Is a Bad Economy Really Bad News?
The news is dominated by stories about how rising unemployment, layoffs, and falling markets are causing massive pain for millions of people. The media assumes that everyone is powerless to improve their situation, and that they are at the mercy of their employer and the economy.
I don’t know if that’s really the most constructive approach. Yes, we are affected by the economy, but how it affects us is our choice. We can find fear and despair in “bad” news, or we can find a way to make it work for us. Yes, it’s true that many businesses are disappearing because they cannot compete in this economy. But, it is also true that as competition is reduced, the strongest and best companies will flourish, regardless of the economic climate.
Case in point, my friend Steve at My Wife Quite Her Job. Steve and his wife launched their online store two years ago, and have seen great success and profits. For the first half of this year, when the economy was “bad”, their profits rose 72%, year over year. So that leads to an interesting question. Why is it that their store is doing great, and other businesses are going bankrupt?
I think the most important difference is the choice of strategy. Steve and his wife have adopted a set of strategies that they use to make their business succeed. They sell their product over the internet. They use Adwords to get new customers. They use a blog (what a surprise) to connect with people and their ideas. Their success can be distilled down to a way of doing business that works. And, Steve writes about it on his blog for us to read.
The reason that I love to share the story of Steve and his business is that it can teach us so many lessons. One big one is that the economy does not determine our fate. Anyone can start an online store. Anyone can write and sell Ebooks. Anyone can become a successful trader or investor. It is not a matter of opportunity. We have more opportunity in the worst financial times today than people had during the best financial times just a few years ago.
Steve loves to share how he achieved success with his online store. It’s fascinating to read his blog because not only does it show us what he did specifically to succeed, but we also feel inspired to improve our own future. It makes us ask the question, if this guy can build a successful online store, what could I do?
Related posts:
- 8 Reasons why a Down Economy can be Good for your Finances
- Is your Financial Situation Controlled by the Economy?
- Learn from Someone Successful: How to Start Your Own Business
- More Good News in a Bad Economy
- What Are the Hidden Opportunities of a Down Economy?
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is one of my favorite financial books of all time. It's an allegory about a guy who has a terrible job, and how he overcomes challenges to achieve his dreams.
