the comment box below.