How is it possible to profit, even when the economy is down?
Right now while many lose their jobs, their savings, their investments and their peace of mind, others are getting rich.
A friend of mind recently told me a story about the US recession in the early 90s. She was working in a sales position when the recession hit and as soon as the news came, one of her colleagues began to lament: “We’re in a recession, it’s going to be a terrible month. This is awful.” He continued to grumble about the situation until the end of the month.
Yet my friend didn’t see things this way. She believed that what the company was offering was really of value and all she needed to do was show people why they needed what she had in the current economy. At the end of the month the two were together when they received their paycheques. My friend’s colleague opened up his paycheque and with a grunt, turned it over to my friend and said, “See.” My friend opened up her paycheque with a smile and her colleague gasped. “How did you make so much?”
What this really demonstrates is how powerful the mind is at directing your focus and producing results. With the choice of our focus we literally program out minds for success… or failure. What software have you installed in your mind?
More than ever before, having the right mindset and tools is key to financial success. While the markets continue to shift, many people are rubbing their hands together with anticipation and excitement at the opportunities available to them. If you’re prepared for difficult economic times and have the right beliefs, attitudes and mindset, there is no reason to worry about your financial future. You can create your own micro-economy and thrive.
There is as short clip that is often shown in seminars to demonstrate a powerful principle. In it there are six youth passing basket balls, three wearing white and three wearing black. Each team of three is passing a ball to others wearing the same colour. The presenter asks the crowd to watch the film and count how many times the ball is passed between them. At the end of the clip (which lasts about 2 minutes) he asks for the answer and people begin to shout out numbers. Then he plays the same clip again. In the middle of the clip, audience members gasp when they see someone in a gorilla suit walk right in the middle of the scene, stop, and pound on his chest before walking off.
It’s not the same movie” people cry out. Yet it is. A few of us saw the gorilla the first time (especially if we have seen this demonstration before). How is it that we can miss a gorilla right in the middle of the scene when it is so obvious?
This demonstrates a powerful principle of human psychology: we find what we look for. According to Polish thinker Mihaly Csikszentmihalyi, in every second we take in 2 million bits of information through our senses, yet we can only consciously process 126. 126 out of 2 million? That’s a lot to miss! What happens with all that information? To avoid being overwhelmed by some much data, we delete it; we ignore what is not important. If we were to process all that information, we would go insane, so we only take in and pay attention to what they brain thinks is immediately relevant.
What does this mean? This means that what we take in from the outside world depends on what we have inside. Carl Jung taught that perception is projection. Instead of seeing reality as it is, we usually use what we find in reality to confirm what we already think and believe.
If you believe the economy is barely breathing and only surviving due to life support, succeeding now will be like pulling teeth. If you believe this is a time to hide behind closed doors and hang onto your dollars, times will be rough. When you believe the economy is bad you will delete opportunities for prosperity. With this mindset a prosperity gorilla will come right by and bang on its chest and you won’t even know. Every second you tell yourself what to focus on. What are you focusing on now?
One of the main principles of cybernetics says that the element with the most flexibility in a system governs the system. The same is true in unstable economic times. With enough flexibility you can adapt to the changes and adjust what you have so it matches the needs of the market.
Want a perfect example of flexibility? In downtown Toronto Virgin mobile has placed some attention-grabbing ads. A billboard reads, “Screw the Recession! Take charge with plans from $10/mo. Not only is it unique and funny, but it’s giving people just what they want right now: to save money. Help people save money and you will make money. The same billboard reads: “smartphones for the savvy recessionista.” What happens when a company can so effectively meet us where we are and offer us precisely what we want?
Both businesses and self-employed professionals need to rethink what they offer. How do you think about what you offer? Do you consider it a luxury or is it just what people need in these times? If you consider it a luxury and your target market seems to suddenly have deep pockets with short hands you better find a way to adjust your offer and show people why they need it now. A recession is a time to add value to what you offer. People’s needs and wants shift when the economy shifts. If you can find out what your clients really want and give it to them, you will profit. How can you modify what you have to offer to fit the times and shifts in wants and needs of your clients?
Individuals need to rethink what they have to contribute to their employer. Economic shifts are the perfect opportunity to learn to separate yourself from others, invest in yourself and increase your knowledge and skills. In times like this you need to make yourself indispensible. It’s those who don’t who get bitten by the recession bug. Making yourself someone people can’t do without is not such a bad thing. The economic downturn might be the best thing that ever happened if you do.
How will you stand out? As prices drop, courses and training become cheaper so you can get more bang for your buck. When the economy comes back you will have a whole new set of skills that you got for less.
The same reality that is available to those who are thriving now is available to you. The key is to grab the most useful and empowering 126 bits. Which 126 bits do you want to be grabbing?
The question is this: What will you put in your mind so you can respond to it optimally and create the life you want?
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