There is a doom and gloom feeling everywhere during a poor economy. The crisis often times gets exaggerated to untold proportions. This in itself is not that bad because we need a beating to get serious about our lives. How many times have you heard stories about individuals who made it big after suffering heavy losses?
But why do many people couch and get defensive when times get hard? It’s characteristic of the human nature to be loss aversive. I’ll damn make sure that I don’t receive any punches when I’m on the ring because it implies that I’m losing.
Poor economies are times when the economy is behaving poorly; we retract and take our losses. It’s generally seen as a losing time, so we lose and lose and lose. Sometimes, we even welcome them!
But what if there’s a way to still win? What if it’s through getting innovative and some unconventional thinking, seeing the situation from a different perspective with a different lens? Poor economies are the time when the wealthy plant the seeds to become mega wealthy. A favorite quote of mine is; be greedy when others are fearful
So how do you still win in a poor economy?
Get Innovative
Old ways don’t work as well as they used to before, if you had a 9 to 5 job, it will require thinking beyond your 9 to 5 job. Maybe starting a side hustle or a business. If you have a business and revenues are down, it might be time to study new and emerging markets and how to get into them.The bottom line is that old ways wouldn’t get you through the poor economy. You have to go above and beyond the old ways of doing things. This is best achieved through innovative thinking. It’s during this time that one dives into the ‘creative waters’ of the mind.
Looking at the processes and seeing how you can make them better or add new tweaks to it. Refining old systems and further developing them. For example, if you had a side hustle teaching piano lessons around your neighbor hood, you can transition to the digital world and make a course on it. This will allow you to sell it globally.
Sometimes that breakthrough or ‘ah ha’ moment comes when you think outside the box.
Unconventional Thinking
Old habits die hard. We all have a number of preconceived ideas that are edged in our minds influencing most of the things we say and do. Getting innovative is about thinking above and beyond.Unconventional thinking is seeing the situation from a different perspective, different from what the masses think about the situation. Rather than thinking outside the box, you think as if you don’t know where the box it. I know it’s easier said than done but it’s doable.
You hardly score a goal when you play defense. Playing defense is a mentality that is trying not to lose, to not take a loss. While playing offense is a mentality that is trying to win, to achieve victory. That’s the two types of mentalities during a poor economy and most people are in the playing not to lose camp.
The shift in perspective is seeing it as an opportunity to simply build wealth and achieving financial freedom rather than what the masses see it as. Instead of going defensive you go offensive.
Just imagine how people will look at you when you don’t buy into the FUD, while they’re cutting back, you’re doubling down and building. They’ll think you have three heads instead of one making you look like an alien!
In Conclusion
Poor economies are times when the gems are buried underneath the surface. Only few bother to dig and find the gems, the rest take a break and wait for it to resurface.With innovative and unconventional thinking, you can continue playing the game and win at it during a poor economy rather than losing momentum while taking a break. Money just changes hand during a poor economy and with those two mentioned above, you can find where the money is and go earn it.
Thanks For Reading!
Profile: Young Kedar
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A recession is one of the best times to start a business. It's one of those rarely occurring resets where the market explodes and newcomers get an opportunity to step up. During boom times as a business you're battling many others, but during a recession (or almost recession) as people start to close up shop or consolidate (mergers) it leaves gaps.
And the great thing is, you don't have to be big to be successful. You can start a profitable low-effort business that doesn't require a team and make good revenue.
That's unconventional thinking right there! There is little to no competition during recessions. So it indeed becomes an opportunity for new comers to enter the market without too much effort or the traditional hustle and bustle.
Right. It becomes easy to break even or make huge profits. It's also a great time to make your mark and be known even if you are nimble or small. It's all about the shift in perspective.
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