The stock market is on its way back up. Last week was the best week for the market in about two years, and while it came on the tail end of a mild decline in the price of stocks, the sharp rise is a very good sign that economy is getting stronger. That means that there is no time to lose in starting a business, if that’s your goal.
Are you Prepared for Good Luck?
Business success requires planning, hard work, and dedication. Most successful business people will also tell you that a certain amount of good luck is required too. Some things can be controlled. For example, you control the amount of planning you do and how you execute those plans. Other things are beyond your control . . . the economy, for example.
The economy, however, is cyclical. It has (and will likely always have) its ups and downs. Most budding entrepreneurs get excited about starting businesses when the economy is doing well, but once things are widely acknowledged to be good, the easy pickings are gone and businesses flood the market, which eventually leads to saturation and, ultimately, downturns.
Early is the New On Time
True fortunes are made because people decide to invest when others decide to save. Wealth is the reward of creating and sharing value when everyone is taking steps to preserve what they have. Those who invest during downturns in the economy are richly rewarded when the cycle inevitably changes direction. They are rewarded with large market shares, little competition, and the rarest of all opportunities: The chance to build true brand loyalty and long-term customer relationships.
People who wait until things are good miss those opportunities. They miss the “easy money,” because they are more concerned with having a sure thing (i.e. short-term profits) than they are about creating and adding value. What those people miss is that unless they look beyond short-term profits and focus on delivering—giving rather than receiving—they can never build a truly sustainable business.
Sure, the idea of starting a business in an uncertain economic environment can be scary. But then again, there is no way that anyone can ever be completely certain about what the economy will do. There is an element of risk in every business start-up. What history has taught us, however, is that the dips and recessions in economic activity are always followed by periods of growth. The trick is to determine whether or not you have planned adequately and have the wherewithal to stay in business until you become profitable.
Turn the Corner
The market moves up and down. It’s a fact. No luck involved. When you’re prepared, when you’ve worked hard and focused on delivering a top-notch product or service, then those market upticks will certainly seem lucky, because you’ll reap disproportionate rewards.
The Parents Estate Planning Law Firm, PC
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