Tweet

Dealing with the new economy

Guest post by: Craig Jennings

Article Overview: Plenty of complaint, lots of opportunity.

Dealing with the new economy



Dealing with the New Economy:

In a cocktail party the other day, a man complained - "I'm going to change my career - I've been a financial advisor for 10 years and they've changed the bonuses in the program (he last worked for AIG!) so I refuse to work for less money."

Change of direction can be a good idea, but somehow, I heard him positioning himself as a victim.

If you are positioning yourself as a victim, or think you might be, that's a bad place to be, and a recipe for disaster. Have a conversation with me or someone you trust - the only success you can have as a victim is to increase the amount of self-pity you accord yourself. Not a winning strategy.

And you might have a look at this no-nonsense quote from Robert Kiyosaki: (author of Poor Dad, Rich Dad.)

"Today, (in 2011,) people are still asking, ‘Is the crisis over? Is the economy coming back?' My (Kiyosaki's) reply is, ‘No, the economy is not coming back. The economy has moved on, and the people asking if it's coming back are being left behind.'"

Another quotation (this time from me!) "If you go with the flow right now you're likely to go down the drain!" A third quote: Jack Kennedy observed: "A rising tide floats all boats." Hey, Jack, what happens when the tide goes out?

So What's Going On?

F.D.R. remarked. some 75 years ago: "The Only Thing We Have To Fear Is Fear Itself!"

He was right about the "Great Depression" and he may be on the money with "The Not-So-Great Recession" as well. Right now, it seems that fear rules. There's an abundance of blaming, and anger. And American families are saving $6.00 for every dollar they saved 3-4 years ago. They are not spending. They can't afford to. Many are dipping into savings, 401L's, etc. just to keep level. Banks aren't lending. Economists wish that the public would spend and the banks would lend. But wishing won't make it so. And fear serves no one, but particularly, not the entrepreneur.

At times like this, consider:

1. The old ways aren't working.

2. There are business opportunities but they're likely to be dressed in coveralls and look very much like hard work.

3. If you have a 9-5 job, you're at the mercy of the market forces. Maybe the people you're working for will be smart and brave, or maybe they won't. Perhaps the force will be with you.

4. If you're an entrepreneur, you already know how to start something new and different. You may be reluctant to do it again now, but you know you can. There are opportunities, and I work with many entrepreneurs each month who are finding them.

5. It may be time for re-vision. That's not "revision" - to modify what we already have, but "re-vision," to take a fresh look, see what's changed, look in new places for opportunity, create new plans.

Blatant call to action:

I'll give you a free strategy session to explore your own new possibilities. A strategy session does not include a sales pitch - it's where you and I have a look at your business situations and see if there are some possibilities we've overlooked.

The "strategy session" works for you becouase you look at your business with binocular vision - two eyes - and you see some things you hadn't seen before, for free.

The "strategy session" works for me when someone says: that was great! How much do you cost to do this regularly with me?

See my profile for information.

.

Related Articles
  A Million Dollar Investment
  How to Avoid Getting Economy Related Objections
  CAN TWO SALESPEOPLE REALLY BE THAT DIFFERENT?
  3 Ways to Build Rapport In 30 Seconds
  Newsworthy Trends in Franchising
  All economics is local
  Quick Tips For Hiring In A Recession
  Wheres the Benefit
  The Media and the Economic Self Fulfilling Prophecy
  How to Prevent Foot In Mouth Disease When Dealing With The Media A Prescription From The PR Doctor
  The Economic Crisis: Is It Really Over?
  4 Must Know Strategies To Thrive In Any Economy
  Q: Is this a bad time to start up a new restaurant with a slow economy?
  Take a look at your Forex Broker
  How to Solve Any Problem
  Current state of the economy 2010
  Don't Accept The Big Bad Economy
  5 New Year's ReSOLUTIONS - To Turn Your Business On Its Head!
  Transferable Skills, What are Yours?
  Ten Key Facts About Dealing With Difficult People You Must Know

Article Tags: new economy



Related Forum Posts
Re: Service Or Product? - Service company always thrive in down economy. Let look at the advertising industies in any economy, you need to advertise your products or services even if you cannot afford any other things
Re: Plan Your Retirement NOW - Hi, Beat I must say the state of the economy has me worried these days. Not so much the state of it...but the knowledge that the politicians and people who are supposed to be in charge of the economy are so incompetent it's not even funny...
Re: Service Or Product? - All things being equal Evan, I completely agree with you. A service would be much more manageable and predictable in a down turned economy. However, it is also important to recognize that the cost of goods also plummits during these bad times, and to amass stock or inventory for future sales could be part of capitalizing on this bad economy. Good luck with CBC!
Service Or Product? - I'm doing an interview with CBC news this weekend about starting a business in a down economy. One of my recommendations will be to start a service based business instead of a product. My philosophy is to get to cash flow positive as soon as possible and running a service helps you keep your costs low (no production costs and very little overhead required). What do you think? What other advice would you give to someone who is just starting up in this economy?
Young Entrepreneur in International trading - I just turned 21 last week, and I currently own a international trading company doing trades between China, Taiwan, Thailand, and west coast of US and starting out in Canada soon. Dealing with gift items and general merchandise. We are also trying to sell some of the stuff we import as retail and wholesale products on the internet and to retail venders as we do have a lot of extra pallets that gets left over from our buyers.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Expanding Your Business By Franchising

Work Life Balance: Adding White Space

10 Steps to a Great Support Team

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.