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7 Steps to Lift Yourself Out of the Recession: Part 7: It Will Take Relentless Will and Vision

By: Steve Johnson

3/16/2010 - 16 Comments

Starting a business is not easy, which is why most people don’t even try and the few that do are young and full of energy.

This is Part 7 of an article series which takes a look at 7 steps to lift yourself out of the recession, no matter how deep it gets.

As the unemployment stands at 10% and the chances of an economic recovery slip into history, millions of American’s are going to soon realize that they are going to have to take matters into their own hands. 

They are going to have to create their own jobs by creating their own businesses.  Many of them never thought they would need to create their own business.  This wave of new business ventures is going to bring the culture of new business into the mainstream culture.

Within a few years, when a young person is asked what he/she is going to do, they will no longer say ‘I’m going to x college in the spring’, but instead they will say, ‘I’m going to help my dad/mom start a business in the garage’.

This is the kind of cultural shift that I see coming and with it the economy will change.  For one, a lot of businesses trying to get started will increase the demand for businesses that cater to small businesses.  Therefore consider starting a business to help small businesses (I'm considering this idea myself).

Personal networking is also going to be very important and I’m sure social media is going to play a large part in that.  But more than that, small businesses need to build a network of suppliers and customers that are reliable, consistence and profitable.  They cannot waste much time with mediocre suppliers or business partners. 

Once these networks are well established, a small business acts like a big business and the established big businesses have a difficult time competing with them.  Big businesses are going to feel the increased competition.

With money and jobs bleeding out of big businesses because of malinvestments, they will also have to cut spending on lobbying the government for price, wage or supplier controls or any other way to create and maintain a competitive advantage. 

The culture of small based businesses will grow and fill the gap created by the collapsing phony economy 2.0.  The unemployed will become self employed, risk takers that bring a new wave of products and services into the market.

But creating a business has never been easy and many times results in failure. The collapsing economy will take time to reveal new consumer needs.  New ideas may be needed during the collapsing period and then no longer needed a short time later.  Other ideas will not be visible until competing ideas become too expensive or in short supply.

It will take relentless will and vision to drive your business into the future. It will take self motivation to get up each day and try something else or continue calling suppliers or potential customers.  It will take a lot of energy, which is why the young college aged will likely be the foundation.

Here are a few good books to help encourage you.  

Will and Vision: How Latecomers Grow to Dominate Markets

 

 

 

Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant  

 

 

 

Conclusion

In my opinion, it is inevitable that the economy is going to continue to crash until the ‘vender financing’ relationship what we had with our foreign trade partners comes to an end and we once again have to save money before purchasing goods. 

The process is going to lower our wages and our standard of living, but at the same time it is going to create tremendous business opportunities that will take relentless will and vision to bring into existence. 

It will be a great adventure for our nation, a time like never before.  A decade of great small business successes and failure as the culture of new business spreads across the nation.   

I hope you enjoyed this article series and gained some insight about the future of the economy and how we are going to be apart of it.

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Will and Vision: How Latecomers Grow to Dominate Markets

This book is aimed to debunk the First Movers Advantage, which is the idea that the first company to create a product in a new market has historically become the industry leader. If you're starting a new business, this book will inspire you to move ahead with your plans even if you are not the first one to the market.

Seeing What's Next: Using Theories of Innovation to Predict Industry Change

This book will help to understand what new innovations with survive and which will fade away. If your investing or starting a new business, this book is a must read. Clayton argues that disruptive innovations typically introduce new benefits to a market, usually centered on convenience, simplicity, customization, or affordability.

Blue Ocean Strategy: How to Create Uncontested Market Space and Make Competition Irrelevant

Blue Oceans are markets of non-consumers with no other competing products – unlike Red Oceans that are bloody full of competitors. This is a must read book for anyone considering starting a new business. This book provides a practical framework and analysis for the systematic pursuit and capture of new markets.

Crossing the Chasm

This book is primary about moving from high tech products from early market success to mainstream market leadership. But, this book explains many of the concepts of moving a business from the starting gate into the marketplace. If you are trying to start a new business, this book will be very useful. This book talks about, attacking a niche market, creating competition, start locally – then globally, building relationships and many others aspects of getting started.