Tuesday, July 21, 2009

Do What Everybody Else Is Not Doing

In normal economic conditions, its always in your best interest to outthink your competition. During a recession, this is even more important. The key is to try to do things that no one else is doing or even thinking of.

Many entrepreneurs like to take the easy, less tedious route. But now is the time to welcome on the difficult tasks. These are the tasks that will take forever to complete, but will pay off greatly.

You know what they are. You've been avoiding them for quite some time. Start chipping away today. A thousand mile journey begins with the first step.

Also, now is the time to be more bold and take more risks. I'm not advising you to be careless, but I'm encouraging you to live up to your "entrepreneurial" title.

A recession can create lots of opportunities for you that aren't normally available. For instance, many companies struggle during a recession - which can create an opportunity for you to buy your competitor out.

In addition, many companies will cut their advertising budgets - which can create an opportunity for you to increase your budget and take over their market share.

These are general tips, but take a good look at your business model - and pursue a course that your competition hasn't thought of.

1 comment:

  1. Great point! Entrepreneurs will do well to master navigating their businesses "ahead of the curve" by branding or working to be distinctly different--in good times and in bad.