â€œHow you read this question, tells a great deal on who you are as a businessperson.â€ Most people assume that running a business means being well educated, working your ass off and plenty o' "luck"; which equates running a business in a bad economy to requiring TWICE as much knowledge, double the labor and MUCH MORE luck. WRONG!
“How you read this question, tells a great deal on who you are as a businessperson.”
In order to answer the question “How to run a business in a bad economy?” one must know how to run a business first....
Most people assume that running a business means being well educated, working your ass off and plenty o' "luck"; which equates running a business in a bad economy to requiring TWICE as much knowledge, double the labor and MUCH MORE luck. WRONG!
This is the most common misconception about running a business. So many people think that to run a business, one must possess all the abovementioned skills. But truth be told, those are secondary skills. Yes, they are essential in the longterm, but seriously, any amount of knowledge, hard work and luck would not suffice in the dog-eat-dog world of commerce if you yourself were not ready to begin with. Now, that doesn't mean that if you weren't ready when you started, that you can't get ready now. It simple means that you need to allow your business to reincarnate from the unfounded, unsuccessful business it is now, into the business with a strong foundation, culture and success rate - as it should be.
It all begins with the mind.
The most important part of running a business is having the proper mindset. Take note, I did not say "business mindset". I said “proper” mindset, there is a difference! Not everyone who has a "business mindset", can properly run a business, just as there are plenty of people with no business mindset, who excell at business.
Having a business mindset means being able to make sound decisions at any given circumstance. On the other hand, having the “proper” mindset means being prepared to accept SUCCESS, knowing that nothing else would be acceptable in your world. It means having the mindset of a winner even after losing once, twice, thrice, four times or so, because you know that every failure is a stepping stone towards success. It means having UNSHAKABLE BELIEF – no financial crisis, no economic recession, no war, no global warming can hinder you from getting to the next level.
Basically, what I’m saying, is that running a company in a so called "bad economy", and running a business in a "good economy", don’t differ that much. As long as you have the “proper mindset”, plus all the “secondary” requirements, you can't go wrong (okay, you "can" go wrong, but the idea is that you'll know how to go RIGHT, no matter how many times it feels like it's gone "wrong".
To help you understand, lets go back over that little riddle I started this article with... What do you feel I meant by saying, “How you read the question, tells a great deal on who you are as a businessman”?
I'll tell you!
If you are the type of person who focuses on running a business in a bad economy, more likely than not, you will only see a lack of opportunities, financial resources and personal problems in your world. Whereas if you are the type who chooses to focus not on your challenges, but on running your business as it should be run regardless of how the economy is moving, you will soon find the answer to the question, "how can I run my business in a bad economy?" and will find you're able to run your business successfully and with integrity, despite of or in compliment to whatever economic condition your local business community is experiencing.
Remember, it all begins... within the mind.
To learn more, come visit my blog!