I had an idea this day would come. We’re a business that sells a luxury good, tickets, and during tough times, many people are being cost-conscious and not spending money on entertainment events. We rely on mainly wealthier people that have the means to spend hundreds maybe thousands on sports or theatre events, not to say that less wealthy people don’t buy, because they do, but not enough of them buy to supplant the buying power of one wealthy customer. (The epitome of supply-side econ. benefits) So without people spending, we had to stop taking paychecks, essentially lay ourselves off. We’re a employee owned and operated company, so we’re going to do what it takes to keep the company afloat without going into complete failure. We’ll still pay our bills, still sell our product, and come to work, albeit on a shortened day.
The question is how do i feel today. Well, I am disappointed because I took a huge chance and pay cut by leaving a large multinational corporation to come start a business, and essentially lost. I feel for my two co-workers that put in the time alongside me and do their best to make this company great. However, there is one thing I’m not and that is worried. I am not worried because I will understand the lesson of failure, similar to the rest of American small businesses that suffer, but unlike some businesses that are begging for a bailout without taking an honest look at themselves and their model. I will take a look at what works, what doesn’t work, and restructure our model that works for us and has us coming out stronger.
I see this event as what makes our country great; the fact that businesses can endure hardships every day, but we can work our tails off, go to bed at night, and wake up the next morning with optimism that our hard work will get us out of this.