Written by HmD on 1/28/2009 12:33:00 PM
So finally, there is an admission from our leaders that we are in a recession. We probably new this from late 2007, so we did not need the government to tell us, but that is not the real issue I focus on. What I focus on, is what I should do next. How will my business survive and most importantly, how will my family survive.
For most businessmen, survival is dependent on not taking any risks, especially with all the uncertainties of our current economy. Some small businessmen seek to lay off staff, stick to products that assure a sale (food for example) and look for supplier deals. Most business analyst will tell you that, depending on the circumstances, the foregoing steps are appropriate for business to take during a downturn in the economy, however, what about taking more risks. You got to be crazy, more risks during a recession, well, it works for some. It seems that during a recession, new millionaires are made, created, whatever, because they had the gall to take a risk when everyone ran off to the mountains scared. Even though the fear is valid, take this quote from billionaire Warren Buffet into consideration, “Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”. Please note though, that being greedy does not mean being stupid, as you still need to produce goods that will sell, maintain ingenuity and have a new sense of creativity.
All of what was just said takes a lot of balls, as it is surely a risk to stand your ground when everyone has backed off, but risks has its place even during a recession.
There are a couple of things you need to know about taking risks however:
The more risks you take is the more rewards you may gain.
Taking risks means that there is a level of uncertainty with the decision you are planning to make, keep in mind however that life is filled with uncertainties and not having an idea how your risk will pan out in the end is no reason not to take the risk. People who make it in this life TAKES RISK. The risk should however by a calculated and smart one, ensuring that you do all the necessary research and steps to make the risk profitable.
You have to be confident in your decision and move forward regardless of the obstacles. If you convince yourself that it will work, you will automatically try everything to make it work.
Do not worry too much. Worrying will impact how quickly you make decisions, and as the old saying goes, time is money.
If you fail, do not see it as failure but see it as an opportunity to learn. Never stay in the dumps if a risk fails, but learn and move on, because I can guarantee you that you will fail a few times before you succeed.
Live outside your comfort zone. Outside your comfort zone is where real money is.
Small ideas works just as well as big ideas. Some of our worlds most popular products were started with small ideas (Play Doh was created by a wife and husband who were seeking to make a wallpaper cleaner and since its creation, over 700 million pounds of play doh has been sold).
Do not let anyone deter you from your goals. I have heard it so often, "ahh my friends said my idea stinks so I will not pursue it any longer", please, some people doubt what can be done because they don't have the guts to do it. This country is at its best when people think outside the box. Tell all the doubters to go to hell, especially if their criticism is not constructive and is based on fear alone.
People are looking for creative but inexpensive items to buy during a recession, so taking a risk during this period could be worth your while if you are extremely creative. You should try to focus on items that have multiple uses.
Well, we can all assume that Online High Yield Investment Program (HYIP) Monitors have been set up for our benefit, our knight in shining Armour, a guide for people who want to invest in HYIP's, or we can see HYIP Monitors for what they really are, a means to make money.
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