Is It Possible To Profit In An Economic Downturn?
Is It Possible To Profit In An Economic Downturn?
“You define abundance. You decide whether or not to shrink or expand. You choose whether or not to participate in this line of thinking. This is wealth.”
Christine Kane
Recession? Seriously?
Okay, fine. The market is having some troubles. What do you do? Do you cower in fear, doubt, and uncertainly like the masses or do you…please forgive me for the cliché; do you make lemonade from lemons?
It’s true. Right now we’re living in some pretty uncertain times financially speaking. However, there’s always opportunity. The online world is still thriving. In fact, it’s growing. The self help and home based business is booming! The investment market is actually thriving – people are anxious to learn how to invest their money, protect their money, and still live the same quality of life they’re used to.
Warren Buffet just invested 5 billion into Goldman Sachs. Of course he had 5 billion to invest in the first place but this is a guy who isn’t casual with his money. And he just invested 5 billion in what many would consider the most unstable sector in the world.
Why?
He sees an opportunity.
It’s what successful entrepreneurs do.
Successful entrepreneurs are typically risk takers. Not blind risk takers who jump into a pool of hungry sharks without looking first.
Instead, they spend a bit of time evaluating the risk and then deciding whether it’s worth jumping in. That doesn’t mean that every single light is green and it’s 100% okay to make the jump, or investment. But it means they know what they’re getting into. They understand the risks.
Along with understanding the risks, successful entrepreneurs understand, and look for, opportunity.
Think about Amazon, Paypal, and even the folks over at MySpace. They saw a potential opportunity and took some very big risks – boy did they pay off.
Despite what the mainstream media will have you believe – those opportunities are still available. The only difference between five years ago and today is the collective consciousness – if the media is telling everyone that the economy is good and invest, invest, invest – the collective buys into it and boom – everyone and their brother are taking huge risks with the comfort that the financial guru they saw on CNN the other night said it was a good thing to do – the economy is great.
Now the same financial guru is telling everyone to buckle down. Save money, don’t spend. Hold tight to your investments. Don’t take any risks.
And the collective conscious believes it. They hold tight to their money.
The result…missed opportunity.
Assuming you do your homework, analyze the market, and understand the risks – the risks are the same as it was 5 years ago. The opportunities are the same.
What is required to recognize and take advantage of these opportunities?
A good attitude is a must.
A good attitude means you’ve established the desire to be wealthy. Now that may sound very simplistic. Everyone wants to be wealthy, right? No, not really. Some people are quite content at their current income level what ever it may be.
And many of those who do desire great riches let other desires, beliefs and myths about money get in the way. Napoleon Hill outlined six steps to achieving Desire as it relates to attaining wealth. They are:
#1 Fix in your mind the exact amount of money you desire. (This is very much part of the visualization and goal setting process and is critical to success) At first you may think, “Oh okay, I want a million dollars.” Then you’ll think, “No, this is a visualization exercise, right? How about six million dollars?” Then the doubts will start to enter your mind and you may drop down to $100,000. The goal here is to let go of those limiting beliefs. If you want six million then fix that amount in your mind.
Perhaps you need to do a little bit of thinking, meditating, or even planning on how much money you want. That’s fine. Take your time. It’s important that you’re comfortable with the number you’re seeking.
#2 Determine exactly what you are willing to give in return for the money you desire. It’s the old you don’t get something for nothing philosophy. This is actually a great way to help let go of your limiting beliefs about money particularly if they relate to money being inherently bad. What would you do if you achieved the monetary goals you’ve set forth? Will you donate a specific amount to charity each year? Will you volunteer your time? Will you employ people and offer a great salary and benefits package? What are you willing to put out there?
#3 Establish a specific date for receiving or earning the money goal you’ve established. Tomorrow, right? You’d like that six million dollars tomorrow, please. Okay, now step back and consider what may be more reasonable. Not too reasonable mind you, you probably don’t want to set your goal 20 years in the future however 12 months isn’t unreasonable is it? Neither is six months, or even three.
#4 Carry out a plan to begin – Mr. Hill recommends taking action whether you are ready or not. You can’t spend your life planning, it’ll just pass you by. So how are you going to make this money? What’s going to happen or change in your life to make it happen? Are you going to write the next Harry Potter? Are you going to develop a software product or game that sells out all over the world? What skills, talents, and knowledge do you have, or you have access to, to make it happen?
#5 & #6 Create a written statement for the first four actions described above and then read it aloud twice a day. Once when you’ve just woken up and once before you go to bed.
