Editorial: Don’t be left on the sidelines
In times of crisis, both the economy and people’s way of thinking can undergo a paradigm shift. For nimble business owners, it is important to recognize these shifts, change with the times, and even stay ahead of the curve in order to ensure your company’s long-term survival. This is the entrepreneurial way of thinking, even if your organization shifted out of the startup stage long ago.
The first three months of the coronavirus pandemic have taught us all the importance of staying on our toes. Even as the economy seemed on the brink of falling apart, we saw companies innovate at light speed to modify how they operate, while keeping their workforces safe, distanced and still productive. Businesses of all kinds are adapting to new technologies in real time. New products have been developed, and an entire community of companies pitched in by pivoting to make hand sanitizer, personal protective equipment or simply donate money to support those suffering most from the pandemic.
The next crisis in our nation appeared to come on just as quick as COVID-19 had, although – in reality – the wounds had been festering for not just decades, but centuries. The killing of George Floyd by police in Minneapolis on May 25, the release of the video detailing the act, and the ensuing Black Lives Matter protests around the world seem to have finally made the majority of Americans realize how institutional racism is a problem that will take everybody to solve.
Unlike COVID-19 and its ensuing economic shutdown, whose business impacts were swift and widespread, the movement against institutional racism doesn’t have the same let’s-grab-our-bootstraps-and-do-what-we-can-to-help-out inspiration to it. Yes, companies have put out statements in support and some have held Black Lives Matter rallies of their own or donated money to racial justice causes. But most are left at a loss as to what exactly they can do to help. When you are dealing with deeply ingrained societal issues built over decades of fear, abuse and neglect, it’s not as easy as saying, “Let’s make hand sanitizer or facemasks.” But just like the rapid response to the coronavirus pandemic, those business leaders who aren’t adopting an entrepreneurial attitude to the endemic injustice risk being left behind.
From a high-level perspective, the move toward greater racial equity begins with understanding the talent and value each member of our society brings, and how that can be made of use in the Central Massachusetts business community. As WBJ found in our City of Immigrants report in 2018, immigrants to Worcester have a much higher rate of entrepreneurialism than native-born residents. (Immigrants make up 22% of the city’s population but 36% of its business owners.) The Boardroom Gap investigative series, which WBJ has run for three years now, has shown companies with a more equitable mix of men and women in leadership positions tend to have higher profits and happier employees. The talent and value of the black community in America and even in Central Massachusetts has been repressed due to a combination of factors, such as poverty, unequal education systems, unfair lending practices, and mistreatment by police. If we are to have a lasting fix to this problem, we first must understand its impact at many levels, and then address them with effective and lasting policy change. Goodwill and increased awareness are a start, but won’t get the job done.
Change is never easy, and we’re at a historic juncture for our region and our nation. Embracing change and figuring out how you and your organization can be part of the needed positive reform is critical, because if you stay on the sideline while the world is changing, eventually you’ll be left in the dust.
WBJ Web Partners
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