Recently the price of crude oil broke an all-time record, going over $101 per barrel.
“We should be looking at oil in the $120-to-$150 area by the end of the year without any major changes,'' said Peter Schiff, chief executive officer of Darien, Connecticut-based brokerage Euro Pacific Capital, which has $1 billion in customer accounts, as reported by Mark Shenk at Bloomberg Newswire.
According to my calculations, that additional 20-50% increase in crude over the next 10 months would raise the price at the pump to $3.65 – $4.40/gallon, from its current price of about $3.15/gallon here in New York City.
And with world’s oil consumption increasing 2% per year, I’m not sure these prices will drop much for any length of time.
While this might initially appear as bad news, upon further examination, it might be quite the opposite. It can be a real opportunity to reinvent yourself, your business.
When any major change in the market occurs, shortly after the change comes new businesses, ideas, products and services to service it. For example, remember before the internet was developed?
A different world all the way up to the mid ’90’s, huh?
The key to success in business in today’s rapidly changing marketplace is:
· being on top of what is going on out there · quickly adjusting and even reinventing your business or career accordingly · not afraid of making mistakes along the way Back to this week’s news about the price of crude: real business opportunities exist in alternative energy, selling carbon offsets, product/industrial design, energy efficiency consulting, alternative product materials (to petroleum based plastics, packaging, etc.) transportation, and on and on.
And by being ahead of the curve in reinventing your business / career, you can benefit from an early-mover position with state-of-the-art solutions to today’s market issues and trends and avoid being stuck with a business making buggy whips.
ACTION STEPS FOR THE WEEK:
Take a hard look at your business. How long has it been since you last reviewed how updated are your products and services?
What can you add to them to make your business more state-of-the-art? How sustainable is it? For example, how can you adjust your products/services to help the planet get off oil and onto more sustainable energy?
Do you need to “update” your education? Take courses, join groups, enhance your reading materials, etc.
Make sure the process of implementing this reinvention will not take your eye off the ball with your business.
Lastly, what habit will you introduce into your business keeping you on top of the market trends?
Is It Time to Reinvent Your Company/Career? - To learn more about this author, visit Stefan Doering's Website.
Like this article? Share it with your friends
|
|
Stefan Doering
(Visit Stefan's Website)
Hi, my name is Stefan Doering. I work with
Fortune 500 Executives, authors,
entrepreneurs and students to help them
achieve their dreams and goals as a master
coach. I've been featured on the CBS
Evening News, Good Morning America, The
New York Times, Wall Street Journal,
Bloomberg TV, and dozens more. I'd like
to work with you -- and give you an
opportunity to learn the secret of leading
the best business, career, and life
imaginable!
I’m also a professor at Columbia
University with CERC, Center for
Environmental Research and Conservation; a
division of the world re-known, Earth
Institute, teaching Environmental
Intrapreneurism and Environmental
Entrepreneurism.
|
|
|
|
![[Get Copyright Permissions]](http://license.icopyright.net/images/icopy-w.gif){kind=small}
Seems like everyone's always talking about the market opportunities emerging because of America's aging population. It's about time someone stopped talking about their buying power and more about their DOING power! ...
The man who at the young age of 27 launched his multi-million dollar career turned 80 this year. “In many ways, I’m younger than I was 20 years ago,” says Hefner.
