As an entrepreneur since 1988, I’ve lived through (and run and built) multiple businesses during some pretty harry times. And I know what the bad signs are and the type of feeling that negative energy puts out…and I’ve been seeing it and feeling it a lot lately.
Apparently, I’m not alone. Jamie Dimon, the CEO of one of the largest financial institutions in the world – JP Morgan – just came out and said he is managing his bank to prepare for an economic hurricane.
…And it wasn’t too long ago that he said he thought we were heading for a storm.
As I said in my original email, I’m not trying to scare anyone or overhype anything.
I also don’t believe entrepreneurs should take their foot off the gas when it comes to growth and investing in their business.
But I do know that there are some smart moves entrepreneurs should be making right now to be prepared for what may be some very tough times, as well as times filled with huge opportunities.
I’ll be sharing some of the things I’ve done in my 30+ years as an entrepreneur in another email in the upcoming weeks.
For now, I’d simply suggest you begin to take an honest inventory of everything in your business: your people, systems, vendors, clients, processes, equipment, and resources; and I’d want to know and be able to quantify exactly what value they bring to the growth and long-term sustainability of the business.
Knowing what you have and what your strengths and weaknesses are is critical for the decisions you will be forced to make if our economy continues this decline we’re currently experiencing – which most predict will get worse.
I mean think about it…
Right now we’re experiencing the highest inflation rate we’ve had in 45 years…
Gas and commodity prices are the highest they’ve been in 40 years…
We’re in the middle of the highest non-labor participation we’ve experienced in 40 years…
Look at home prices. They are continuing to inflate, like a bubble…
Interest rates have increased faster than they have in more than 30 years, and the stock market decline has nearly all indices in what’s known as "bear market territory," down 20% from their high.
If there’s one thing I’ve learned during tough economic times, it’s this: who you listen to matters, who you surround yourself with matters, and how you manage your own emotional state matters.
I hope to be a voice of calming reason during this time. And I hope you’ll stay engaged with the Empowered Living Community – which is filled with positive people and positive messages – as we go through this difficult time together.
Please be on the lookout for future emails from me with practical tips you can implement into your business and into your life to keep your own emotional state positive and focused on the future.