Every time I turn on the news I feel like screaming. I am sick and tired of hearing about how bad the economy is. Unemployment is up and is only going to get worse. Banks are in trouble and going under. Real estate is a mess and there is no end in sight. Major corporations are going bankrupt – heck, even the big three automakers may go under.
I hear about how this is the next great depression. I hear about the collapse of the dollar, the collapse of the western world, and the end of society as we know it.
It Isn’t As Bad As It Sounds
The sad part is that it isn’t all that bad. Yes the economy stinks, but this is only when compared to the amazing boom we experienced in the last decade. Companies have been able to go after the low hanging fruit-heck, there was more lying on the ground than you could pick up!
Just because the ground isn’t littered with business anymore doesn’t mean that there isn’t business out there. You just have to work for it. And the past decade of easy business means that most companies have not made the connections and built relationships. Now they pay the price.
And at the end of the day, now is the time where entrepreneurs can really shine.
No, I’m not crazy. Think about what a true entrepreneur does.
- He connects with his customer
- identifies his needs and problems
- then creates products and services to fill those needs or problems
In other words, he gets paid to solve problems
Now more than ever companies are in trouble. Your customer desperately needs you. No, he isn’t spending indiscriminately. But if you solve his problem and help him survive (or thrive) in this downturn he will be your customer for life. And you solve your “slow business” problem at the same time. Only an entrepreneur can do this, and you finally have an advantage over larger companies.
Simple, but Hard to Do
This is a simple concept that is hard to do. I’ve written several articles that are aimed at this:
- Recessionproof your sales
- How to Thrive in a Recession
- How to Thrive in a Recession – Ignore the News
- How to Thrive in a Recession – It’s All About the Customer
- How to Thrive in a Recession – Working for Someone Else
Brandt Smith is a sales, marketing, public speaking, and professional development expert. Learn about achieving wealth and life balance through entrepreneurship at Wealth and Wisdom, where he is cofounder and senior editor. Their advice on wealth building, personal development, and life balance can help take you to the next level. You can also read more of his thoughts on his blog.
2 replies on “How to Thrive in a Recession”
I totally agree with you Bradt. As long as you have something to sell, a service you are providing, people will always buy. Despite the economy status.
1. Find out what the customer needs
2. Make sure they can afford it
3. Sell it to them
4. They will come back, again and again!
Daniel Olusanya
CEO, Sync.
http://www.syncgroup.net
This is why I’m so optimistic about my future as an entrepreneur. I hear people complaining about the economy, but I have always operated on the principles of connecting with people and meeting their needs as efficiently and effectively as possible and I have never had trouble getting what I need when I need it, so I can only sympathize with people who haven’t learned the things you talk about here.
The good news for everyone is that the media seems to be catching on to the fact that entrepreneurship is the solution. Just this morning I saw a video on Newsy about entrepreneurship being the answer to the economic slowdown, where they referred to articles from Wired, the USA Today, Forbes, and the Washington Post. So the word is definitely getting out.