As an entrepreneur, how do you act in times like these? The times when the world is going through a new and unexpected phase, where people wonder with the uncertain images of their own future? What is the role that your business plays in this situation, and how will that decide the fate of your business, and yours?
As Entrepreneurs, we have two ways of reacting to this certain situation.
- 1Stop/Pause selling and embrace the fall of the economy, and let your dreams go down with it, with no certain plans or guarantee that you will be able to rebuild it.
- 2Think like an investor, use this phase to invest in yourself and in your business, and prepare it to go bigger when the right time comes.
Let's talk about what happens when you select the first choice.
It is very easy to fall into that stream, as all we hear right now are the negative effects on the world, the economy and how stressful of a time this is for businesses. If you switch on the TV, if you talked to a person on the phone, if you read a newspaper, it is all about just one topic.
The world went through many recession times in the last few decades. Did everyone, every business person go down with them? Aren't their people who went through all these recession times, went through extremely difficult phases just like the rest of the world, and are still rich and successful, while others are not? How did they survive? What magic did they do, that they even went booming in heaps and bounds right after the recession time, while the rest of the world was just starting to wipe the dust off and to stand up from where they have fallen down?
As I mentioned before, it is all upon us. We can choose how our businesses and lives will continue after any difficult period. No matter how difficult it is, no matter how impossible it seems, if you choose not to fall with the rest of the world, that is it.
What happens when you let the destroying curve to take you in is, you give the control of your whole world, to the general terms of economy. In other words, you let it go, autopilot. Especially in times like these, the autopilot is not working well. Letting your life go on autopilot right now may bring you to your doomsday. All the efforts you have taken to build your business, all those money you have invested in it, all those sleepless nights you have spent working on it, will be suddenly in no value. When you embrace the fall, with most of the people in the world, you fall back to the average person who is fluctuating in between the economy changes. In this case, your whole life and future depend on what is going on with the world.
Let's talk about what happens when you choose the second choice, that is to think like an investor.
As I mentioned before, what do those most successful people do in the recession period that they go bang right after it is over? Before you go there, you need to step into their mentality.
How do they see this situation? How do they stay wealthy despite any difficult phase? Basically, what is it like be to have a wealthy identity? How big of a difference will it make in your life?
Creating a wealthy identity is a huge topic and in fact, that is my area of expertise. I work with female entrepreneurs every day all day about this topic. As important as it is to learn how to create a wealthy identity, I will stick to our topic of this article today, so I can give you the clearest explanation of what to do in these times.
The most crucial action that decides if a business is going down with the wave or not, is investing. The investors don't see this phase as their doomsday. In fact, they see it as time phrase which is named for investing in their selves and businesses for many reasons.
To really think like that and to take actions based on them, one needs to think like an investor, and that doesn't always come easily for everyone. Why do you think that the majority of the population is not the wealthy? Why do you think that the majority of entrepreneurs go down in recession time? Why do you think there is a huge gap between the successful and the unsuccessful?
So let's see how you as an entrepreneur can use this time to grow bigger, thinking like an investor.
You can use this time really to create your dream business, to go bigger than the rest, and to serve the world at your best while earning money. There are so many ways that you can invest.
1. Invest in your self
Investing in yourself is one of the best things you can do. You are the front face of your business. Most of the times, your clients are attracted to you, not just to your advertising. Subconsciously your clients see you as a living result of your services or products. And not only that, as a mother, as a partner, as a daughter and as a responsible, confident businesswoman, you need to be as strong as you can and be the best version of yourself. When you invest in yourself, that also means that you are investing in your business, on your family and shifting your whole world. Your progress is directly connected with your business and your family. So the investment you do is not just a single investment, it is rather an investment with ripple effects.
So how can you invest in your self especially in these times?
There are so many things you need to learn and develop as an entrepreneur. We are on an unending journey. For us, the sky is the limit. There is always a new level to go to. And what is crucial to go there is the right knowledge. As an entrepreneur who accelerates, there is always a whole new level to learn. Once you have mastered at a certain level, you are moving forward to the next, and then the learning procedure continues. So wherever you are right now, invest in yourself to go to the next level. And yes you can do it. It doesn't matter how obscure it seems right now, take that step.
Talking about investing in oneself, I must mention something very important here. Investing in yourself doesn't mean spending thousands of money on personal growth, motivational speeches, mindset or money mindset or anything trendy which bring you only temporary boost It is quite easy, one to fall into these, as the personal growth industry has grown almost into a trend. In my experience, Treating these different areas by putting them into different boxes doesn't bring any long-lasting results. What you need to invest on is, to create that wealthy identity we are talking about. This is the identity where all the elements are aligned together, and once you have created it, you are good for the lifetime. So find a way to invest in creating your wealthy identity, find a program that works at every element and invest smartly.
2. Invest in your business
Investing in your business is the second most important way of investing. Your business is your vehicle for success. This is where you start creating your dream life. Your business is a huge part of your self, of your world and your freedom. How can you invest in your business at these times, and is it even safe? This is the million-dollar question which goes in the heads of so many entrepreneurs right now. And let me tell you, only a few of us manage to go with a yes. Most of us will go with a no, play safe and they end up being no different than the majority of the world. The ones who go with yes, they are the ones who go with a bang when the recession is over, and they are the ones who make real profits even during the times of recession, and at the same time contributing to the world, letting the world to function properly.
Indeed, there is always a risk with any investment. The ones we are talking here can differ from very small to very big. You can decide the amount of the risk you want to take. Anyway, is there anything in life that comes with a 100% no-risk guarantee? I don't think so. But we still go on with life, don't we? We live, we love, we make money, we enjoy, we travel, we climb mountains, and we breathe.
So let's see how can you invest in your business right now. You can invest in shifting your brand, your offers, and your volume. You can invest in going to the next level. If you are right where you began your business, now you can focus on moving to the next level. As an example, if you are a coach who only works on 1:1 sessions, now it is time for you to create group sessions which can be sold a bit lower at price than the 1:1 sessions, but in succession, this will bring you even up to ten times more profits. In this way, you serve many people, at more affordable prices to the clients, and earn ten times more. Another example, if you are someone who is helping small businesses locally, now you can invest on your business to create a global service, expanding your wings to serve more people and to earn more money by doing that.
If you were targeting average clients and selling average services, now you can invest in creating a premium brand and to expand the quality of your services. In this way, you are preparing your business to go bigger and go with a bang, and you are also creating a faster and better way for you to achieve your dream life while serving your ideal clients, with even higher quality services.
If you were dreaming to achieve a certain level in your life and business or/and if you were planning to expand your wings into the next milestone, invest now. Think like an investor. Now is the right time. Not very long from now, you will start to see the differences of the businesses after the recession period, and you can decide now, to which category will you belong. The go bigger category, or the starting from the scratch again category?
You will see and hear so many opinions about investing at these times. The only way to do the right thing here is, think like an investor. Think like a wealthy person. Create that wealthy identity. Take decisions from a place of excitement and hope. Not from a place of misery and fear. Most of all, I personally think the best investment one can ever do is to invest in creating a wealthy identity. Because once you have it, you have it all.
Right now the times are special indeed, but what happens to you and your business always lays completely on your hands. So decide, right now.
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