Sep 9, 2016
How to CONVERT Hard times To Hard CURRENCY
“Tough Times Never Last, tough people do”
Robert H. Schuler
obody can deny the impact of the current economic recession. Everybody seems to be affected one way or the other.
In Nigeria, where I currently live, workers’ salaries in many states haven’t been paid for months, there have been massive layoffs in some sectors leading to joblessness, the rising price of dollars and its attendant inflation on the prices of goods and services are all visible impact of the current imbroglio. Many people have now cut their budgets to the barest minimal.
Also, many small businesses are now in the survival mode and some have completely short down.
However, as terrible as the situation is, many budding entrepreneurs have capitalized on the needs of the moment to generate new ideas, businesses, opportunities, products and services.
Technically, Recessions are regarded as periods of ‘creative destruction’, during which some businesses and industries decline, often terminally, while new ideas, technologies, products and industries emerge and become the driving force of subsequent economic activity and growth.
In this article, I choose to focus on the solution. Napoleon Hill the Author of ‘Think and Grow Rich’ said, “Every adversity contains the seed of opportunity.” How do we turn a recession to a progression?
Turning Recession To Progression:
What makes some people to breakdown, makes some other people to break through”
Duyilemi A. Felix.
I have developed a model which I discussed in Warri, Nigeria, at a Business Summit recently. Let’s look into this using RECESSION as an acronym.
The Duyilemi Akindele Felix’ Model (DAFM)™:
“Problemsare the food for the brain”
- Think Opportunity.
- Think Change.
- Think growth.
One of the benefits recession offers is the opportunity to think differently.
Entrepreneurs like Andrew Carnegie, Thomas Edison, and John D.Rockefeller all emerged from the great recession of 1890s.
They weren’t part of the majority who sees recession has the opportunity to catch depression, but saw it as opportunity to tap into the creative geniuses in them to drive economic activity and growth.
Every adversity contains the seed of opportunity, if you think right enough.
New opportunity demands and needs usually emerge during recession. Your current line of business might have been made irrelevant by the downturn. Instead of hanging up, ask/ brainstorm on the current needs of the people in your neighbourhoods. Explore your environment, scout for needs, and scout for opportunities. When you find a need, you have found a business.
Creativity has been defined as effective surprise. After you have explored your environment, create new products and services. Problems are the food for the brain. Engage your brain to devise solutions to the already established problems. You can also build a team of creative thinkers to look into the new needs and demands of your environment.
There is a difference between creativity and innovation. Creativity is generation of new ideas, concepts, or products, innovation is taking creative ideas to the market. Your creative endeavor is never complete if you don’t execute it. Your ideas could just be what will lead the country out of recession! Believe in yourself, bring new products and services to the markets/ execute new ideas today.
Success is execution of strategies. The old business model might not work in the face of current economic realities. Strategic thinking and action is the way out. Find a way to meet people’s needs at low cost, better quality and faster delivery.
Don’t be fixated on what you know. Replace something that is not working for what you think might work. Substitute an old way of thinking into the new way of seeing and perceiving reality. Don’t fight change, accept it, use it and benefit from it.
Add values to existing products or services. Think innovation. Ask yourself, what is the better way to look at this? Engage in holistic innovation-style: innovate on products, processes and on your current business model.
Organize your existing resources to drive growth. Your existing resources include your skills, your education, your past experiences and anyone in your contact. Find a way to push forward with what you have. Organize your knowledge to create a new line of business or services.
Team up with other passionate entrepreneurs to create bigger opportunity. Form a network of passionate, positive and upbeat individuals who are willing to turn problems into big opportunities. Your network determines your net worth.
Opportunities are limitless for anyone who can think. There is always a market for imagination irrespective of economic realities.
Some people become depressed because of recession, while some are impressed with the opportunity to create new realities through creative ideas. You can do it.
Hope these ideas help you.
Thank you for reading, please leave a comment.
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NB: This article is an excerpt from a seminar entitled “Turning Hard Times To Hard Currency” I delivered at a Business Summit recently. To request for the full copy, make a request here
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Duyilemi A. Felix loves learning, reading and writing. He focuses his energy on learning important life principles and he teaches what he learns through books, seminars, media, churches and in corporate organizations. Reach him via [email protected].
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