The Art Of Surviving Tough Times

I woke up to a Forbes Breaking News Article titled:?Elon Musk Says U.S. Recession Is 'Inevitable,' More Likely In The Near-Term. While this may be breaking news to the general public- leaders and entrepreneurs understand clearly that another wave is coming.

I use the term "wave" to mean an unforeseen event or series of events that will impact our business.

Waves aren't anything new. Most of us experienced the mortgage crisis, which led to the great recession of 2008. Unfortunately, many businesses lost everything while others endured and became wealthier. I'm not talking about corporations but business owners like you and me.?

So what do those who thrive during challenging times know that allows them to ride the wave?

When you recognize patterns, you can ride the waves. In my book,??The 7 Prerequisites of Success, Pathways To Paramount Success, I studied these patterns and presented them to the reader as seven requirements for victory.

In today's article, I want to revisit the first 4 Prerequisites to help you navigate tomorrow's economy.?

The Lessons Found In Failures:

Let's redefine what it means to fail. Failure means you STOP once you encounter a setback or a series of setbacks. From this day forward, I want you to see "failure" as an opportunity to learn.?

Now, you've heard this before, so let me explain the strategy behind this. Ask yourself:?

1. Did I clearly define what success is??
2. Were my goals in alignment with the current stage of my business???
3. What did I learn from this attempt??

The road to success is not filled with failure but opportunities to learn. Once you clearly define success, remember to take practical, not emotional, steps to dealing with failure. Failure is a natural part of the entrepreneurial journey. But it's not only entrepreneurs who can learn from failure. Leaders can too.?

"Failure provides the incremental increases and insights you need to do things the right way." -Shaan Rais.

Shift Your Paradigm:

We love a good "rise up story"! The story of the scrappy and resourceful entrepreneur who built their empire when they had nothing but lint in their pockets and a dream. We resonate with these stories because we see ourselves in their challenges. Through their stories, we learn the principles of dedication, discipline, and self-awareness, which can all be attained through personal development.?

Last Saturday, on my podcast Breakfast With The Brand, I explained that change in your business results from changing your habits. Success habits like the ones mentioned above are accessible to every one of us.?

80% of today's millionaires are first-generation millionaires. That means they put in the same work that's required for you and me.

Hard-Times

We've been facing some economic twists and turns for the last three years, haven't we? Still, as leaders, we need to learn to focus on opportunities, even when we know our company and team members will have to work hard to get to the other side.?

How do you embrace change when it's turning your business upside down??

• Embrace your team! On Inc's podcast,?What I Know, Micheal Horvath, Co-Founder, and CEO of Strava, was interviewed. He talked about his leadership style. One highlight from the episode that stood out was his commitment to asking his team for solutions. During hard times this is especially important to bring new ideas to the table to solve new problems.?
• Study thought leaders outside of your industry. Earlier this year, I committed to reading more. Now, as someone who has dedicated his life to the field of Organizational Psychology, my reading journey is a little different, and yours should be, too:

When you're reading, think of the information as a masterclass, you'd never attend a Masterclass with Warren Buffet without a pen and notebook, would you? So why should reading a book or white paper be any different??

• Study and apply the wisdom?-Enough said!

Acceptance:?

When you fixate on the past, you block any chance of moving forward. Having a retrogressive approach in business not only stagnates your growth but the maturation of your business, too.?

The stagnation from being focused on past events and trauma is the #1 reason I pivoted my career from clinical services into consulting and coaching because I wanted to remain future-focused and help my clients do the same.?

As the world turns, we must accept that we may be headed for a recession. Start to study industries that thrive during challenging times and determine what strategies and processes you can learn from them??

Want to know if your business is ready for the next wave? Schedule a?free consultation?call with my team to find out.?