Recession is possibly the best time to launch a new business, expand an existing one or get ahead in career if you understand the importance of creating and delivering genuine value during the time when people need it the most!!
It’s true that during a recession, the media turns a little bit of negativity into a mountain of pessimism. This makes a lot of people financially paranoid. People become socially conditioned to expect the worst. If you buy into this social hysteria, you become a victim too. But if you tune out such panic and maintain a grip on rational thought, you’ll see some amazing opportunities popping up everywhere you look.
During such times people get scared and start cutting back on expenses. They stop buying stuff they don’t need, or ostensibly as they are made to think so! This causes some companies to do poorly, especially companies that don’t provide the value that we really need. We can put off non-essentials and live without new credit cards and fuel-guzzling SUVs for a while.
We become more sensitive to receiving genuine value. When we spend money, we want to make sure that we are getting a fair deal. Consequently, businesses that provide genuine value can actually do better during a recession. More and more people will flock to those businesses in tough times, while the fluff companies will only be on a downward spiral.
Companies trying to extract money without providing fair value in exchange find it tough to survive a recession. Many of the dead or dying financial companies are like that. Recession helps to weed out the companies that are not creating and delivering value. Many of those companies were doing a good job at one time, but they failed to keep pace. Companies that cannot adapt to changing values deserve to die off, and are replaced by new companies that have a better sense of people’s current needs and desires.
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