Recession – Doom or Boom
I am not sure if it is biological or human conditioning, but it seems that we spend a lot more time worrying or stressing over what might go wrong, rather than expecting something extraordinary to happen. Worrying and stressing are not at the top of my agenda these days, don’t get me wrong, the reality of what is happening in the financial, business, and job markets certainly lend themselves to concern.I am not an economist or finance expert so my understanding of most of what is going on is limited. However, I did decide to do a little research. There have been over 30 recessions since the mid 1800’s. As there is always an expansion after a recession, this means that there have been as many or more economic expansions.
The saying “the best defense is a good offense” comes to mind. There may be as many if not more opportunities during this time. I don’t have advice to offer, just some facts from which you can draw your own conclusions.
During a recession
- GE, Disney, Microsoft, Coors, Dominos Pizza, and Super 8 Motels were started.
- People get hired and promoted.
- People still spend money.
- Even if people are spending less money on buying new stuff, they are spending money on taking care of and repairing what they already own.
- Banks and credit card companies still process billions of transactions every day.
- Lots of people and business tend to react by slowing down. They believe there are none, or very few deals to be had. Could this be a time to ramp up?
- Some industries will still grow, others will shrink
- Employers are more likely to seek out a great fit at a reasonable salary, one whom they would have to pay a higher salary for during other times.
- People who are easy to get along with, fun and enthusiastic are less likely to lose their jobs.
- Unemployed people will need help in finding new jobs.
- Businesses need help navigating the recession
- There are great deals to be had both in terms of consumer products, and buying businesses and properties.
- Having a unique or specialized set of skills will make you stand out regardless of the economy.
There are many other opportunities out there, these were just a few to perhaps nudge a shift in your thinking.I saw an interview this weekend with Patricia Routledge the English actress. When she was asked by another actor what she attributed her success to, she said taking risks. If you are successful and you continue to do what brought you that success, you will continue to have the same success. It is by trying something different or new that will bring you the next level of success.