Sep 9, 2016
How to CONVERT Hard times To Hard  CURRENCY
How to convert Hard Times To Hard Currency
Duyilemi Akindele Felix

  “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)™:


R- Re-think


    “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.


E- Explore.


 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.


C- Create


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.


E- Execute


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.


S- Strategize

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.


O- Organize


 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.   


N- Network


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.





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





Dr. Duyilemi A. Felix


About Me

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].

 Check below some of his life changing books




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Aug 31, 2016
IDIOSYNCRATIC FACTOR : Why Some Succeed and Others Fail?

IDIOSYNCRATIC FACTOR is a powerful factor that differentiates successful people from others. It’s what gives them an edge over average people. It is what differentiate failing businesses from the succeeding ones.

IDIOSYNCRATIC is actually from the word IDIOSYNCRASY and it means peculiarity, eccentricity, quirk, or unconventional behavior. Please, take note of UNCONVENTIONAL BEHAVIOUR.

Businesses that succeed in the face of the economic crisis are very unconventional.

                                       -They don’t follow the majority, they create their own path.

                                                                                                                 -They follow their own dreams.

                                                                                                                                                           –They make their own rules.

                                                                                                                                                                                                         –They think outside the box.


IDIOSYNCRATIC FACTOR in life and business embraces two things Risk and Innovation.

Risk is taking bold steps toward the realization of your dreams. It involves damning consequences of failure and rejection. Those who risk nothing will succeed at nothing. Successful people risk their ways to success. Of course, they fail severally, but they keep risking and moving forward. They never allow failure, resistance and rejection to stop them. RISK is one of the IDIOSYNCRATIC FACTOR of business success.

Note: A venture is not regarded as risking when many people will go for it. A risking venture or business is the one that the majority will never venture into. To succeed, you must be willing to do what the majority will never do.

INNOVATION: This is number two. Innovation is the driver of success. While you generate ideas through creativity, they are only marketable through innovation.Innovation is the ability to take creative ideas to the market.


   “It’s taking creative ideas to the market. It involves bold steps. Successful people take bold steps to actualize their creative ideas.”


Note: Innovation is only innovative as it involves actions that others have not thoughts to take or which they refuse to take. That presupposes the need to think ahead, plan ahead and move ahead of the majority.

SUCCESS in life or business requires  the ability to act IDIOSYNCRATICALLY.

You may also be interested in this: 7 Life Lessons From Dr. Martin Luther King.

About the Author 

Dr. Duyilemi Akindele Felix is a renowned  writer and International Inspirational Speaker. He is a popularly sought after Speaker in Corporate Organizations, Schools, Seminars and Churches. He has written a number of inspirational books including "It’s In You" "Pick Up Your Broken dreams" "Wake Up Your Destiny" and others. A well-rounded personality with  degrees in Science, Education, Psychology and Theology. He spends his time reading, writing and speaking. Reach him via [email protected]

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