The coming economic crisis will present many opportunities to entrepreneurs.
But not all entrepreneurs will be able to take advantage.
Maybe you’re stuck in a job. You’re faced with a choice:
- Hang on to your job, keep your head down, or
- Quit and start a business.
The decision factors haven’t changed. You can’t quit unless you have enough savings to last 24 months.
You still need a partner. Having a partner increases your chances of success. Better to have someone by your side than go in by yourself.
In any case, now is the time to lower your monthly living costs.
Move back in with your parents. Cancel your gym membership.
Low overheads means you can take financial risk.
Taking financial risk is a prerequisite for grabbing opportunity when it presents itself.
If you want to be an entrepreneur you must be ready.
Maybe you already have a business, but it’s been going under, slowly, for years.
The economic gloom means it’s going nowhere faster.
It’s a zombie business. The living dead.
You’re faced with a choice:
- Stick it out, keep the business alive, struggle for years to come, or
- Call it quits, cancel the lease, sell your stock, move on.
You can use the crisis as an excuse to get off a dying horse and put it out of its misery.
The businesses that survive the crisis will find a world with less competition and they’ll do better.
The entrepreneurs that shed their baggage will find themselves unshackled when the inevitable new opportunities present themselves.
If you’re a wannabe entrepreneur stuck in a job, now’s the time to lower your overheads and find a partner.
If you’re an entrepreneur in a zombie business, now’s the time to ctrl-alt-del.
If you’re an entrepreneur in a solid business, now’s the time to push through.
When you get to the other side you’ll be poised for success.
Entrepreneurs will save the world.
But only entrepreneurs that are ready.
Be ready.