What You Should Know About Economic RecessionOluwaseun Olayisade
You are probably thinking the impact of economic recession can only be negative. What good could come out of this seemingly dead-end situation?
You feel the economic recession is getting worse; no respite in sight. Various private companies especially banks are downsizing their staff strength.
People are losing jobs in every nook and cranny of the country. From the public to the private sector. And you are probably wondering what could you benefit from an economic recession.
Just some days ago I was listening to the radio; a lot of people called in to lament on loss of jobs and not being able to provide the basic needs of their family.
I have learnt that in life it depends on how you decide to view every situation. It can either be positive or negative. Choose sides wisely.
In every bad there is a good. It is times like this that inspire great men to provide solutions. Times like this are meant to be an eye opener and propeller to greatness. Hence times like this birth life changing ideas. You do not just think outside the box you remove the box.
High time we realized that the number of graduates we churn out yearly cannot be accommodated by the labour market. Also the quality is quite questionable.
While I was an Assistant Admin Manager I received many job application letters that were poorly written. To think they were written by graduates.
When there is an economic downturn there will be a huge backlash because employers do not increase worker’s pay neither do they create more jobs. Instead jobs are lost on a large-scale.
Advantage of Economic Recession
The positive impact of economic recession is entrepreneurship (innovation). Though it is the innovative never-say-die that will take the bull by the horn.
Be warned do not take this route if you are looking to blow (get rich overnight). It is not a get rich quick scheme. If you are looking for that try baba ijebu (lotto) or betnaija (sports betting).
You are probably thinking entrepreneurship is not for you. You do not have the funding and a myriad of other problems you are conjuring up in your head.
Before you write yourself off being an entrepreneur answer these five (5) questions:
- Do you love that job you are presently slaving away at right now? Do not be shy; no pretense here. I mean do you seriously love it to death?
- Would you want to do it 50 years from now?
- Is that job guaranteed if all hell breaks loose?
- Do you dread Mondays or you cannot wait to get to the office?
- Do you have time for your family and loved ones?
If your answers are not I love my job to death, I see myself doing it 50 years from now, The job is guaranteed, I always always look forward to Mondays and yes I spend a reasonable amount of time with family and loved ones then you need to dump your boss before your boss dumps you.
The first people hit by economic recession are the ones that solely rely on paid employment.
To determine how ready you are to be an entrepreneur take this short test:
- Identify what you love doing.
- What would you do lovingly and willingly without pay?
- Would you love to do 20-50 years from now without getting bored?
Hopefully your answers to these questions should be the same or close. Note your answer should be a product or service that meets a dire need or solves a problem.
Congratulations! You have an interest.
These steps below will guide you:
- Solve one problem at a time so you do not get overwhelmed. Bear in mind that a Jack of all trade is a Jack of no trade.
- Brainstorm on how you can commercialize this interest of yours.
- Can you bankroll this venture of yours? If no can you convince people (friends and family) to invest? For expansion overtime can you convince investors they will get their money back? How viable is the business? Nobody wants to invest in a dead-on- arrival kind of business.
- In terms of finance also think about partnership. Can you join forces with like minded individuals who share your vision?
- Do you have any form of experience in your chosen field or do you need training?
- Do you have a well written and carefully analyzed business plan? A plan existing in your head will never get executed neither will anyone fund it.
Ensure your business plan is tight proof. Let investors see the potential in your business without your explanation. Your explanation should be a bonus.
- Determine what sector of the economy you will operate in.
These are sectors you can never go wrong with.
- Agriculture: Food industry (Processed or Unprocessed) and Livestock.
- Real estate (Properties)
- Service provider industry
- Information Technology
These sectors are the summary of man’s basic needs. Most definitely someone somewhere will at one time or another need one or two of these. Do you get my drift? The trick is to be ready and right there when the need arises.
Recently I got a message via WhatsApp if I knew anyone that could supply fresh catfish. I immediately replied yes. And voilà that was how I got one more customer that eventually became a repeat customer.
I need to warn you though being an entrepreneur is not a walk in the park. Entrepreneurship can get scary quickly but be rest assured FEAR (Face Everything And Rise) is what you need to push you to succeed. In no time with consistency you will stand out.
Learn During Economic Recession
Attend motivational talks, training, read books, talk to successful entrepreneurs, learn more about the characteristics of successful entrepreneurs and discipline yourself.
Also talk to entrepreneurs that have failed at a business or two; it helps you to not repeat the same mistakes they made. With time you will discover that the successful ones had also failed at some point.
Not everyone has the guts to be an entrepreneur but those that brave it will create more jobs thereby alleviating poverty and cushioning the effect of the economic recession.
Permit me to add this caveat emptor; If you are not a diligent employee you cannot be a successful entrepreneur. Old habits die-hard (sometimes they never die).
At this stage no individual should ask what has the country done for me rather you should ask what can you do to for the country.
Do you have honest reasons to complain about your job? Can you provide a solution to a problem? Do you have people skills? Or do you have leadership skills? Also think you can revolutionize the economy? If you answered yes to all the questions asked then embrace entrepreneurship.
Do you know more positive impact of economic downturn? Do you know of more ways you can help with the present economic situation? Kindly join the conversation.
PS: Be kind enough to share this article on social media. It starts with you.