#139 A constantly changing business environment, meeting more people, how should we conduct ourselves amidst change? (02/02/2025)

The ever-changing business environment

The business environment has indeed been constantly changing lately, and it's not just the bedding industry that's facing increasing challenges; businesses across all sectors are finding it increasingly difficult to operate. Some friends who mainly do business in the US have had their entire cost structure altered by the tariffs imposed after Trump took office, suddenly forcing them to scramble to find solutions. Other mattress industry professionals have also experienced significant business declines due to the influx of immigrants, a sluggish housing market, and a poor macroeconomy. Stories like these abound—everything is happening too fast and too suddenly, leaving many struggling to adapt. It seems no one has a perfect solution, but everyone has to survive in this environment. Therefore, I've recently come to realize that it's truly remarkable for a company to last for decades. Regardless of success or fame, simply surviving for decades without closing down is a significant achievement. And if they're doing exceptionally well, it's even more impressive.

People are starting to see things from multiple perspectives. Whether you're an employee or a small business owner, all of these factors are relevant to everyone. Even for government workers, if the macroeconomy and market conditions are unfavorable, the initial impact on civil servants may not be immediately apparent, but if the situation persists, it will affect their jobs and livelihoods. If society is to move forward, no one can remain completely unaffected; everyone will be influenced by the broader environment to some extent.

Speaking of this reminds me of my school days. After graduation, I planned to find a stable job (yes, I didn't originally intend to work in bedding). During job interviews, they would always ask about current events and the economic environment, essentially asking if I had business sense and market awareness. Thinking back, I realize I only gave superficial and uninformed answers, which makes me laugh. However, I think these insights require real work experience and understanding in the market. A graduate in their early twenties simply can't answer those questions.

See more people

Recently, due to work, I've met friends from different industries. We're all just friends, chatting and exchanging ideas. Although they share their experiences, since we're from different sectors, not everything they say is directly applicable to my work, but some of the underlying principles are universal. After talking with them, I reflect on my own experiences at home and realize that many potentially wrong decisions could have been avoided. Sometimes, seeing others' experiences, mistakes, or problems is something I could have prevented. Or, when others ask me questions, because I've encountered them before, I might be able to help them solve them. Sometimes, solving a problem might be as simple as introducing them to a friend or a suitable person, and a problem that's been bothering them for months will be resolved. Undeniably, the ancient saying, "Studying alone without friends leads to ignorance and limited knowledge," holds some truth.

Because I am relatively young, I often see other people who are older than me, like uncles or seniors. By learning about their experiences and talking with them, I gradually learn some lessons and know how to avoid making mistakes.

How should we conduct ourselves amidst change?

Formulas that have worked for many in the past may not be applicable in Hong Kong today. This is because Hong Kong's political and economic landscape has changed, its population composition is different, and various industries have undergone reshuffling. In such a changing environment, I feel it's difficult to continue following past practices. Instead, two things are more important: First, making more diverse friends allows for better empathy and understanding of the problems faced by people in different industries and situations, enabling a more comprehensive assessment of the current situation. Don't be someone who only sees things from your own perspective. Second, try to approach everything with an open mind. Even when you've tried your best but failed, you must be open to facing challenges. Don't assume that your efforts will automatically yield results, or that what worked before won't work now, because doing so will only lead to further failure.

I hope this helps! I'll write more next week.