Editor’s note: This article was first published in September 2010, during the economic crisis in Spain. The daily business closures, unemployment figures and expectations placed on the government describe that period.
According to a study of a number of companies, some took steps to keep the crisis from affecting them even before it reached their sector. That’s advisable: prevention is better than cure. The problem comes when we make decisions based on fear, without properly thinking through how a decision today can affect the future of our company.
These days, people are so afraid of how the crisis is affecting them, or will affect them, that they simply don’t make decisions. They do nothing at all and wait for the government to solve the problem. Let’s start from the basic principle that each person’s mindset accounts for 90% of the result.
What is affecting our entrepreneurial and business mindset
We spend our days reading the news in the papers, watching the news on television and sitting in meetings where the only subject is how bad the crisis is. We pay attention to the companies that close every day, the unemployment figures and the drop in sales of every product.
This negative news influences us and blinds us, to the point where we no longer see the companies that are using the crisis to grow bigger, the companies that are innovating and significantly increasing their output. Companies that are expanding all over the world and are now bigger than they were before the crisis.
It may be easier to take refuge in the comfort that most companies aren’t doing well either. That’s the easy option; the smart one is to analyze why other companies are getting stronger.
See also: Four entrepreneurs who succeeded after failing
In short, sharing negative news distracts us from what should really concern us: finding a solution.
Don’t expect the government to get you out of the crisis, because the global crisis depends on the measures taken by an entire country. The crisis in your company, on the other hand, depends on you alone: finding the solution is up to you.
So review your business plan and analyze the customers you have. Which ones are the most profitable? Which suppliers can offer you the best solutions in this situation? Which employees are indispensable, and which can you do without? Before you let anyone go, though, weigh up the costs involved and whether it’s the right decision.
Look for new market opportunities and new customers. Fight to be number one. Reinvent yourself and your company.
Remember that a business owner’s merit isn’t keeping a company running when every company is doing well; it’s staying on your feet when others are closing.
Above all, unstick yourself from the theatre seat you’ve glued yourself to, because where you belong is on the stage. And don’t focus on the problems or waste your energy on them: use that energy to look for solutions.
Further reading
- 5 ways to grow your business
- How to run your company well
- How to manage a business in times of crisis
- Donald Trump and the mindset of an entrepreneur
Featured image: cogdogblog, CC BY 2.0, via Wikimedia Commons.
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