Surviving and Thriving a Recession: Build Resilience In Your Business & Yourself
The economy is slowing down. Inflation is high. Recession looms. Massive layoffs are being reported. It's normal to feel overwhelmed and unsure of how to move forward.
It can be scary for a solopreneur, freelancer, or small business. But many are not only going to survive, they'll thrive during a recession.
So, how do they do it? The key lies in building resilience and adapting to the shifting market.
““It is not the strongest of the species that survive, nor the most intelligent, but the one most responsive to change.””
This quote speaks to the power of resilience in overcoming adversity.
While strength and intelligence are nice, they may not be enough if you cannot adjust to the changing landscape of a recession.
In this article, we will look at three main areas:
cultivating a continuum mindset
taking action
being resilient while navigating through adversity
Is success during a recession possible?
There are several examples of companies that started or grew during a recession. Here are a few notable ones:
1. Airbnb: The company was founded during the 2008 recession when two roommates, Joe Gebbia and Brian Chesky, couldn't afford their rent and decided to rent out air mattresses in their apartment to make some extra money. They later expanded their idea into Airbnb, which is now a multi-billion dollar company.
2. Uber: Uber was founded in 2009 during the Great Recession. The founders, Travis Kalanick and Garrett Camp, saw an opportunity to create a cheaper alternative to traditional taxi services by using technology to connect drivers with passengers.
3. Disney: The company was founded in 1923 during a recession. Walt Disney and his brother Roy started the company with just $500 and a few sketches.
4. General Electric: The company was founded in 1892 during the Panic of 1893, one of the worst recessions in US history. The founder, Thomas Edison, saw an opportunity to create a company that could bring electricity to the masses.
5. FedEx: The company was founded in 1971 during a recession. The founder, Fred Smith, saw an opportunity to create a new type of delivery service that could transport packages overnight, which was not possible with existing delivery services at the time.
6. LinkedIn: The company was founded in 2002, shortly after the dot-com bubble burst. The founders, Reid Hoffman and his colleagues, saw an opportunity to create a professional networking platform that could help job seekers and employers connect.
7. Trader Joe's: The company was founded in 1958 during a recession. The founder, Joe Coulombe, saw an opportunity to create a grocery store that offered high-quality products at low prices to appeal to budget-conscious consumers.
8. Hewlett-Packard: The company was founded in 1939 during the Great Depression. The founders, Bill Hewlett and Dave Packard, saw an opportunity to create new technologies that could help businesses become more efficient and productive.
9. Kraft Foods managed to do relatively well during the Great Depression of the 1930s. During this time, Kraft focused on offering affordable food products that were still of good quality, which helped it to maintain sales and market share. In fact, the company's sales increased during the Great Depression due to its ability to provide inexpensive food options to consumers.
10. Apple released the game-changing iPhone during the Great Recession. Many consumers were tightening their belts and cutting back on spending, but the iPhone's popularity and innovative features helped drive sales for Apple. Additionally, Apple's ecosystem of products and services, which includes the App Store and iTunes, helped to further boost the company's revenue during this period.
These companies were able to identify opportunities, take risks, and innovate during tough economic times, which helped them grow and thrive in the long run.
Adopt a Continuum Mindset To Survive A Recession
A Continuum Mindset is a way of thinking that focuses on the idea that progress is not just a one-time achievement, but rather an ongoing journey of growth and development. In a continuum mindset, individuals and organizations view their goals and achievements as a progression along a continuum, rather than as a binary outcome of success or failure.
This mindset is based on the belief that there is always room for improvement and that every experience, whether positive or negative, can be used as an opportunity for learning and growth.
Instead of being limited by fixed goals or rigid expectations, a continuum mindset encourages individuals to embrace challenges, learn from their mistakes, and constantly strive for improvement.
For example, in a Continuum Mindset, achieving a particular milestone is not seen as the endpoint of success. Instead, it is viewed as a step forward in a continuous journey toward ongoing growth and development.
