While the debates and controversies continue over the severity of the COVID-19 virus, the wearing of masks, and racial disparities, there is one thing everyone can agree on. The economy is suffering. It will continue to suffer long after the pandemic has ended.
Just last week, both www.marketwatch.com and the Washington Post reported that 55% of businesses that shut down on Yelp, have shut down for good. Sixty percent (60%) of the restaurants that have shut down are shut down for good.
Just this morning, as I was driving to work, I passed six commercial buildings with signs posted saying “Your Company Name Here.”
With unemployment at an all-time high, you can imagine industries like commercial real estate will continue to be hurt as businesses are learning (and have developed the habit) of having employees work from home. There will be less need for large commercial spaces moving forward. Residential real estate will soon decline in value as individuals are moving to other states where the cost of living is lower, as they are now able to work remotely from anywhere.
As you look around, you can see other industries that will be affected. Individuals that have worked their entire careers in one industry will see their industry dissolve. This has happened throughout history as we continue to change and progress.
The difference this time is so many industries have changed at once. The thing that remains the same is with change comes opportunities.
Microsoft, Apple, Uber, AirBnB, and Square are just a few companies that started during recessions.
With the realization that entire industries are closing, as well as many businesses in existing industries, opportunities will arise. The question becomes what will people do when faced with these opportunities?
Richard Branson has said, “when presented with an opportunity, if you don’t know how to do it, say yes, and then learn how to do it.”
The reality is opportunities do not go away they just go to someone else.
Here are three steps to help you evaluate and seize an opportunity that will come your way.
Step One: Is success possible? Has someone been successful doing this or something similar? Can this be achieved? Is there a system in place? Is there a game plan? Is it structured for success? If the answers are yes, then move onto the next step.
Step Two: Is success possible for you? Can you learn what needs to be learned? Can you follow others? (Some may be younger than you, especially if you’re in a new industry.) Will you put in the time needed to learn, grow, and develop new skills? It will take time to learn new ways of doing things, to develop a clientele list. Can you be patient while going through the learning phase? We all start as beginners in everything we do. If you’ve been doing something a long time, it’s likely you’re very good at it. As you explore new opportunities, you may feel awkward in the beginning. Can you remember all winners were once beginners? If your answers are yes, then you are ready to move onto the final step.
Step Three: Take massive action! Once you know it is possible for success, and you know it is possible for you to succeed, the next thing you need to do is to act. Start learning what needs to be known. You must be able to speak the language, know the acronyms, and whatever else comes with your opportunity. You need to start doing what needs to be done. Find someone you can follow, someone that can mentor you. Don’t be shy in asking questions. Talk with those that know what you need to know. Go where you need to go. Find the information. Learn from everyone and everywhere you can.
Whatever opportunity you decide to act on, give it your all. Be committed. If you’re going to “give it a try” and “see what happens” you’re headed for failure. You may as well not start. Save yourself and those willing to help you precious time. With any new opportunity, with the learning of any new skill, there will be bumps along the way. Expect them. Accept them. Realize each one is a measuring stick to see how much you’ve grown. Realize your expertise will take time. Commit to passing the persistence test!
As you use these steps to evaluate an opportunity, understand, if it’s possible for success, and it’s possible for you, the only thing preventing it from happening is you taking action, building momentum, and continuing to move forward, committed to persistence, and it will be impossible for you to fail.
Of the three steps, the most important one is your decision to act. If you look at the founders of any business that started during a recession, or anytime for that matter, they all acted on their opportunity. They persisted through the obstacles. Their rewards were just on the other side of their obstacles. You’ll find your rewards on the other side of obstacles, too.
Remember, there is greatness within you. You must choose greatness. It won’t develop on its own. I believe in you!
“Don’t wait to make the right decision. Make a decision and work to make it right.”
Take Action Today!
If you would like assistance with exploring opportunities and committing to action, I can help you. We can meet by phone, on Zoom, or in a place you deem safe with social distancing. Whether you choose me or someone else, a coach will expedite your results.
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Published by Bryan M. Balch, Results Coach
Helping Individuals and Businesses Achieve Desired Results