Entrepreneurs Thrive During Bad Times

If you listen to the analysts and study the markets, they will tell you that recession is upon us. They will tell you that the housing market has crashed and the global markets will let you know that our currency is daily losing its value.

However, in this economic turmoil gold and silver are thriving. New highs are being reached on almost a daily basis. If you have invested in precious metals than this is your time.

Entrepreneurs are like precious metals they know how to thrive in bad times. Unstable times bring incredible opportunities. Capitalizing on these opportunities separate you from the doomsayers. It also provides income opportunities that may not have been there in the past.

For example, if you are in the real estate business you know it’s not your time to sell, but it’s prime season if you are buying and adding to your real estate empire. The mortgage crunch, which has led to record numbers of foreclosures, has been a great benefit to you.

Businesses of all types are using this time to generate new business within all this negative talk. You are seeing businesses offer creative pricing and inexpensive luxuries. With these types of tactics you’re seeing businesses move around their slower moving competitors.

Mark Wardell, president of Vancouver-based consulting company Wardell Professional Development Inc., “it’s never too late to start recession-proofing.” Mark says that even in recession you have to spend money to make money. “When times are tough, investment can be a hard pill to swallow,” says Wardell. “But it’s exactly the medicine a business needs if it is going to successfully ride out the coming economic storm.” (Canadian Business Online)

As an entrepreneur what have you done to recession-proof your business? How are you using this time to capitalize on the slower moving large companies? What creative tactics have you initiated?

  • Chris

    First off, the intrinsic value of a precious metal like gold can never actually change. The reason gold is trading at record highs is because we’re experiencing unprecedented inflation. A weak dollar means more dollars per ounce of gold. I wouldn’t consider that to be positive.

    Second, when did this blog turn into a do-it-yourself entrepreneur forum? These recent posts lack substance. They’re turning into the easily digestible, bullet-pointed, lists that Rob May always hated. Yeah, you made the front page of Digg, but that just means you’re appealing to the moderately educated masses. Great work.

    Where is the cynicism and skepticism towards common knowledge that we used to see on Business Pundit? What happened to all of the in depth entries that required significant thought and preparation? None of your recent posts have challenged me to question any of my previously held beliefs regarding any business issues.

    I’m disappointed.

  • Chris, your absolutely right! Recession isn’t good. The housing crunch isn’t good. Inflation isn’t good and of course the weakening of the dollar is terrible. However, in spite of all of this there are creative entrepreneurs and small businesses that are still moving forward toward building and growing a business.

  • Ernie

    You’re diligent enough to delete my justifiably mocking comments, but you can’t correct the effing text?

    “losing its value”, jackass! not “loosing”!

    “With unstable times there COME”, not “comes”!

    “you’re seeing” not “your seeing” !

    Maybe grammar isn’t as important as getting rich, but you’re the one trying to pass yourself off as a writer, genius.

    You’re on notice, Dave! God forbid someone hack your site to correct your amateurism himself.

  • Everyone knows that NOW is the best time to buy Real Estate, but few can muster the courage or have a wallet fat enough for a downpayment. Most household budgets are “fragile” for the moment and just about anything could burst the bubble. Preparing to take advantage of these turbulent times started long ago before the economic downturn, so only those who have planned for this will thrive. Trump and Kiyosaki advised long ago to sell your 401K to buy Real Estate. The next few months should prove extremely interesting to see who took their advice and who will thrive THE NEW DEPRESSION.

    One things for sure. Everyone in America who can needs to :
    1.) Buy American products
    2.) Pay off their credit cards
    3.) Live within their means
    4.) Start saving for the future