There are only three things you need to beat out the competition in this environment, and they will make many mega-millionaires.
If you came here looking for an immediate fix or a thirty-day escape plan from your current startup woes, this article isn’t for you. Likewise, if you want a trendy idea for a recession-centered cash grab, I’d look elsewhere. However, if you’re looking to build lasting entrepreneurial success (and wealth) while your peers and competitors drop like flies over the next few months (or years), this may be the contrarian strategy for those bold enough to take it.
Thus, here’s my disclaimer: There’s nothing quick, sexy, or flashy about this three-step strategy, and it likely won’t produce immediate astronomical returns or swiftly save a sinking ship that’s 75% submersed under waves. That’s exactly why most people won’t do them (or won’t have the faith and courage to stick them out long enough to reap their rewards). For those who do, you just may be entering your greatest entrepreneurial era yet, and this “recession” could be your secret weapon.
If you thought the first thing entrepreneurs ditch in hard (i.e. slow) economic times was grit, hustle, hours, or even the quality of their products or service, you’d be mistaken. We’re all working harder, and it’s no surprise that in a down market, most entrepreneurs and salespeople realize they’ll likely have to work smarter, harder, and sometimes do more to achieve less than they would have in an economic gold rush. That said, you can’t necessarily out-work your peer or competitor.
What you can control, however, is the manner in which you choose to work smarter and harder. Some people will cut their prices or create false scarcity with fear-mongering digital marketing tactics. Why? They’re feeling the pressure to make sales NOW, and thus, they’ll resort to whatever it takes. Therefore, you can massively set yourself apart if you focus outwardly, rather than inwardly.
To be clear, by inwardly, I mean focusing on the sales targets you’re missing or the growth rates you promised…