This was originally published to The Good Men Project on January 10, 2022 and written by Irfan Haider. I’ve republished it here so that it won’t disappear from the Internet.
Financial security and independence established via sweat equity, wit, and perhaps some amount of luck is often called “Chasing the American Dream,” but that dream extends to people all over the world.
There are around 400 million small and medium enterprises (SMEs) which is a more technical term for a small business. These SMEs are the very foundation of the global economy, contributing to job creation in their communities and making it possible for families to be fed and security to be found for billions of people.
“It is amazing when you consider the impact that small businesses and medium businesses have on society. Really, as a combined force, small businesses are incredibly powerful. I don’t think many small business owners realize this. I also don’t think that most people understand how much hard work it takes and how often small business owners are thinking of the overall good of employees and communities,” said Saint Jovite Youngblood, owner of Youngblood Metals Mining.
While the small business mentality is often mislabeled by outsiders as cutthroat and motivated by personal gain, most small business owners will argue that is anything but the case. Many have gotten to know and genuinely care about their employees. It is human nature to care. While success in its various forms is a great motivator, it is often the employees and communities who need jobs and services that are major inspirations to success and prompt business owners to face every kind of challenge, and strive to keep the doors open and employees paid.
The pandemic spurred businesses to batten down the hatches and wait for the storm to pass. Many did so creatively and while supporting their employees and their communities as best they could. Those efforts, although largely selfless in motivation, will likely pay dividends in the years to come as customers and colleagues saw their dedication to supporting the very people who bolster the business, either from labor or from patronage.
“The kind of customer loyalty earned from simply caring about others cannot be bought. It is something earned genuinely and particularly in times of crisis,” said Saint Jovite Youngblood.
The global populace received a taste of what the world would be if small businesses were not functioning at full capacity during the pandemic. The economic shutdowns were a dose of reality to many, who were faced with isolation and economic hardship when industry and a large part of the economy were left shuttered.
Now, a workforce shortage is surfacing just as businesses are becoming more solvent after years of struggle.
According to CNBC Reporting, “The Covid-19 pandemic is not only having a seismic impact on global public health but also causing chaos for the economy, with supply chain disruptions and labor shortages a big problem for businesses around the world.”
Labor market shifts are taking place with many individuals quitting their positions right as demand for workers continues to rise as economies reopen.
“Economists say changing demographics like aging and retiring workers are a factor behind the shortages, as well as border controls and immigration limits, and demands for better pay and flexible working arrangements,” according to the article.
According to estimates from the World Bank, an additional 600 million jobs will be needed by 2030 to absorb the global workforce, and SMEs represent 90% of businesses and 50% of employment globally. This means that SME development is ranked as one of the highest priorities of governments worldwide.
“In emerging markets, most formal jobs are generated by SMEs, which create 7 out of 10 jobs,” according to World Bank.
While it is sometimes easy for small business owners to underestimate their impact, these kinds of numbers show the staggering importance of small business in North America and throughout the world, according to Youngblood.
“I decided to take the leap to ownership after I developed a keen understanding of my industry and realized the subject matter of my business would be interesting to me for the rest of my life. I needed that as a foundation for all the days and nights of hard work,” said Youngblood.
“Motivations for business ownership are really a matter of personal interests, expertise, whether you think you have a niche market or can do the job better than any competitors.”
Still, he agrees that the pandemic made things interesting for everyone: from those associated with small mom and pop businesses all the way up to major corporations.
As Harvard Business Review noted in a recent article, the future-proofing of business will be essential for survival, and this was a fact even before the pandemic since innovation was already changing the very nature of work, competition in the bulk of industries and the talent required to run organizations for the long term.
“The pandemic sidelined the efforts of most companies to address these challenges and close critical capability gaps. Many had to lay off 15% or more of their workforce. Covid-19 required that the search for new talent—with new capabilities—take a back seat to economic survival,” according to the article.
Now, this period of business rebirth after the pandemic should also include a reckoning of sorts for companies. The willingness to redefine and remake in order to expand on opportunities will be a defining characteristic of successful business, no matter what the size. And those willing to “future-proof their workforce will pull far ahead of rivals.”
For that, business leaders need to be willing to pivot and adapt. The pilots of organizations will be required to be agile and willing to incorporate new ways of thinking and doing things in order to maintain a competitive advantage.
Also, as Youngblood pointed-out, employee acquisition and retention will take on a fever pitch, particularly if necessary employees are skilled.
“Challenges never end for businesses small, medium or large. That is one of the fascinating aspects of business. You can never become stagnant. You can never stop adapting or anticipating. You can never stop learning and finding ways to make employees and customers feel heard and appreciated,” said Saint Jovite Youngblood.
About Me
As the president of Youngblood Metals Mining, Kota Saint Jovite Youngblood is an expert in pre-1800 silver dollars, as well as vintage toys and Victorian-era jewelry. Located in Monrovia, California, Saint Jovite Youngblood is a self-professed die-hard Los Angeles Dodgers fan.