One soldier witnessed his friend die and his response was ‘life sucks!’
Another soldier watched his friend perish after stepping on a land mine and realized ‘life’s too short, you’ve got to make the most of every moment you have.’
Entrepreneurs experience a similar dialogue while in a different (much safer) setting.
In so-called “bad” economies, the majority of entrepreneurs feel that the reason why their business isn’t doing so well is because “the economy sucks” and there’s nothing they can do about it …
On the contrary, the strategic entrepreneur in part of the same economic condition and sees an abundance of opportunity.
Why would any business owner LOVE a bad economy?
So-called “bad” economies have opportunity written all over them…
It’s all a matter of how you look at it, and for strategic entrepreneurs, that means seeing profits where others see problems.
It means while other business owners are freaking out, strategic entrepreneurs put their thinking cap on and bear forward…
1. Good Economies Let Mistakes Go Unnoticed
When the economy is booming and consumers are spending money left and right, their eye for delivering real, hardcore value is diminished and this means that consumers are more forgiving with their business.
Consumers get a little reckless when their cash is bountiful…
And instead of calling businesses out for sub-par service or demanding refunds for less-than-satisfactory products, a lot of consumers will just give a marginal entrepreneur a free pass – allowing them to continue to operate a so-so business.
The exact opposite is true in a bad economy though…
When money is tight, customers demand value, and the companies who don’t offer it don’t stand a chance. If a company is making mistakes, they won’t go unnoticed in a bad economy because consumers simply don’t have the tolerance for it…
A bad product or experience is a waste of hard-earned money.
When a business can distinguish itself as the go to trusted source for value, a bad economy will just strengthen their separation from the not-so-valuable competition.
2. Competitors Are Floundering Making Room For You to Win Over Their Customers
In a bad economy, the common reaction is to panic – or, more accurately, to become paralyzed by the inability to adapt.
And because they didn’t have to think strategically during the “good” times, they’re completely unaware that their old tactics won’t hold up in a changing economy …
They think that because they were making money in the “good old days” – that their marketing strategies were working when, in fact, that’s most likely not the case.
So marginal entrepreneurs go about their business as usual, doing more or less of the same thing they were doing in the past.
As my friend Marshall Thurber says:
“There are reasons and there are results.
The only thing that matters are the results.”
Hey, if it ain’t working – it ain’t working. Period.
This creates more opportunity for the strategic entrepreneur to take action, adapt, create strategies that work and quickly dominate their market!
And even in the worst of economies, there are people with money who have wants – with the right offer and marketing strategy, you’ll win over new customers faster than you ever thought possible!
3. Growth-Thinking Gets The Front Seat
Because strategic entrepreneurs are always on the lookout for great opportunities and thinking outside the box, a bad economy forces us to be more strategic…
And that overachiever in all of us just comes busting out!
When times are tough and every sale counts, we have to work that much harder to grow our businesses…. And that means that strategic, growth-oriented thought is a daily necessity.
Tough times hone our skills…
Even when the majority of business owners are stuck in a frenzy, truly strategic entrepreneurs keep their eyes on the prize.
It’s how our friend, Todd, has doubled (even tripled) the size of his construction business while several of his peers have gone bankrupt.
It’s how our friend, Nick, has grown his telecom business by double-digits while his competitors are doing layoffs and downsizing trying to keep their heads above water.
Any why many of our Insiders have said they are experiencing some of the best years in business … ever!
So while everyone is running away crying the sky is falling – maybe you just need to look up, put out your hand and realize it’s raining opportunity for those who are smart enough to see it.
In your corner,