This process as it was laid out by Napoleon Hill in 1937 and supported by wealth coaches, personal coaches, professional coaches and mentors all around the world, may seem a bit simplistic at first glance. However, upon implementing it you will see it has a very powerful effect on not only your attitude but your motivation as well.
Visualization is a technique that successful people in all walks of life utilize to improve and to achieve their desired results. It doesn’t matter if you’re a stay at home parent who aspires to build a six figure business or an Olympic athlete – visualization and establishing a desire to achieve are a necessary first step to real success and wealth.
An economic downturn matters. Of course it does. However, where there’s the desire to succeed, where there’s openness to success, wealth, and the power of opportunity, there’s a real chance to profit – desire is the first step.
To Your Success!
Jeremy Gislason
SureFireWealth INC
SureFireWealth.com
What do you think about the current economic conditions? Leave your comments here
October 7th, 2008 at 12:19 am
I’m betting that 9 of 10 entrepreneurs doing business on the internet are in the same mindset as you. Thirty minutes before I got your e-mail, I was busy composing an article very similar to what you have posted here.
The thing about times like these is that not everyone has the self-esteem or faith to actually buy into the common sense characteristics we advise, and so, will go on doing their 9- to 5- routines, denying themselves the freedom and flexibility those two important characteristics impart.
October 7th, 2008 at 12:48 am
Amazing post, bro! I agree in every word…
Ian del Carmen
http://FireballNews.com/news/
October 7th, 2008 at 12:50 am
THE BEST FOXUFIRE GOOOOOOOOOOOOOD
October 7th, 2008 at 1:07 am
I have lived through an inflation of 150% a year, at Mexico. That happened during the 70′ and I want to tell you that those were the most productive years of my life. My brother and I saw everybody running and shaking about loosing their properties to the banks. So there was a lot of opportunities to buy at low prices. In three years we had one restaurant, one 500 acres farm and a lumber treating plant worth more than 30,000 US Dlls.
Because of inflation the value of my farm had increased 3 times; so we decided to sell half of it and paid off everything we had bough before.
It all depends on your perspective of things.
October 7th, 2008 at 1:15 am
I agree that there are always opportunity’s but I’m betting that most who enter the online world don’t know where to look or start. Your example of Warren Buffet is a stretch. He made his money years ago. In fact before the Internet wasn’t even available to the public.
You mention the word guru….such a nasty foul word. A true expert would never want to be associated with this word.
The market “guru’s” are slick talking scam artists (car salesman). If you have had the unfortunate pleasure of being on one of the so called marketeers list then the evidence very clear. They always talk about riches and swimming in money. This is very misleading. Actually only 1 in 100 people actually attain a true business online. The rest simply fail, usually due to someone bad advice. If you think this is wrong, look at the investors of Freddie Mac or Fannie May or for that matter your own 401k
Don’t be fools and listen to these so called experts. They are the same people that has put the world in the condition it is now. You don’t need a guru to tell you things are bad or good, you only need to observe for yourself.
I’ve been a business owner since 1996. I’ve seen plenty of things go bad and yes, plenty of things go good. Over the last 10 years I’ve seen business go from professional to everyday Joe’s trying to convince people and themselves that they know what to do. Wrong…most of these so-called experts haven’t even lived half a life yet and have defiantly not experienced economic down-turns. These folks are in for serious walk up call.
If your just starting online this year be very very careful. People are not whom they appear to be.
October 7th, 2008 at 1:18 am
Absolutely correct – great post. Its all in the mind. I keep thinking about that little known fact that more millionaires are made as a result of economic hardship than at any other time.
Its time to dust yourself down, roll up those sleeves, put those entrepeneurial caps on and make hay while the sun shines.
There are 2 ways to go – give up and give in or see this time of economic frustration as a massive opportunity.
I know which way I’m going – lets do it!!!!!!!!!!!!
October 7th, 2008 at 1:21 am
I strongly believe that the internet is the best way to make it right now in our unstable economy! It just takes some work and hard work at times. Mainly because like you mentioned, people are apprehensive about spending right now from what analysts are saying. But the internet is recession-proof to an extent, it won’t go out of business or even go down for a few hours!
And I think it is a good idea to set some goals on how much money you want to make and when to hit the target. But I believe that perserverance is the key as well, if you give up right before your busuness exploding, you didn’t know it wasn’t going to make it or not. I think you must stick with it no matter what, even if you change it up a bit, and use what you’ve learned or put in place, then go from there, and if you don’t have some sort of excitement in doing it, it will be hard to keep it going. Or if you see a lapse in your visitors one week or getting lesser by the week, just kick into another gear and try something else and you will sooner or later get the formula right!
