January 8th, 2009 by Jim Donovan
Before you start running around in circles, frantically trying to get more customers, take a little time to revisit your original vision and get back in touch with why you’re doing what you do in the first place. This is the first and, probably, the most important step in shifting from a recession mind-set to one of abundance and prosperity.
Here’s a short audio recording, excerpt from a live seminar I delivered recently to a group of business owners in Perkasie, PA.
Listen to Growing Your Business in Difficult Times – Part 1
By the way, if you’re part of a group of small businesses and would like to have me deliver a similar talk, at no cost within driving distance of Bucks County, PA, let me know and I’ll see what I can do to accommodate.
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December 9th, 2008 by Jim Donovan
Unless you’ve been living in a cave or just dropped in from Pluto, you already know that we’re experiencing challenging economic times. The US in particular, along with many other countries, is in a recession and there is no end in sight.
There are a lot of people who are going to give you lots of good reasons why this is the absolute worst time you can start your own business.
They’ll explain how, with the economy slow and money tight, businesses and individuals are cutting back on spending.
They’ll tell you about the tight money and credit situation and how banks are not lending money, which by the way, is not true.
They’ll pile on reason after reason until, feeling utterly defeated, you give up on your dreams.
I know. I received the exact same advice when I started my first business in 1974!
I heard it again in 1987 when I started my life over on my road to recovery, and I heard it in 1983, when I began a magazine for small businesses and, again, in 1996 when I
published my first book. As a matter of fact, every time I started anything new in my business, I heard essentially the same reasons why it was a bad idea, usually from the same sources.
The truth is, it’s all in your head, really.
If you expect to struggle and fail, you will. If you expect to have fun and thrive, you will.
It’s been said, “Whether you think you can or you think you can’t, you’re right!”
Whatever you believe is the deciding factor in your endeavor. Not what’s going on around you.
Like the little mints that are both “a candy and a breath mint,” it’s always a good time to begin your own business and it’s always the worst time.
Both the positive and negative polarities are there in any situation. The good news is that you get to choose which one you will believe.
What is important, especially in challenging economic times, it that you have more than one income stream. Additionally, having your own business part or full time is one of the best wealth building strategies that you can employ.
With the ability to outsource, create virtual teams and join venture, you can keep your overhead down and still grow your business. It’s important to understand that the business you start today will most likely look very different from what it will become in the future.
Stay flexible and ready to respond to changes in the marketplace rather than react.
A good example of the difference between the two is the comparison between the Japanese and the American car manufactures.
The Japanese companies, particularly Toyota, responded to market conditions by producing hybrids and smaller cars that use less gas. They shifted away from the big truck initiative as people’s needs and wants changed.
General Motors, Chrysler and Ford on the other hand, held to their position as though it were somehow sacred until they were forced look to the government to bail them out.
By waiting, they were forced to react rather than respond to market conditions. Perhaps the Ford, Chrysler and General Motors executives were busy flying around in their company jets.
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Tags: abundance, Bucks County, bucks county pa, difficult times, perkasie pa, prosperity, recession, seminar, slow economy, small businesses
