Are you ready to embrace the brave new world?
Just like The Great Depression in the 1920s, COVID-19 will create its fair share of dollar millionaires, even billionaires. Born out of a necessity to adapt quickly to a new working environment, people will create new opportunities for growth. It is human nature, we survive, overcome and thrive. These people won’t necessarily have the capital to achieve it, but they will have the hunger, desire and capability to embrace change. They will attract attention, investment and market share for products that we have not even heard of yet.
Many people created great wealth during the Great Depression, despite having serious problems to overcome. Did you know, more people became millionaires over this time than any other in American history. Suddenly new opportunities presented themselves and the economy improved.
An economic downturn is a good time to start a business or create a path to your perfect job. Expectations and cost to market entry are much lower in a recession than in boom periods. Savvy entrepreneurs who are edged in and position themselves for when the economic climate improves, will be one step ahead of the game.
Many businesses closed during the Depression so their equipment and assets could be bought for next to nothing. Commercial rents were cheaper, and wages were lower. There was also quieter time to get business fundamentals right before increased demand made it too hectic for the entrepreneur to build and test his business model. It were these ‘if you can dream it, you can do it’ Great Depression entrepreneurs who made the best of the crisis to provide a new service / product for the new demand.
Who were some of these maverick entrepreneurs? Some very famous names made their money during the Depression era.
· In Kentucky, a grandfather, called Colonel Sanders, started serving fried chicken at his gas station. By 1937 he had expended to a 142-seat restaurant due to popular demand.
· Two young electrical engineering graduates stared an electrical machine business in a rented garage during the 1930s. Bill Hewlett and Dave Packard officially became business partners in 1939 with only $538 in investment money.
So, this begs the question:
Who will be the next Charles Darrow (inventor of Monopoly – the first millionaire of gaming)?
How can you become part of the expected economic boom that will follow this financial crisis?
Take the following steps to give yourself the best opportunity:
Step 1 – Get Mentally Prepared
Stop listening to the mainstream media, social media or your ‘know-it-all’ uncle/brother/sister/colleague - they don’t know what is going to happen; nobody does! So why focus on all the hype? Focus on the one thing you can control, your attitude. Focus your energy on achieving a positive outcome from this period, whatever it may be for you.
Hint – read books like The Power of Positive Thinking by Norman Vincent Peale, and implement these strategies in your life https://www.amazon.co.uk/Power-Positive-Thinking-Norman-Vincent/dp/0091906385
Hint – Meditate or pray once a day, remove the noise from your life in solitude to keep your balance
Step 2 – Get Physically Prepared
Along with building mental fortitude, add some physical discipline to your daily routine. It may be easy to slip into bad habits over this time, but that won’t help you prepare for the opportunities post COVID-19. Some simple physical exercises can be found online – just take a look at the surge of new providers in this field alone!
Nourish your body, eat things that work for you, not ones that merely comfort you.
Hint – watch clips on YouTube, there are untapped self-help resources on food and exercise https://blog.feedspot.com/health_youtube_channels/
Step 3 – Get Digitally Prepared
Update your digital footprint online. These new opportunities are going to seek out those who shout the loudest in the digital space. With physical restrictions still in place after lockdown, your online presence will be invaluable. In place of you being present in person, your online profiles will do the selling for you. All over the world people will be creating opportunities - let them find you and offer them to you first.
Hint – I teach industry leaders how to digitise their business, I will give you a free half an hour consultation to show you how you can do it for yourself and/or your business click here
Step 4 – Get Contact Prepared
Armed with your digital make over, make contact with every person you have ever known, even those you don’t know … at the very least you may have a positive impact on their lives. You never know what response you may get, so try everyone. It’s at times like these that people are far more receptive to contact, so take advantage. It reminds one of the Ancient Arabian Fable – a true life lesson.
Hint – Linked-In Premium is a great resource to reignite your own relationshipsand to get in touch with their contacts – free 1st month
Step 5 – Get Your Ideas Prepared
We all have amazing ideas, only for them to be “snatched” by somebody else. If we are thinking of a solution for a current problem, be sure that others are too. The difference is that only some act. We all have skills to land that dream job doing what we love. The difference is it goes to the one best prepared, not necessarily the most skilled.
Hint – read articles online from sites like the Harvard Business Review on How to Pitch a Brilliant Idea
Hint – there are numerous articles about how to prepare for your ideal job. Explore sites like Ivy Exec who offer great advice in articles like Outlining Your Ideal Job Description
Are you ready to become one of the Covid-19 Millionaires? Take action now, there is no time like the present.