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Do Not Fear the Economic Crisis

18 Nov

Posted by Steve as Economics, Entrepreneurship, Success

This is not the time to panic. This is certainly not the time to sell your assets. This is the time seize opportunities.

Dawud Miracle lives in Michigan, and he tells us why we shouldn’t fear the economic situation. Every detail in his article is accurate.

Dawud Writes…

You see, small businesses are the backbone of the U.S. economy now.
Can we compete with Walmart, Ford or Pepsi - no. But we don’t need to
either.

I have a number of close friends that work for large corporations.
Most of them are scared they’ll loose their job because of the economic
conditions. But the other side of the coin is that I have a large
number friends who are self-employed or own small businesses who are
doing quite well - and plan to continue that way.

Besides, this crisis is nothing new. Most of us have lived through times like these. If you think this is new, take a look at this set of Time Magazine covers from 1974 - 1994. Isn’t it strange how every headline could apply to 2008? Don’t buy the hype. Turn it off, bust your butt, and make something happen.

It is amazing how the media sells the same old stories.

Right now is when fortunes are made. Right now is the time to act. Right now you have more opportunity than you may ever see again. Set your goals, make your plans, and execute now.

7 Responses

Lyman Reed

November 19th, 2008 at 10:44 am
1

“It is amazing how the media sells the same old stories.”

Isn’t it amazing that, as humans, we seem to be drawn to the depressing and crisis?

I suppose it kicks up our basic survival instinct. I mean, if you knew that there was a saber-tooth in the woods outside of your cave, it would be a good thing to tell your tribe. And a good thing for them to listen.

And re: Dawud’s quote - I work for one of those large corporations. I’m hourly, and have had those hours sliced repeatedly (like today). What an awesome opportunity to get my own business off of the ground. No more “I don’t have the time” excuses.

Thanks, Steve. I’m liking this new posting style of yours.
Steve

November 19th, 2008 at 11:38 am
2

Lyman,

I work for a small corporation and this hasn’t hit us hard yet. Chris is still doing well with her book business. We’ll see, but I am optimistic. We need times like this to remind us to be grateful. I hope everything works out well for you, your family, and your businesses. Keep focused on the goal, and you will get there. Look how much you’ve accomplished already.

Even though I disagree with him on many things, I am optimistic about the Obama administration. He’s intelligent. He’ll do the right things.

These times will make us smarter, wiser, and stronger.

Glad you like the posting style. I working on making it a habit!
Elisabeth

November 19th, 2008 at 10:17 pm
3

Glad to hear you, Dawud Miracle, and the previous two posters are doing so well, but I must say this is a depressing post to read after having spent twelve hours every day for the past five days pounding the pavement looking for a new job. I was recently laid off due to the “hype,” and If I don’t find something in the next couple of days I won’t be able to pay rent and will literally be on the street (medical bills for family and myself have drained my bank account dry, and some recent deaths in the family have left me stranded in an unfamiliar city/state).

To whatever degree you choose to believe it, these hardships exist. To REAL people even – people like me.

“Right now you have more opportunity than you may ever see again.” Oh, Mr. Olson… if you could only walk a mile in my shoes…

Continued successes to you and your friends/family.
Take care.
Steve

November 20th, 2008 at 6:03 am
4

Elisabeth,

Where are you and what do you want to do? For work?
Steve

November 20th, 2008 at 6:17 am
5

Elisabeth,

I’m sorry to hear of you hardships.

I’m not saying suffering is not occurring. I am asking people not to fear something that hasn’t happened to them yet. Fear and lack of confidence is causing much of this (not all).

What I am saying about opportunity is very true, times like this have created some of the biggest success stories in history.
Marc

November 20th, 2008 at 8:02 pm
6

Yes, I’m going to put my head down, work hard, bust my behind, and let the blithering moron-elect take it in increased taxes (income, capital gains, and FICA), increased utility expenses (for “cap and trade” to battle the phony climate crises), and, the best of all, universal health care for all . . . weeee, it’s utopia. I can’t wait, to expatriate.

Even at that, I remain an optimistic tax attorney, confident that the dearly beloved folks will, in greater numbers, be unable to shoulder the load of taxation and need counsel to seeks offers in compromise, work out installment agreements, seek refunds from rapacious IRS agents, and argue about the dusty and arcane world of Internal Revenue Code which could probably use another 5,000 crisp pages of regulation.

Good cheer to us all.
San Francisco Financial Planner

November 24th, 2008 at 1:19 pm
7

Great advice above! I find that many people panic and make changes they do not need to make. Spend sometime with yourself or with a financial planner and make a strategic plan and follow it. Getting freaked out and making rash choices is not a wise way to handle these turbulent economic times.