the well-th report
Thriving in the Pandemic Business Era
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A tale of two entrepreneurs and the not-so-secret — but increasingly important — driver of their success
As challenging as the past 20 months have been, the vitality and resilience of entrepreneurship and business in our country has been on clearer display than perhaps any other time in our history. True, many companies remain in financial distress and have made difficult decisions to survive. Worse yet, many companies have failed through no fault of their own, particularly in “close-contact” sectors such as hair salons and theaters.
But the business community has also demonstrated remarkable creativity and adaptability in adjusting to the pandemic era, resulting in lower-than-expected closures and a surprising number of new companies. What’s more, COVID-19 has accelerated an important shift in corporate policy toward seeking to help solve the many economic and environmental issues laid bare by the crisis.
Below we highlight two entrepreneurs thriving in this new marketplace and their words of wisdom for succeeding in it.
Entrepreneur #1
Creative Pivots
Nearly every business owner has been forced to rethink operations and adapt to significant change. But some have faced greater challenges than others, including those who run companies that depend on in-person interaction. One such business owner is entrepreneur Nicole Loeb, co-founder of Trapology Boston, an escape room, and owner of Nicole Chan Photography, a nationally recognized wedding photo, video and drone team.
“[When the pandemic started] it was a dumpster fire,” Nicole says. “The wedding industry was decimated, and most things were moved to 2021 and beyond. The challenging part here is that reschedules replaced 2021 bookings, so our team lost out on two years of revenue. We pivoted by photographing Boston microweddings and Boston commercial photography projects for minority-owned business owners.” As for the escape room business, she and her team altered Trapology’s business model from in-person escape games to virtual games, creating a series of online team-building experiences called Virtual Trappy Hour and a play-at-home escape room in a box.
While both businesses experienced financial setbacks, these strategies — and the agility to quickly execute them — has not only helped the companies survive during the pandemic, but also left them better positioned for future growth.
When asked what kept her going during the darkest days of 2020, Nicole explains, “I look at all of the people who depend on and trust me. I can’t let them down. I also look at how far we’ve come, and what we’ve accomplished together.”
Entrepreneur #1
Creative Pivots
Nearly every business owner has been forced to rethink operations and adapt to significant change. But some have faced greater challenges than others, including those who run companies that depend on in-person interaction. One such business owner is entrepreneur Nicole Loeb, co-founder of Trapology Boston, an escape room, and owner of Nicole Chan Photography, a nationally recognized wedding photo, video and drone team.
“[When the pandemic started] it was a dumpster fire,” Nicole says. “The wedding industry was decimated, and most things were moved to 2021 and beyond. The challenging part here is that reschedules replaced 2021 bookings, so our team lost out on two years of revenue. We pivoted by photographing Boston microweddings and Boston commercial photography projects for minority-owned business owners.” As for the escape room business, she and her team altered Trapology’s business model from in-person escape games to virtual games, creating a series of online team-building experiences called Virtual Trappy Hour and a play-at-home escape room in a box.
While both businesses experienced financial setbacks, these strategies — and the agility to quickly execute them — has not only helped the companies survive during the pandemic, but also left them better positioned for future growth.
When asked what kept her going during the darkest days of 2020, Nicole explains, “I look at all of the people who depend on and trust me. I can’t let them down. I also look at how far we’ve come, and what we’ve accomplished together.”
“I believe that, to be successful in a holistic and meaningful way, an entrepreneur ought to be driven primarily by service, rather than by power or money. Successful entrepreneurs inspire, foster innovation and bring out the best in those around them. They keep the business focused on its higher purpose. They also focus on ‘we,’ rather than ‘me’ and support the people within their organization by purposefully cultivating a culture of trust and care.”
– Kent Gregoire
Entrepreneur #2
The Pursuit of Purpose
The pandemic has also led to other pivots in the business community: a shift toward “doing well by doing good.” While the concept is not new in the corporate realm, the disruptive nature of the pandemic brought it center stage, creating an urgency for business owners and C-suites to incorporate positive impact — not just profit — into success metrics.
This is a shift that Kent Gregoire, serial entrepreneur and CEO of Symphony Advantage was more than ready to help facilitate, having already devoted his career to it. Kent, whose purpose-driven approach to business was inspired early in his career by his father, is one of only seven certified Conscious Capitalism Consultants worldwide. He believes that profit can go hand in hand with the greater good and has witnessed other business leaders waking up to this philosophy in the wake of the pandemic.
He explains, “Suddenly, how a CEO or company showed up in 2020 and 2021 is a new and powerful way by which they are measured,” he says. “Companies that demonstrate a lack of empathy, that remain silent or self-serving, whose leaders refuse to share in the economic pain, risk finding their brands and reputations permanently damaged. The growing trend is for more responsible and caring C-suites, which is at the cornerstone of the conscious capitalism movement.”
Even before the pandemic, this shift was clearly underway. In 2019, 181 CEOs signed a new Statement on the Purpose of a Corporation, redefining a corporation’s principal purpose from maximizing shareholder return to also delivering value to customers, investing in employees, dealing fairly with suppliers and supporting communities.
But the urgency to deliver on this commitment has accelerated with rapidly changing consumer preferences and a tight labor market. As Kent points out, “Seven in 10 consumers believe businesses have an obligation to improve societal and environmental issues, and 45% of millennial employees are willing to change jobs if their company doesn’t implement social or sustainable business practices.”
“The COVID-19 pandemic can enable rapid permanent shifts in mindsets and social norms. We [as entrepreneurs and business owners] now have a rare chance to normalize what good business looks like,” Kent says.
What is conscious capitalism?
