“I’ve Not Failed – I’ve Just Found 10,000 Ways That Won’t Work” – Thomas Alva Edison
I stumbled across this quote, at the bottom of a chain letter actually, and as soon as I read it all I could think was: “That pretty much sums it up, doesn’t it.”
The economic news gets worst every day, over 2 million people are going to lose their homes to foreclosure, and Wall Street is in full skid, with the Dow losing over 4%, the S&P dropping 5.4 % and Nasdaq dropping 4.1%, just last week.
We’re all reading the news with knots in our stomach, but inevitably, what are you going to do, roll over or roll with it? Do you give up or get smart?
The news isn’t all bad. Reuters is reporting that 1 in 4 small/medium sized business in the U.S. have at least 1 position that they can’t fill. That’s alot of jobs. Yahoo Finance reminds us that there was a 6 year high of $29.4 billion in VC investment in 2007. That’s alot of money.
I’m not suggesting that we throw on the rose coloured glasses and pretend that the Emperor has clothes, but the sky isn’t falling either. This is the time for preparation, not panic. If you’re employed, figure out what you’d do if you lost your job – could happen – have a back up plan – you always have to have a back up plan. You could start a whole new career, you could start a new business, the back up plan could actually become the best thing that ever happened to you.
If you already own your own business, this is just the time to play hardball. Find new markets for your products/services, and sell like you’ve never sold before. Let your market know you’re the best and never back away from it. Keep your competition in mind, but envision them as small dots behind you in the race. Ask for help when you need it, learn to say no when you have to, and make your suppliers treat you as well as you treat your clients.
This isn’t the first recession, it won’t be the last. Our grandparents survived, our parents surived, we’ll survive. But there’s no reason for this to be a time of just survival, handled properly, this can be a time of change and transformation.