I read the paper the other day and came to the realization that our current Canadian economy is in a bad space. In fact, our dollar is significantly lower than our neighbours—the United States. This is terrible news, especially during a major event such as the Pan Am Games happening in Toronto. As a business owner, during these hard times, the worst thing you can do is panic.
As I’ve grown as a business man the best advice I’ve given myself is to ‘hope for the best, and expect the worse’—this statement has kept me focused and mindful of making smarter decisions, as opposed to acting on impulse. The economy is always changing, and in rare cases we have total control.
People say the best time to start a new company is during an economic downturn. I personally believe this is true. With the mindset of serving people, sometimes economic hardship could be the best time to bring forth a new idea. When starting a business think about the cause. What are you bringing into the market place to serve the people. Find out what your passion is, plan accordingly, and make sure you commit to it – this should be your entrepreneurial mindset.
Never let a lack of money hold you back. The tough economy weeds out those who don’t have the drive to stick through new ventures. If there’s a lot of money out there, anyone can get in the game. You’ll attract more investors and raise more awareness around what you’re building, especially if you’re successful during a tough time. Another aspect is, once you’re able to leverage the resources you have from the time spent to the people you’ve invested in, it can become a great learning experience—setting you up for future success.
Lastly, you have to stay persistent. Ask yourself what you have failed at and your answers may be quite interesting. These things will make you look at things in a different light as you reflect. Don’t ever count on luck, because there’s no plan in luck.
So with that said, make the commitment, find a problem—then solve it. Think BIG, and remember you can’t do it alone. Learn from the best. And don’t forget: be persistent, persevere, and prevail.