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Friday, 24 April 2020 19:06

Riding the Emotional Roller Coaster of COVID-19 as a Shop Owner

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Maslow’s Hierarchy is a psychological theory identifying the five basic needs of humans: physiological, safety, belonging/love, esteem and self-actualization. Maslow’s Hierarchy is a psychological theory identifying the five basic needs of humans: physiological, safety, belonging/love, esteem and self-actualization.

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Business ownership always has its ups and downs, but the current economic climate has added loops and twists leaving many folks feeling nauseated.

Dan Taylor, of Transformers Institute, addressed “Riding the Emotional Roller Coaster as an Owner,” during a recent installment of a collaborative series of technical and management classes focused on necessary topics for navigating business operations during the COVID-19 pandemic.

 

The series is hosted by the Carquest Technical Institute and Worldpac Training Institute (CTI+WTI.)

 

“It has been an unbelievable six weeks---we’ve never seen anything like this,” Taylor began, recalling his first roller coaster ride when he was 10 years old. “As we started the ascent, I was pretty relaxed, but as we proceeded down, my anxiety level shot off the chart, and my 10-year-old hands dented the handlebars before I finally relaxed towards the end of the ride.

 

"It was quite the journey, and this situation has been very similar to that.”

 

“Society has been dramatically impacted, but we are going to come out of this,” he continued. “How can you ride this roller coaster both rationally and emotionally? Our brains work emotionally and rationally at the same time, and it doesn’t behoove us to stay in one area and not work with them both interlocked, because that’s where we find the most harmony and peace.

 

"Remember that all roller coaster rides end, allowing you to return home again. In the meantime, hang on to your passion. We’re going to get back to all the things we enjoy; we just have to be patient.”

 

Taylor identified human behavior as one thing that always remains the same. He discussed passive social herd mentality, meaning people tend to move in a herd, even when they do not necessarily endorse the behavior or believe it’s the right direction. Behavior is emotionally driven, Taylor explained.

 

“Humans do things over and over again because we’re wired a certain way.”

 

Maslow’s Hierarchy is a psychological theory, in pyramid form, identifying the five basic needs of humans, which build upon the previous need.

 

After physiological and safety needs are met, the middle of the pyramid indicates the psychological need for belonging and love.

 

“As shop owners, we have a huge impact on employees in all three bottom categories. People need people,” Taylor stressed. “We are social and need to be connected with each other. We don’t like change, we like things to stay normal, and we want to remain in our comfort zones. We can’t operate effectively over long periods of time in fear because the fatigue factor will force change.”

 

During the Great Recession, Taylor said, employers with five or fewer employees experienced a 30% failure rate, while companies with 10 or fewer employees had a 20% failure rate; for organizations that were less than five years old, that rate doubled.

 

America is heading into a recession now, due to COVID-19’s impact on the economy, and noting 54% of small businesses have either closed or will close within the next two weeks, Taylor predicted 24% of small businesses will close permanently if there are no changes in the next seven weeks.


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