I also agree that this is the time to grab up the missed opportunities that are out there, from folks that are either afraid to dive in or just the ones that have been out there and most folks just missed them! This is the time to act or be left out when the economy bounces back, which can help in some ways and be a deterrent in others, because of folks thinking that brick & morter businesses are the way to go. Maybe not!!??
October 7th, 2008 at 1:47 am
Excellent post –
Calculated risks and seizing the opportunities are the right way forward – It’s certainly not paying attention to the ’scare of the day’ cooked up by the media to draw in viewers.
Did you know the Chinese use two brush strokes to write the word ‘crisis.’
One brush stroke stands for danger and the other for opportunity.
October 7th, 2008 at 1:53 am
Mr. Warren Buffet can afford to live without some billions for some years, but I am whether a billionaire nor a millionaire in order to risk my few money for doing that. Many years ago I’ve bought a software programm which told me to pay attention at the japanese Nikkei, because there were a crash danger ahead. I’ve put all my money into put options for the Nikkei and lost all, because one day later the japanese government made an intervention of many billions yen at this time. In 2005 Mr. John Pugsley, director from the J.P.Morgan Bank have done a very impressive calculation: He added the volume of all the derivatifs worldwide and found that this sum is 7 times greater as the worldwide GDP. On the other side all the banking institutes told that their own derivatifs are 100% safe and this was of course a big lie. With other words the banking institutes sold illusions. Mr. Pugsley predicted very exactely what will happen, and why each human being of the planet will suffer from the coming tsunami financial wave. I’ve believed him at this point (2005) and lost all my money, because the market was going up and not down as expected. Only Billionaires knows what the political leaders will do at next and not such poor people as I am. In spite of having a good orientation I’ve lost all, because I didn’t knew the right time to act. Good programs and good informations were of no use for me and this is why I don’t believe in such
financial tales and get quick rich schemes any more!!!
October 7th, 2008 at 2:01 am
I wrote a similar post, but something that would give people reason to take action. Fear is what usually creeps in and makes people freeze up. I changed my televisions from the news to comedy because I was sick of hearing the doom and gloom on the news. It is all about mindset and courage to seize the moment. Thanks for such a great posts. It reminds us that we are in control of our mind. They can try to take everything else, but not our thoughts.
October 7th, 2008 at 3:03 am
i agree whole heartetly this is very true am in business 25 yrs and i have survived this nonense over and over again many times it all in the mind bad news sells……and always will meanwhile the rest of us just work on and see the other end whereby most people would probably fall…..
by the way excuse the typing errors i kinda wrote this in a hurry!!!!!
October 7th, 2008 at 3:07 am
As you say a good attitude is a must.
I do think that some people are so stressed in certain situations that they actually can’t think straight and panic at where to start. It can become a place of overwhelm. Following your steps will help these people to focus.
October 7th, 2008 at 3:22 am
Greg wrote ”The market “guru’s” are slick talking scam artists (car salesman). If you have had the unfortunate pleasure of being on one of the so called marketeers list then the evidence very clear. They always talk about riches and swimming in money. This is very misleading. Actually only 1 in 100 people actually attain a true business online. The rest simply fail, usually due to someone bad advice.”
Never a truer word spoken.
I for one are sick of the crap on-line. All these so called ‘brillant’ Guru’s are interested in, is getting you sucked in and your MONEY Oh suprise suprise.
Not all of us Newbies are dumb, after all ‘if you dont know, then you just dont know’
Is there one HONEST, Knowledgeable person out there that can teach me to earn on-line?
Want the job? email me denise77@internode.on.net
http://thesecretpays.com/?47954
October 7th, 2008 at 3:22 am
Many years ago, my late grandfather gave me two pieces of advice. The first was to remember the five friends – who, how, what, when and where. The second was “If you believe, then you’ll achieve”. Both have stood me in very good stead and the latter is essentially what Napoleon Hill’s message is all about, same with that from Wallace Wattles, nearly 100 years ago with The Science of Getting Rich.
Yours is an excellent post, and it’s a shame the two naysayers above cannot see that.
Mike
http://www.makingdollars4u.com
October 7th, 2008 at 5:17 am
The economic times are not good. There is a lot of hype in marketeering and only should be taken with a grain of salt. One way to find a good business is find a need and fill it (niche). The internet is a very good way to find potential customers.
norm.
P.S. I am still working at it.
October 7th, 2008 at 5:40 am
I would say that *because* of the failing economy, being an internet marketer is a lucrative opportunity due to the fact that so many are going to be coming online looking for ways to make more money.
October 7th, 2008 at 6:10 am
I agree with JD during this time the Internet is the way to make some money. Learn the system and you will fill your desires.
PS I’ll always be working at it
October 7th, 2008 at 7:08 am
Not entirely true Greg….seems like you are one whose glass is “just half full”…
I am not a guru…I am a complete unknown in the internet marketing field….But I have made a full time living completely on the internet the for last 5 years…I was going broke FAST with my offline hardwoods business 5 years ago, so out of sheer desperation, I started marketing my wood online, (Ebay), and was profitable from DAY ONE once I started…No more local marketing for me. EVER! The world is my marketplace. If you had told me even 6 years ago that I could sell WOOD of all things, on the internet, I would have called you crazy…but here I am….:-)
I now have more online ventures, some profitable, some not so profitable…but I make a GREAT living, and I have total freedom!
I am NOT an internet Marketing Millionaire, but I AM a millionaire because of internet Marketing!
What I mean by that is, internet marketing made me enough money to start playing with other things, (in a very short period of time), one of which is development real estate….and that did the trick. “Google” my name, Michael Rytter, to read a newspaper article in a major Canadian newspaper, where I am complaining “bitterly” about my property tax assesment! (I just did the article to get some PR..and nothing gets press like some dork who essentially appears to have “won the lottery” whining and bitching about his win! (I wanted to reach out to investors beyond our local area…like I said before, why market to a few when you can market globally!) ( And paid adverts can’t hold a candle to free press coverage!)
Even if you are not actually marketing anything online, just using the RESEARCH capabilities of the internet can level the playing field for you in your offline business, even if you are playing with much bigger competitors……anyway….. Don’t get me started!
As for your apparent “Guru” envy, Greg…..I have gotten to know a few of the biggest of the big in my five years…..and have never experienced anything other than a gracious “hand up” from any of these folks. Even now, when I really don’t need it. A couple of weeks ago, Simon Hodgkinson gave me a gift worth $500, just because paypal screwed up and I didn’t get my software right away….(and he does sell this for $500). Anyway buddy, my point is, I’ve never encountered a “bad Guru”. They don’t need to be bad. They are where they are because they are good. Pay attention when they try to sell you something…especially if the copy appeals to you and makes you want to buy it…you might get good too! They wouldn’t have been able to build their big lists by screwing people.
So stop whining, start paying attention to whats around you…and most of all, OVER EVERYTHING, TAKE ACTION>>>JUST DO SOMETHING! You’d be suprised at the snowball effect a little action can have….
Anyway, I digress! (As usual….)
Michael Rytter
Vedder Mountain Hardwoods
October 7th, 2008 at 7:17 am
Great post!
It seems that the media has been zooming in on the negatives. And because of this,
a state of fear, anxiety, and a sense of calamity develops. This is not good. This will
result in negative choices that will produce negative results.
But your post counteracts that. You point out the possibilities shrouded over by the
problems. And this is good. Because it dispels the fear and encourages hope. And
a people who hopes will be a people who will stand up to the difficulties and look
for ways to overcome!
Someone once said, “Great victories come from great trials!”
How appropriate for the times we find ourselves in. Let’s prepare to win!
Ricardo
October 7th, 2008 at 11:13 am
JD’s article is a good reflection what is happening in the real world.
I strongly believe that if one were to follow the 6 steps closing,
he or she should be able to overcome the current bad times.
I will use those 6 steps given as part of my guiding principles.
All the best to all
Cliff Teo CW
http://www.onlinewindfallsecrets.com
October 7th, 2008 at 11:29 am
Great post, Jeremy!
You are right to remind us that the rules of success don’t change when the economy gets a bit rocky. And, compared with the Wall Street Crash and the Great Depression, the events over the past few weeks are just a mild disturbance.
I’m not saying that it won’t get worse. I’m sure that it will. But today, with the huge improvement in mass communication, compared with the 1930s, it’s a lot easier to panic people.
Entrepreneurs have always been able to make money, even in the harshest of trading climates. It’s just that, when times are tough, it’s easier to lose money!
Now about all those comments (slightly irrelevant to this post) about “gurus” and whether they can be trusted..
Folks, the internet is just a mirror of the “dirt world”. There are always going to be people who will scam you, who will only see you as a source of cash, who have their *own* interests at heart, and not yours.
And there will always be people who are prepared to help, who can see that “giving” comes before “receiving”.
As in the “dirt world”, yes, of course we should all excercise caution and common sense when it comes to whether or not to believe someone. Always remember the golden rule:
“If something seems too good to be true, then it probable is”.
But, at the same time, the main reason why people fail to succeed is that they fail to take action.
Some of these reports which claim to have a “system” to make money online may actually work! Maybe not as well as the hyped-up sales page, with its screen shots of affiliate accounts etc., but there are often useful techniques to learn.
The trouble is that many people are too keen to move on to the “next good thing” without settling down to work on a technique.
Go back up to Jeremy’s post and re-read Napoleon Hill’s six steps.
Especially Step #4!
Regards
Ian T
October 7th, 2008 at 1:05 pm
[...] Michael Topham wrote an interesting post today onHere’s a quick excerpt [...]
October 8th, 2008 at 8:21 am
I Agree with you….
ACT today!!!
Don,t WATCH only.
Be blessed….
October 8th, 2008 at 3:40 pm
Hi,
Yes, is possible to profit in a difficult economic situation…but we must adapt to the pain of the street.
How can we sell a product for $500 when the shoppers are looking only for bargains…???
Selling or giving more value, or why not make a credit line…hihii.. Difficult but possible !
How can you offer software when they don’t have bread?
weekly News: free gas cards from big companies (buy HERE and have $10 gas…etc)
Bargain situation ==>> Bargain offers !
Making J.V., affiliates, “Padrinos” Cugnados o lo que sea, una Familia ..
Regards,
Chris
http://www.hotbargaintips.com
***
October 9th, 2008 at 1:04 am
Great post Jeremy! Yes, times are bad for some people. But if you planned and had a mixed portfolio with some EVERGREEN, you will be OK.
And a great answer Ian! Better to put up a bad project and work on it, than to sit around and see what the next snake oil salesman has to offer! The internet is probably worse than the regular world because the reach is longer. LOL
October 9th, 2008 at 2:25 am
I do not know about you but to me these are the good times. Change is taking place as more and more people are seeking out how they can stand on their own two feet and create their own wealth.
You can not depend on your employer anymore. If you think your investments are safe think again. As far as the government goes, they are clueless.
You may not become the next millionaire but you can make a good living on the web. If you just take some time and do some resource. Set reasonable goals and go for it.
October 9th, 2008 at 4:56 am
Jeremy,
Attitude is so important regardless of the economic climate or political situation that you find yourself in. It has been my experience that you can indeed profit from an economic downturn and even if you only have a few dollars to your name. You can also profit during an economic up turn or anytime in between. I believe that if you focus your attention with the energies of fear, anger and scarcity on a continual basis that you will definitely manifest results that have those characteristics. Whether the internet or some other type of vehicle is used to profit during an economic downturn, if you are willing to adapt, be creative trying new things and offer people real value for things they need, you will profit. More importantly, if you can do this in a way that is aligned with integrity and helps them to discover the amazing potential within themselves, then you are a winner no matter how much money you earn.
October 10th, 2008 at 6:10 pm
A great post! A timely motivation too!
Napoleon Hill once said during the 1930 great depression that,
“There is nothing to fear but fear itself.”
All are in the state of mind. I agree with Henry Ford who said that,
“If you think you can, you are right; If you think you can’t, you are also right.”
Regardless of the circumstances, those who have made up their minds to acquire wealth
will find it somehow. Have faith.
And apply the law of attraction in whatever you do. As within , so whitout!
Apply Your Inner Power For Wealth!
http://www.innerpower2wealth.blogspot.com
October 11th, 2008 at 9:35 pm
A good post and very much needed at a time when the news media and politicians are painting such a grim picture.
It’s very interesting reading the various points of views, both pro and con. People usually arrive at a conclusion based upon their own personal experiences, so I’ll respect both points of views even though I may not agree with them.
I have been an entrepreneur and small business owner for the past 15 years. Over the years, I’ve been through both the ups and downs. Maybe not as bad as it is being reported currently. I do believe the positive mindset is critical to survive these times. If you just go crawl up under a rock and wait for someone to yell that it is now alright to come out – you are doomed for failure.
I, for one, simply can not wait on others to determine your own future. I believe you have to get out there even more during these times to research, look and explore opportunities. Is it more difficult to get access to others money? The answer is absolutely yes. Is it impossible? No!! It’s about seizing the right opportunities, at the right time, with the right people.
True enough, Warren Buffet does have what seems like an endless supply of money and he allowed some others to have access to some of it. Yet, he is not the only businessman out there allowing others to have access to their money. They may not have his bankroll but they have some. The key is, you’ve got to be in the right circle.
My last blog post has a bonus on it that can introduce you to such a circle of people, information and ways to position your company to get the money you need, even during these difficult times. The information does not pertain just specifically to internet marketing, but serious entrepreneurs.
All The Best To My Fellow Entrepreneurs!
Christine’s Internet Marketing Spot
http://rangeonlineworldwide.blogspot.com
October 13th, 2008 at 4:07 pm
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