A Continuum Mindset can be helpful for individuals that are looking to learn and innovate. By embracing a mindset prioritizing progress over perfection, you can overcome obstacles, adapt to change, and evolve to meet new challenges.
"Wherever there is change, and wherever there is uncertainty, there is opportunity!" - Mark Cuban
This quote highlights the fact that having a growth mindset is essential in business because it allows you to see opportunities where others might see only challenges or obstacles.
In a rapidly changing business environment, those who can adapt quickly, learn from their mistakes, and embrace new challenges will be the ones who succeed. By maintaining a growth mindset and being open to new ideas and approaches, you can stay ahead of the competition and position yourself for long-term success in business.
Stay Informed About The Current Market & Economy
In a shifting market, it's crucial to stay informed of the latest trends and changes. Keep up with the news, engage with industry experts, and learn from those who have faced similar challenges in the past. This knowledge will give you a better understanding of the situation, allowing you to make informed decisions and better prepare for the future.
It's easy to bury your head in the sand and pretend that reality isn't real. Some people will choose to see the world with rose-colored glasses. But as entrepreneurs, it’s important to take a realistic approach and focus on the facts.
Focus on What You Can Control During A Recession
Recessions often leave us feeling helpless, as many factors are out of our control. However, it's crucial to focus on the things you can control. Take action by setting realistic goals, developing a budget, and identifying areas where you can cut expenses. Recognize that you may need to pivot your career, business strategy or offer to adapt to the changing market.
Build a Support Network (Find A Scenius)
In times of adversity, it's important to surround yourself with people who uplift and support you. Reach out to friends, family, or professional networks for guidance and encouragement. By building a strong support network, you'll have people to lean on when times get tough, helping you maintain a positive mindset.
The term "scenius" made popular by musician and artist Brian Eno, and it refers to the idea that creative work is not the product of isolated individuals, but rather emerges from a collective intelligence or "scenius" of a community of artists, thinkers, and creators.
Eno describes scenius as the "communal form of the concept of the genius," where "individual ideas are connected, rather than protected by a copyright."
The idea behind scenius is that creativity is not a solo endeavor but is instead a collaborative process that emerges from a shared context, dialogue, and community. A scenius is made up of individuals who are supportive, critical, and willing to take risks and collaborate with one another to generate new ideas, insights, and solutions.
Scenius can be found in many different fields, including music, art, technology, and business.
In a business context, a scenius might refer to a company culture that encourages collaboration, experimentation, and creative problem-solving. By fostering a scenius within a business or industry, individuals and organizations can tap into a collective intelligence that can help them generate new ideas, innovate, and thrive in an ever-changing world.
Invest in Rest and Time Off To Thrive During A Recession
During a recession, rest and recovery may seem like a luxury. However, it's vital to prioritize your mental and physical well-being. Engage in activities that make you feel good, whether it's exercise, meditation, or spending time with loved ones. This will help you maintain a clear mind and better cope with the challenges at hand.
Embrace Change. Take Action.
Resilience is built through action, not inaction. Embrace the changes in the market and take steps to adapt. This might involve upskilling, seeking new opportunities, or exploring new industries.
As Amelia Earhart once said, "The most difficult thing is the decision to act, the rest is merely tenacity."
Conclusion:
Building resilience and overcoming adversity in a recession is not an easy task, but it's possible with the right mindset and tools. By adopting a continuum mindset, staying informed, focusing on what you can control, building a support network, investing in self-care, and embracing change, you'll be better equipped to navigate the shifting market and emerge stronger on the other side.
Remember, adversity is just one chapter in your story, and with resilience and determination, you can write a happily ever after.
Here’s 4 things you can do right now:
1. LEADS (GET TO 6 FIGURES): PROGRAMS & COURSES
2. LEVEL UP (GET 6 FIGURES+ ): COACHING
3. LEVEL UP ACCELERATOR: ONE DAY DEEP DIVE
4. LEVERAGE (TIME BACK FOR 6+, 7 FIGURES): LET DARIN DO IT