“Between stimulus and response there is a space. In that space is our power to choose our response. In our response lies our growth and our freedom.”—Viktor Frankl
We hear news of a recession in the media on a daily basis. The stock market is a mess, real estate might not be crashing, but it has certainly slowed down, there are still interruptions in the supply chain, and the state of our economy certainly could be better. But even amid words like recession, depression, collapse, market crash, and layoffs that evoke feelings of uncertainty, fear, and anxiety in us, we aren’t completely helpless. We still have the power to choose our response.
Entrepreneurs are in an especially good position during such economic downturns. In the middle of a phenomenon where job security is one of the many things at risk, being an entrepreneur means you are in the driver’s seat of your finances.
Yes, starting or running a business when the economy is a mess poses certain risks—but so is the case even when the economy is fairly stable or flourishing. Risk is always a huge part of entrepreneurship and leadership. And it is the choices we make despite those risks that shape our realities.
It all begins with our mindset. When we give in to the sense of helplessness we experience in the face of uncertainty, that attitude guides our decisions. But when you strive to thrive regardless of the state of the country’s economy, you are opening yourself up to spotting the opportunities that those who are too busy being afraid tend to miss.
And history has taught us that greatness happens during times of downturn. As Michael Valdes, Chief Growth Officer of eXp Realty and President of eXp Global, said in our recent interview, “In a shifting market comes greatness.” He encourages entrepreneurs across the globe to not be afraid of change or a recession but to embrace them.
Look for opportunities that will exist, or better yet, create those opportunities. If business is slower now, take that as an opportunity to build better relationships with your stakeholders and catch up on the things you have been neglecting or putting off for some time. Focus on honing your skills, training yourself and your staff to be agile and adaptable to change, and mastering your creativity, resourcefulness, critical thinking skills, and problem-solving abilities.
Optimize your processes and their efficiency. Work on building your organization’s culture to help your employees have better working environments they can thrive in. Figure out how to augment your work flow and practices with automation technology. Take this time to restructure or re-strategize so your business is better equipped to manage resources and better positioned for agility.
Empower your people. They have knowledge and suggestions that can help your company adjust to challenging circumstances. It also allows them to act faster and perform better, especially during recovery. Plus, empowering your employees has a positive impact on their engagement, loyalty, and productivity.
This is the time when great leaders are put to the test, and those who emerge successful are the ones who acknowledge that regardless of the situation, they have a choice—and that mindset is empowering.
And as Catherine Pulsifer said, “Life presents many choices; the choices we make determine our future.”
Thanks for reading “A Brilliant Tribe.”