Planning during a down economy may sound futile when millions are struggling to survive from one bill to the receipt of the next one. “Why plan?” some ask “when I can’t find a job!” I hear you but I’ve been there. Here is a simple rule of thumb – one I believe in passionately: it is never too late or too early to plan. Times are never too prosperous or too challenging to invest in a plan. When you are navigating through uncharted territory, a map can be reassuring.
If your goals are to become unstoppable and to live life on your own terms, you will need a plan. The central question, especially for graduates and other new entrants to the workforce, is, how can I participate in this economy?
The answer to this question is a function of the known choices available to you and, secondarily, how imaginative you are in creating options. A major consideration when bringing your imagination to bear concerns your tolerance for risk.
Robert Kiyosaki would have you determine where on his quadrant of mindsets you feel most comfortable: an employee, a small business owner, an investor, or an entrepreneur. I like his approach because when the unknowns are greater than the knowns, often the case, his quadrant is a good place to start.
Most of us are conditioned to think like employees and so we focus on jobs, careers, or professions. If you follow the news as I do, the jobs’ picture is not very encouraging. Public sector employment, for example, has a bulls-eye painted on it by many state legislatures determined to reduce state expenditures on the public sector. Wall Street is experiencing layoffs and many companies refuse to hire claiming there is too much uncertainty.
My recommendation: become an entrepreneur. A great read is “The 21st Century Entrepreneur” by Robert Kiyosaki. As an entrepreneur in our 21st century economy, you improve your chances for success. Why? The power of technology and the ubiquity of social media facilitates people-to-people connections – what people have always done and will continue to do.
I believe people connect and exchange ideas and information more so during periods of uncertainty. We still need each other as friends, family, neighbors, colleagues, and prospective customers. Yes, we exercise more restraint now regarding how we spend our resources but, it is equally true that people will always purchase good products and services. The growth, power, and depth of the direct sales industry is living testimony to our desire to survive and prosper. Our needs – and wants – do not diminish, just our ability to meet them. Is it not amazing how we find creative ways to do what we want to do?
The plan should rest upon an honest assessment of skills (including people skills), strengths, weaknesses, and tolerance for risk and constructive criticism.
Perform all due diligence: research ideas, companies, and opportunities.
- Establish priorities.
- Define achievable, short term goals.
- Calculate the level of resources required to launch your idea.
- Establish realistic, but flexible, timelines to meet benchmarks.
- Once you have completed these steps, get with someone whose experience and business acumen you respect and ask them to review the plan with you.
- Make adjustments where appropriate and where required.
Finally, chose the company, the opportunity, the venture that speaks to you and plunge in. Above all, be flexible. Uncertainty is just a part of life’s cycles. Your goal is not just to survive, but to prosper.
