Blog Author Mellissah Smith - Page 85
After chatting to one of the top Hedge Fund Managers in Australia last week about the state of the economy and where it is heading... I got thinking – is my business recession proof?
The European market isn’t getting any better and in fact, it is expected to get a lot worse. Greece is battered by recession, debt and now a snow storm and the recession in the Eurozone is one of the deepest recessions on record.
The US – well that’s another story. But debt levels are higher now than they were in the 1920’s recession. Much higher. No wonder people are stopping their shopping sprees and thinking twice before buying a new set of golf clubs or another pair of Jimmy Choos.
As small business owners, we have a lot to think about. If you are anything like me, I think about what I should do and often only get to do a few things off my list because there is always something else that pops up. Thinking about your business and how equipped it is to survive a further downturn is not only smart, but critical if you want to survive- yet while many of us think about these things, how many of us actually do something about it?
While over-hyped valuations are still going crazy in the market similar to the dot com boom (Instagram!!), the property and the mining booms – we all know that what goes up must come down. But as small business owners we cannot afford to go down with the economy.
Here are some things all small business owners should look at:
Ever wondered why you see the same number by coincidence over and over again?While researches say that it is merely a case that our minds just recognises a number and attunes itself to it, could it really be more than coincidence?
My number is 8. I park always in a carspot that has an 8 in the digits, I feel lucky when it is a date with an 8 in it, any ticket I receive always has an 8 and the address of many places that I go to has an 8 in it.
I genuinely thought someone had hacked my account but couldn't understand why. Who would waste that much time deleting followers.
But the culprit was someone I did not suspect. Someone I had a lot of trust in. It was...
You would have to have been sleeping under a rock to not know that Facebook has just finalised an acquisition of the 12-man band, Instagram, for a cool price of $1 billion, give or take a few dollars, in shares and cash.
Many entrepreneurs are 'ideas people' or 'thinkers'. They sit down for breakfast and think about what they can do to change the world, improve their companies and inspire their people. Great ideas are good, but are nothing without being 'seen through'. There are many great entrepreneurs in history who had somewhat peculiar habits, but when it comes to strategy and the workings of how they made wealth and kept it, they each had something in common.
If you look at the life of John D. Rockefeller, Sr., you would note that while he gave away his money as wisely as he accumulated it, he was incredibly focused. He retired at 35 after accumulating more wealth than anyone in history. He detested ostentation and raised his children as if he were not a wealthy man. He had an obsession with costs and is known for his saying "It's the figures that count". To that point, he recorded in a notebook every cent he ever made. This recording of his monetary status was something that many buddying entrepreneurs would note about Rockefeller, and it certainly gives backbone to what many entrepreneurs may think about doing when it comes to not only accounting for their financial growth but also, documenting their ideas and how they see it through.
Rockefeller once said to a friend while driving on a country road observing a happy boy whilstling and convorting on a beautiful day, "That young man will never be a success in life." When asked why, he replied, "Because he is not thinking of driving his horse, and that his is business."
Rockefeller was a practical man with an abundance of common sense, an activist and a doer, rather than a thinker.
Too many entrepreneurs are thinkers. Not doers. Are you one of them?
When I started out working, my friends were all in the same boat. They were starting out their careers too in journalism, advertising, television and marketing. Today, most of them are Directors of News, Television Presenters, Editors and Senior Managers. We all still keep in touch from time to time and support each other whenever and wherever possible.
There are some things, that no-one else but the entrepreneur in a small business can do. It almost makes them indispensible although we are all trained to think that no-one is this.
I have arrived safely at my desk at 11.30am after an early morning interstate flight and am a bit weary even though I have just spent 5 days away, in the most picturesque setting possible with loads of sunshine, great wines and good food. The company wasn't too bad either ;-)
Queensland is such a stunning place. Like most people who travel up there, I always dream of living there permanently because in a week, you don't get bored, the flies don't bother you too much, and you cannot get enough of the sun and surf. It is pure paradise. Beautiful one day, perfect the next as the slogan goes.
Never one to 100% tune out on business, I learned a few things during my Easter break that I would like to share with you:
There are so many things we all can relate "Make hay while the sun shines" to. Here are some that I think you should consider;