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I was asked a question a couple of days ago about my view on the current economic climate. The first thought that comes to my mind when the economic crisis is mentioned is opportunity. Does this mean that I am an eternal optimist or in denial? My world view certainly does not have a doomsday prediction for the near future. Given that a lot of people are reverting to defensive stances opens up a world of possibilities for those who are more aggressive.
If you are a poker player this is a common reaction by players who either try to limit their losses or have lost confidence in their abilities. At this point the aggressive player on the table takes note of this tendency and begins to run the meeker opponents over. The scenario these days is not very different. As aspiring entrepreneurs choose the safer path and get a 9-5 job, we effectively have less competition. When our competition begins to scale back on their marketing and expansion plans they leave themselves open to attacks on multiple fronts.
Do not get me wrong, this is not the time for reckless aggression. Quite the contrary actually. It requires us to find new ways to become leaner, recruit our stars daily and provide even greater value to our loyal customers. The economic crisis is going to be here for a while, how we react to the situation will have a lasting impact on how the next decade of our lives plays out.
What are your views on the economic crisis? How are you reacting? What would be your advice to entrepreneurs who are starting up?
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When the economy is bad = INVEST!
For people who want to start of there’s no better time.
Now is the time that people would be giving off their products at lower costs to make ends meet.
Now is the time that layoffs would get you GOOD people at lower salaries.
No need to invest heavily, but a well thought-out way would definitely be an advantage.
While everyone else cuts back, you put in. By the time that things settle down and the other players start from the bottom up again, you would’ve gained an advantage over them.
If you can survive these conditions and make it through, it’ll always be in your favor, since then the playing field will either be giving you an advantage, or you’d be at par with some of the bigger players out there.