Oct 7, 2008

Create Your Own Economic Reality

People keep talking about the bad economy and the television makes it sound like we have no choice but to except the hard times ahead but You don’t have to let global affairs, the national economy or the welfare of your industry become your personal reality.

You might think this sounds na├»ve, but it’s true. To survive and even thrive personally, you only need to give your attention and focus to your immediate world, the one you can personally affect – your finances, your business.

If you don’t let the woes of the world drag you down mentally, you can be in a position to uniquely thrive in times like these.

Here is an inspiring reference point:

The late Sam Walton, when asked his opinion of the 1991 recession, said,“I’ve thought about it, and decided not to participate.”

In 1990 and 1991 Wal-Mart, Sears and the SNP 500 share prices were in a dead heat. Wal-Mart chose to take an aggressive posture, investing in physical assets to strengthen their growth foundation and in intangible assets to assertively promote their brand and offerings. Sears, on the other hand, decided to cut investments without a cursory examination of the ramifications. The result: within only two years Wal-Mart’s share price TRIPLED while those of Sears and the SNP remained flat. And as you know, no competitor has recovered to catch Wal-Mart since.

If you've got the itch to pursue your entrepreneurial passions, don't let fear get in your way. But don't throw caution to the wind, either. Steve Strauss, author of The Small Business Bible and a USAToday.com columnist, offers these tips:

If You're Older:
Don't use your retirement funds.

Do something you would really enjoy and know well. Starting a new business in a new area is not the best idea. Find something where your skills are transferable. A franchise might be the way to go because if you buy into the right one, the kinks are already worked out of the system.

If You're Younger:
You may not be taken as seriously because of your youth, but use it to your advantage. Explain to would-be customers that because you are young, you are more eager to please, and will give better customer service and will charge less.

You may have fewer skills, so consider getting a job in the industry you want to go into. The experience will be invaluable.

Regardless of Age:
Meet other people who have started similar businesses and see what they say. What mistakes should you be on the lookout for? What was the investment? How much money can you make? If you can't find someone to answer these questions free, consider buying someone's time. It will be well worth it.

Frank Tocco--MLM Mentoring

No comments: