Has the Economy Influenced Your Thinking or Behavior?

[Larry Brauner]

The world financial crisis has had a profound effect on the global economy.

What changes have occurred in your thinking or behavior to adapt to the new reality? What further changes do you anticipate making?

I have become more appreciative of my job and more careful about my spending in every category. I'm looking at ways to profit from the economic slowdown and from the recovery that will ensue.

What are your thoughts?

[Jeffrey Dietsche]

Larry,

Now is the perfect time to start building our own economy. People will be looking to make money because of the loss of jobs throughout the U.S. We need to unite together and make online businesses successful and erase the 97% failure rate.
Prosperity should be our goal in 2009! We need to start learning from the experts. By marching with a team we will succeed, by marching alone we will not. You don't need to get it RIGHT, you just need to get it GOING! Follow the wise words of Diane Hochman, Larry Brauner, and other successful people and keep on pushing for the BEST! ( just my thoughts)

Jeff

[Yossi]

Trying to think outside the box....
Inside it, there is not (now) enough for everybody.

[Morgan Mandel]

Now more than ever I have to keep my day job, since I don't have a bestseller yet. I'm not happy about that.

Before the economy went downward, my husband voluntarily changed to part time instead of retiring, so money was already tight. We didn't count on his 401k diminishing so much, and that does have us concerned.

I also have a few stocks that are not worth what they used to be. I may sell a few if they get up to a certain point again. Otherwise, I'll stay put and hope for the best.

I don't buy as much as I used to, but I don't have as much time to shop anyway. Also, now that we're getting into the crummy weather time, it's not as much fun to try to get to the store.

I believe a good portion of this whole mess was orchestrated by media sources shooting off their mouths. I wonder what would happen if they all spoke optimistically for a few weeks. Would the stocks go up? It's almost as if they want everyone to go under. Now that Obama was elected, they don't seem to have as much to harp about politically, so they're concentrating on wrecking the economy even more than it is already.

Morgan Mandel - Double M
http://morganmandel.blogspot.com
http://www.morganmandel.com

[Dianne Wandruff]

I'm also on the look out for how to profit from the recovery. I'm not educated about our current economy, but my feelings indicate that the recovery will be coming strongly.

I feel great hope as far as my own profits go...

[Peter Mitchell]

Yes Yes YES! I totally agree with Jeffrey. Now more than ever I AM pushing to people to MAKE THEIR OWN ECONOMY in 2009! I'm with you Jeffrey! Let's Help 10,000 each.

Pete

[Michelle Price]

I'm with Jeffrey on this one - you have to learn how to create your OWN economy. Every one of us has ideas, thoughts and insights to share. Our unique perspective on whatever we bring to the party. In times like these (well, actually all of the time) people are looking for leaders.

Having worked behind the scenes and been in the conversation with some of the most successful people on the planet like John Assaraf, Les Brown, James Ray...and knowing the other WOMEN ;-) behind the scenes of T. Harv Eker, Jack Canfield, Tony Robbins, Mark Victor Hansen et al...

These cultural icons have created their own economy around them. I like to say they all have their own sandboxes and invite others in to play. Occasionally you'll find them at some promoter's seminar - but watch carefully, they are leading the folks back to their own sandbox.

I say it's time to consider beginning to build your "tribe" of True Fans, and learn how to stay in the conversation and stay connected to them to become their solution for life (whatever problem you can solve best for them).

My thoughts...
Michelle P.

[Dana Kramarenko]

I have also become more careful about my spending. And while I am usually such an optimist that it's hard for me to believe anything negative is really happening, I am very empathetic to my clients and the fear that they have right now.

Because so many people are battling the fear of the unknown with the economy, I am looking for ways to help them in their business lives feel more prepared and in more control. It's an interesting for me to balance an understanding of other people's feelings on the economy with my personal world's bubble!

Dana

[Mike Garr]

Good point Jeff,
If I may, I'd like to drill that down a bit further.
According to the SBA most of all small businesses will fail in the first five years then the stats get even worse!
So, it's no wonder that the majority of people on the internet are failing in their business too. Why is that?

Operating ANY small business is already difficult enough. Unfortunately, combining the dynamics of the internet make it profoundly more problematic. Nearly all newbies (to the internet) are easily swayed by the flashy numbers (yes, I bit the hook too multiple times) and really don't understand the basic fundamentals of how business growth works in this world. The result...profound failure and distrust for many people.

In very simple terms, I believe people operating on the internet should understand it is only another distribution system but the industry itself is actually quite young and immature. I submit that most people who fail and charge SCAM really need to consider their failures could be more a reflection of their own shortcomings. They have no design team, marketing team, writers, web development team, financial departments and executive leaders nearly all larger and successful businesses have the advantage of.

And if you are looking for a business on the internet? Many businesses advertised on the internet speak of the money you can make but DON"T teach you how to get there and they certainly don't set realistic expectations for people. Shame on them but you can't blame them asking for your money if people are willing to give it to them without using the same set of standards they would anywhere else.

Please don't misunderstand, I'm not saying there aren't unscrupulous people operating on the internet. Of course there are people you cannot trust but they exist in any business. I'm saying that most people lack the proper resources required to make a business succeed especially single-handedly. Fortunately, social networking is helping to make the industry more transparent and level the playing field. Hooray for video, as a medium, helping many people skyrocket their business with relatively little effort. Success on the internet involves specific tasks done correctly, completely and consistently.

Now, back to the point. I have had my share of internet failures (tens of thousands) but I have also learned from each experience. Even in this economy and for 2009, I believe in using the internet more than ever to advertise and generate business for myself. I know too much and it would be foolish not too. But, I'm also realistic. I cannot wear all the hats necessary to build my business successfully. I regularly look to others to share experiences, outsource parts of my business I cannot do well and I now operate off a business plan. My plan is not a thesis but I have thought out a realistic road map how I plan to get from point A to B. This document is dynamic and I'm not afraid to make adjustments however I do qualify any changes to it.

I now critically look at things in different categories:
1. Is this an income producing activity? I focus at least a part of each day on this activity.
2. Does this further my education?
3. Can I afford this expense? (Want vs Need)

I have been on the internet for three years now. My internet successes have been erratic and fleeting overshadowed by failures. I have been self employed since 1994 so, in a way, it's business as usual for me. However, the current economic crisis definitely effects my traditional business. I have completely made changes in the way I approach people regarding how I can serve them. In fact, I've become MUCH BETTER about making it ALL ABOUT THEM and far less about me. Inch by inch, I'm building the momentum I need for 2009. I'm confident and looking forward to it.

Sorry about the book,
Mike

[Jeffrey Dietsche]

Mike Garr said:

Good point Jeff,
If I may, I'd like to drill that down a bit further. According to the SBA most of all small businesses will fail in the first five years then the stats get even worse! So, it's no wonder that the majority of people on the internet are failing in their business too. Why is that?

Operating ANY small business is already difficult enough. Unfortunately, combining the dynamics of the internet make it profoundly more problematic. Nearly all newbies (to the internet) are easily swayed by the flashy numbers (yes, I bit the hook too multiple times) and really don't understand the basic fundamentals of how business growth works in this world. The result...profound failure and distrust for many people.

Mike,

That was so perfectly well put! :)

Also, lack of basic business knowledge will be a downfall for most people. Some of them have not ever even been in a leadership position EVER! How can someone be expected to run a downline of people necessary to make money if they have never even led ONE PERSON?

I myself am still trying to figure out how people make money on MySpace, Twitter, and Facebook. These techniques are all very new compared to the traditional way, which is getting business by word of mouth and running newspaper ads. People need to learn that there is a very steep learning curve to web 2.0 and they will probably not get rich overnight using ANY of these marketing guru's programs, not even the most well respected ones. Investing your time and money into learning "how to follow" and then "how to lead" will prevail for network marketers in the year '09.

[Arthur Mansfield]

I retired at age 60 from a lucrative position with a Fortune 100 company in the midst of this “economic crisis’. I continue to put to work some of the same principles taught to all of our upper management – I look for places to serve.

Since my retirement, I have worked with my sons to assist them in getting their new businesses off the ground (yes – launching new businesses in these times) and I volunteer with SCORE, a society of small business and retired executives who consult free of charge with small and growing businesses. My skills stay sharp and I continue the opportunity to learn new things as I am asked questions I may not have the immediate answer to and I am forced to seek out the answer.

We all work with non-profit companies to see how our expertise fits in.

In serving others this way, several interesting results have occurred.

When assisting a non profit group, one son, a single dad:
…met the venture capitalist who is going to partially fund his new venture;
…through this venture capitalist met three potential board members for his venture who bring connections, expertise and funds he had specified in his business plan
…met a woman who was just starting a child care business, needed new customers and her business is blocks away from his residence. She is now caring for his children in a closer to home environment at a lower cost than he was paying before.
…met a property owner with empty office space that rented to him at 50% the going rate

Another son, when volunteering with me at SCORE, met a struggling company with a product line that supports the new venture we are now planning. He was able to find funding for this company, and in return will be able to add these products to his venture launch and win-win for both.

Years ago Zig Ziglar told a story about two real estate professionals. He asked one how business was and she said, “Well I’m in real estate and you know we are in a recession. Business is terrible, the economy is bad, no ones buying and every day it gets worse.” After she stopped, he turned to the person next to him and asked how business was. He groaned silently to himself when she first said, “Well I’m in real estate and you know we are in a recession.” However, she went on to say” and business is great. People are now taking time to figure out what they really want. No more looky loos taking up my time. My clients are serious about buying or selling and they come to me to help them meet that goal. Every day I get to find solutions to their problems and answers to their questions. I don’t make as many sales as I once did, but I’m building relationships that will carry me long into the future. Plus the sales I am making now are going through, less fallouts. My time is more productive”

Our business plans are focused on results based on meeting the needs of our customers. Giving time and effort to others through service has opened many unexpected opportunities which then brings us what we need to meet our goals.

[brendan mitchell]

Last week on Triiibes a member named Mary Louise asked a similar question. She was referring to an article in the NY Mag

Here was my reply
Interesting post & interesting replies thus far... In my personal opinion, the current coverage & trend in the media with the economic downturn is akin to what caused the mass hysteria that surrounded the death of Princess Diana in the UK, and what a load of gobs wallop that turned in to, a bunch of idiots standing around in groups crying uncontrollably about some woman who was killed in a car crash in Paris, so what, (in the grand scheme of things, she's not important, why get upset over it!)

I don't get what sucks someone into becoming part of mass hysteria, maybe it's just the INTJ in me coming to the surface, thankfully I don't have emotions clouding my thinking, so I'm immune to this stuff in general, but I do understand the dangers of continual negativity in the media & interactions between individuals & groups and how emotions can get all mixed up in them, as your examples highlight.

I've just spent a week snowboarding in the Alps and there was no shortage of fellow, Starbucks swilling, optimists taking to the slopes. Are we being foolish, and simply ignoring what's going on by sticking our heads in the ground? I don't think of myself as an Ostrich (OK I admit my knees are a somewhat knobbly), and I don't think the others that we all see carrying on with their lives around us are either. OK I admit you'd be foolish to spend like a maniac, but sitting around dwelling on how bad things are going to become isn't going to help you either. I truly believe in the phrase "If something can be solved, don't worry about it, if it it can't, worrying won't help"

In my blog at the end of the year I wrote how I was approaching 2009 "I hear there's a recession, But I've decided not to take part", I'm not backing away, I'm not locking myself in my basement with a years supply of spam & bake beans waiting for the world to end (oh boy could you imagine that basement, definitely need to leave a window open!).

When I lived in Hong Kong, the entire year before the hand over was full of doom & gloom stories in the media, of how China was going to swallow up Hong Kong once the handover was complete... but I'll never forget what one very successful & influential businessman said, it showed a picture of him looking out of his high rise office block looking at China beyond the New Territories with the strapline "Everybody is looking at this the wrong way round, just think how big that market is over there!" and he was right, after the handover, Hong Kong now had an enormous open market place right on their door step!

