Coming Out Of The
Creating An Opportunity Mindset
By Joe Calloway
didn’t miss it. It’s dominated the news for a year. It’s been
described as difficult, daunting, and even devastating. People have
referred to it as a meltdown and a disaster. It’s the recession.
But no crisis can last forever. One day soon, we’ll wake up and the
recession will be nothing but a memory. If you act expeditiously,
you will be able to capitalize on the business opportunities that
the recession has created.
The recession that
we are currently emerging from continues to present what may be the
greatest opportunity you’ll ever have to advance your business,
accelerate your strategy, and gain significant market share over
your competition. There are three reasons this is true:
Some of your
competitors checked out.
They dug in, hunkered down, and chose to ride it out, leaving an
opportunity for your business to garner market share.
Motivational speakers told everyone to “refuse to participate in
this recession.” You should hope that your competition did just
that. Recessions create incredible opportunities but you have
to jump in and take advantage of them.
the economy creates changes in leadership. In a recession, customers, whether business or retail, gravitate toward
strength and leadership. Drastic change can cause existing
market leaders to hesitate or falter, creating a vacuum for you
to move into. It can also give market leaders their best
opportunity to extend their lead, showcasing their strengths as
the also-rans run for cover. In marathons the lead usually
changes hands or is extended in the toughest parts of the race.
becomes more important than ever.
Mindset, or the way you think about business, becomes even more
important in a recession. A company with a mindset, or culture,
of everyday innovation and relentless improvement can improve
its position more quickly now than ever before. It’s been said
that a recession is a reallocation of money from the timid to
the bold. Be bold.
There are those
that will say that to talk of the opportunity of a recession isn’t
being realistic. They are wimps. Nothing is more realistic than to
act on the opportunity presented by economic upset. A real estate
broker who worked through the great economic meltdown of 1980 (when
the prime rate reached upwards of 20 percent) said, “God has given
our competition the opportunity to find another line of work. It’s
our job to help them do just that.”
It’s all about your
mindset. If you refuse to see the opportunity of the recession, or
any other circumstance for that matter, there’s no way you can take
advantage of it. The following are key components in creating an
opportunity mindset that can make the recession work for you:
the end in mind.
Most companies execute business strategies without having a
clear, compelling idea of what they are aiming for or how to get
there. Know exactly where you want the new economy to take
you. Clarity of your vision and your goals is the starting
point for an opportunity mindset.
about it - take action.
Successful organizations and individuals have a great propensity
to action. While others talk about what to do, leaders do it.
Don’t let the after effects of the recession freeze you into
If you are waiting until you are 100 percent sure of success
before you try a new idea, then you’ll never do anything.
Winners know that even if an idea fails, they gain new
information, which puts them on the correct path. The recession
changed all the rules. The marketplace is looking for new
being an expert.
Experts get caught in the “I know how to do this” trap. If you
are successful, all that means is that you know how things
used to work. It means that you can compete and win in
markets that no longer exist. Today’s a new day with new
challenges that will require new approaches. The best lessons
are learned after you know it all. Be passionately curious and
always look for the new best idea. Recessions create new
realities. Be open to them.
No idea gets more lip service than this: “To be competitive we
have to be better tomorrow than we were today.” What did you do
so far today that made you better than you were yesterday? It’s
a tough question because even though our intentions about
improvement are good, it’s difficult to actually take action
that improves your performance. Look at everything you do with
the permanent question in mind of “how can I make this better.”
You can’t take advantage of the end of a recession if you do
things the way you’ve always done them. Look at what you do
with renewed vision.
It may seem
slightly preposterous, but there are beneficial byproducts that are
yielded to those who embrace a recession as a premier opportunity to
both grow and succeed rather than a time to hunker down and take
cover. Understanding that the recession, ironic as it sounds,
could be the most opportune time to grow your business and command
more market share is essential. Then, taking ownership of a new,
multi-faceted mindset will help your business flourish, regardless
of the economic climate.
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