I heard from a friend that their big corporation just laid off hundreds of people. It could be from mismanagement, market downturns or simply another industrial age company ending their cash cow ride.
It’s easy to lose sight of the bigger picture. If people don’t want what you offer, then your business is going to simply go away. Businesses exist to meet demand. No demand, no business.
But, new businesses can also emerge simply from new demand. That’s great news for entrepreneurs that can notice what people want. And, for those that already have a security blanket – a job or a business – it’s easier than ever to start a new business with low risk.
There’s no such thing as no risk. You can only lower it in the face of competition, uncertainty, complexity and market dynamics. And it’s critical to manage risk when it comes to new ideas and ventures.
I’ve written a lot about managing downside and pursuing opportunity. You can check out my resource on productizing for creating options for yourself.
If you feel secure, then it can be a time to put energy into new opportunities for hedging your cash flow in case your gravy train runs out.
If you have had success and sold a business or had a payday, then you can open up a new game for yourself to see what opportunities might emerge.
If you don’t know what to do, there is nothing like action to help you get more clarity.
Being a sitting duck and waiting for something to happen can be a painful jolt when the shoe does finally fall.
While there are businesses that are shuttering up, the great news is there is a ridiculous amount of opportunity out there as well for those that are proactive, smart and eager.
How could your cash flow disappear? What’s holding you back from creating new business options?