So don't read gloomy story after story and become a pessimist, although don't be too optimistic either, be realistic, the world's going to have to take stock and think about things a bit, we've had it good for some time, but things have changed, don't expect it to go back to the way it was, it won't (and let's be honest, do we really want it to go back to the way it was?), it's going to change... embrace the fact, and make sure you're part of that change, you can't do that hidden in your basement!

[Larry Brauner]

Well said Brandan.

Want to mention that I have cut my spending, but more importantly I'm making changes in my repertoire because I don't expect the world (or my life) to go back to the way it was at some time in the past.

Happen to be a top notch business analyst specializing in the interpretation of marketing and customer retention data. There are lots of data analysts. Some are as good or better at quantitative stuff as I am. At 57 do I really want to compete with these young MBA and PhD types for a shrinking number of jobs and assignments? Give me a break!

Also happen to be an even more extraordinary problem solver and thinker. With social media exploding I recognized a once in a lifetime opportunity for me to embrace a new technology and to apply my talents and skills where they can make a tangible difference.

If you need data analysis, I'd do it for you, but I'm not going back to the world of bean counters, numbers and Excel formulas. I'm going forward into the world of mass communication and influence, Larry Brauner Outside the Box.

I recommend that each person consider what Brendan has discussed and take some time out for reflection and re-invention.

brendan mitchell said:

Last week on Triiibes a member named Mary Louise asked a similar question. She was referring to an article in the NY Mag

Here was my reply
Interesting post & interesting replies thus far... In my personal opinion, the current coverage & trend in the media with the economic downturn is akin to what caused the mass hysteria that surrounded the death of Princess Diana in the UK, and what a load of gobs wallop that turned in to, a bunch of idiots standing around in groups crying uncontrollably about some woman who was killed in a car crash in Paris, so what, (in the grand scheme of things, she's not important, why get upset over it!)

I don't get what sucks someone into becoming part of mass hysteria, maybe it's just the INTJ in me coming to the surface, thankfully I don't have emotions clouding my thinking, so I'm immune to this stuff in general, but I do understand the dangers of continual negativity in the media & interactions between individuals & groups and how emotions can get all mixed up in them, as your examples highlight.

I've just spent a week snowboarding in the Alps and there was no shortage of fellow, Starbucks swilling, optimists taking to the slopes. Are we being foolish, and simply ignoring what's going on by sticking our heads in the ground? I don't think of myself as an Ostrich (OK I admit my knees are a somewhat knobbly), and I don't think the others that we all see carrying on with their lives around us are either. OK I admit you'd be foolish to spend like a maniac, but sitting around dwelling on how bad things are going to become isn't going to help you either. I truly believe in the phrase "If something can be solved, don't worry about it, if it it can't, worrying won't help"

In my blog at the end of the year I wrote how I was approaching 2009 "I hear there's a recession, But I've decided not to take part", I'm not backing away, I'm not locking myself in my basement with a years supply of spam & bake beans waiting for the world to end (oh boy could you imagine that basement, definitely need to leave a window open!).

When I lived in Hong Kong, the entire year before the hand over was full of doom & gloom stories in the media, of how China was going to swallow up Hong Kong once the handover was complete... but I'll never forget what one very successful & influential businessman said, it showed a picture of him looking out of his high rise office block looking at China beyond the New Territories with the strapline "Everybody is looking at this the wrong way round, just think how big that market is over there!" and he was right, after the handover, Hong Kong now had an enormous open market place right on their door step!

So don't read gloomy story after story and become a pessimist, although don't be too optimistic either, be realistic, the world's going to have to take stock and think about things a bit, we've had it good for some time, but things have changed, don't expect it to go back to the way it was, it won't (and let's be honest, do we really want it to go back to the way it was?), it's going to change... embrace the fact, and make sure you're part of that change, you can't do that hidden in your basement!