Why Financial Crisis is a Good Thing Or How to Thrive in the Gloom and Doom
photo credit: Arturo de Albornoz
October 7th, 2008 Dow Jones took a dive by a whopping 508 points. Over the past three months global markets were hit by an $8.1 trillion loss in value. Banks fail one after another, panic in the Wall Street… That’s what already came to be known as the biggest economy meltdown since the Great Depression.
The helter-skelter of the stock-exchange swiftly resonates everywhere. With media fuelling the buzz you need to have a steel nerve or live deep in the forest not to be concerned with the crisis thing. The home-grown economic prophets loudly predict ‘the end of the world as we know it’.
The last thing you’d want to do in times like that is start a business, right? – Not quite.
Great Depression Creates Great Opportunities
History knows a lot of cases when economic meltdowns created opportunities for new ventures and bold startups as well as remarkably profitable marketing investments. The Great Depression turned out the golden ticket for hundreds of businesses. Read more
Do You Want to Succeed in a Down Economy? Many Have – You Can Too
Staying afloat during an economic downturn is difficult, but it’s not impossible. Starting with the Great Depression, including the ten economic downturns since the National Bureau of Economic Research shows our economic slumps have been cyclic. The last five downturns have been shorter in duration than their predecessors. But speculate as they may, no one can predict when the economy will rebound. What you can be certain is that it will. Can you hold on? Will you be ready for the upswing?
Businesses, old and new, have not only succeeded during a downturn, they have come out of downturns much stronger.
How did businesses do it? Simple, they maintained good marketing programs, projected stability, provided quality products and services, knew their customers and how the downturn affected them and managed expenses. These companies created business stability and staying power until the economy turned upward again. Read more
Creating Opportunity From Crisis – Tips For Creating Wealth in Recession
photo credit: stevendepolo
Crisis Or Opportunity?
While the financial crisis is real, what it represents is up to you. The Chinese symbol for “crisis” is said to be made up of two individual characters which mean, in broad terms, “danger” and “opportunity”.
You can decide how you will respond to the current climate. Will you adopt a poverty consciousness and cut back to survive? Or, will you see the current state of play in the global economy as an opportunity to foster your entrepreneurial skills and build more prosperity?
The transferral of wealth currently taking place means there has never been a better time to launch a business in a market you identify as growing already or is predicted to grow into the future. The current climate represents the perfect storm of opportunity. However, it is up to you to decide whether you will capitalise on the market conditions. More millionaires were made out of the Great Depression than ever before. Read more
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