“Conscious capitalism is capitalism at its best. Capitalism remains the most powerful tool we have ever invented to channel human ingenuity, to meet human needs and elevate us to new heights. When the private sector pivots to serve the greater good, its reach and power are immense. Conscious capitalism was founded on the belief that the very laws of capitalism can be leveraged to help right the system. As such, it can become the single most powerful engine for scalable, sustainable change.” - Kent Gregoire
The pandemic has also led to other pivots in the business community: a shift toward “doing well by doing good.” While the concept is not new in the corporate realm, the disruptive nature of the pandemic brought it center stage, creating an urgency for business owners and C-suites to incorporate positive impact — not just profit — into success metrics.
This is a shift that Kent Gregoire, serial entrepreneur and CEO of Symphony Advantage was more than ready to help facilitate, having already devoted his career to it. Kent, whose purpose-driven approach to business was inspired early in his career by his father, is one of only seven certified Conscious Capitalism Consultants worldwide. He believes that profit can go hand in hand with the greater good and has witnessed other business leaders waking up to this philosophy in the wake of the pandemic.
He explains, “Suddenly, how a CEO or company showed up in 2020 and 2021 is a new and powerful way by which they are measured,” he says. “Companies that demonstrate a lack of empathy, that remain silent or self-serving, whose leaders refuse to share in the economic pain, risk finding their brands and reputations permanently damaged. The growing trend is for more responsible and caring C-suites, which is at the cornerstone of the conscious capitalism movement.”
Even before the pandemic, this shift was clearly underway. In 2019, 181 CEOs signed a new Statement on the Purpose of a Corporation, redefining a corporation’s principal purpose from maximizing shareholder return to also delivering value to customers, investing in employees, dealing fairly with suppliers and supporting communities.
But the urgency to deliver on this commitment has accelerated with rapidly changing consumer preferences and a tight labor market. As Kent points out, “Seven in 10 consumers believe businesses have an obligation to improve societal and environmental issues, and 45% of millennial employees are willing to change jobs if their company doesn’t implement social or sustainable business practices.”
“The COVID-19 pandemic can enable rapid permanent shifts in mindsets and social norms. We [as entrepreneurs and business owners] now have a rare chance to normalize what good business looks like,” Kent says.
Entrepreneur #2
The Pursuit of Purpose
What Is conscious capitalism?
“Conscious capitalism is capitalism at its best. Capitalism remains the most powerful tool we have ever invented to channel human ingenuity, to meet human needs and elevate us to new heights. When the private sector pivots to serve the greater good, its reach and power are immense. Conscious capitalism was founded on the belief that the very laws of capitalism can be leveraged to help right the system. As such, it can become the single most powerful engine for scalable, sustainable change.” - Kent Gregoire
Words of Wisdom for the New Marketplace
While Nicole and Kent are entirely different entrepreneurs in terms of the size and types of companies they lead, they both reveal some particularly useful philosophies and practices for the modern, pandemic-era marketplace.
Specifically, the following four themes stand out:
1. Purpose
Both Kent and Nicole were headed down more traditional career paths before realizing they needed something more. Nicole explains feeling “exhausted, miserable and frustrated" in her job as a management consultant before making the leap into photography and escape rooms, which she says she did for one simple reason: She loves them. Today, passion for her companies’ crafts and her commitment to her employees continue to motivate her.
Likewise, Kent describes his path toward conscious capitalism as a “quest” that was inspired by a pivotal moment when he realized his career as a successful entrepreneur was supporting a lavish lifestyle but offered no real meaning. Today, he describes that his purpose to “unleash the entrepreneurial spirit for good” as his “North Star” that keeps him on the right path of fulfillment. And his advice for budding entrepreneurs is just that: to “start with a higher purpose.”
2. Bold Thinking
As John Maynard Keynes once said, “The difficulty lies, not in the new ideas, but in escaping from the old ones…”1 Both entrepreneurs embody this concept. Kent has devoted his career to upending outdated notions of capitalism and leadership, and Nicole leverages “blue ocean thinking” to continue evolving her companies.
Nicole explains, “Ninety-nine percent of our ideas are ridiculous, and that’s OK. I think it's easy to get into the rut of ‘Oh, we can't do that because of this or that.’ However, there's a small chance that the unimaginable could happen, and I always try to push for that.”
3. Reflection
We live hectic lives. This is particularly true for entrepreneurs. Kent recommends — and regularly practices — taking time to slow down and appreciate nature. He explains, “walking in nature is a multisensory experience during which the colors, shapes, smells and textures around me awaken my mind to new possibilities. As a result, I feel energized and rejuvenated.” He also points to journaling and practicing gratitude as playing critical roles in his personal and professional growth.
Nicole also credits reflection as a source of inspiration. She explains that she often looks back at “how far we’ve come, and what we’ve accomplished together,” and is actively trying to get even better at “taking the time to stop, look back and tell ourselves that we’ve done a pretty dang good job.”
4. Community
Both Kent and Nicole point to other entrepreneurs as being instrumental in their success. In addition to leaning on mentors along the way, they both credit the Entrepreneurs’ Organization as a source of valuable insight and guidance during their journeys. They explain that other entrepreneurs have the most relevant advice and tend to be generous with their time and insights.
There is little doubt that it takes tenacity to succeed as an entrepreneur. But what these two stories suggest is that it also takes something more: purpose. In a marketplace where consumers and employees increasingly prefer to align their paychecks with their values, purpose-led entrepreneurs are well-positioned to do what they do best — disrupt and innovate, especially with a little help from each other.
1. John Maynard Keynes, The General Theory of Employment, Interest and Money. Preface, p. viii (1936). Retrieved from https://www.files.ethz.ch/isn/125515/1366_KeynesTheoryofEmployment.pdf on Sept. 10, 2021.