Extra, extra read all about; global economic downturn continues, stocks plummeting, massive layoffs widespread, tourism and hospitality industry gravely concerned about potential eroding numbers; business reorganization at an all time high, consumer confidence slipping, and cash flow in all sectors stifled. News at 11: it has become the bailout season in the United States, automobile industry teetering on bankruptcy; CEO mismanagement and blatant extravagance revealed; stimulus packages viewed as saving grace, financial fallout and bombshells riveting around the world, uncertainly looms. If you take the time to flip through the newspaper or spend just 30 minutes viewing the nightly news, it can be frightening and blatantly clear that hurting spirits and panic are far too plentiful.
“What we are witnessing is organizations shifting from simplistic command and control, hierarchically managed systems which are relatively effective when the external environments are stable, to open social systems comprised more of delegated authority, self-regulating teams and differentiated decision-making.” Dr. Anita Davis-DeFoe, President/CEO of the Afia Development Corporation.
Okay, now with all of that said, and out of the way, as far as I am concerned, in spite of the current economic and workplace shifts, this is a time of abundant opportunities, that’s right I said it, and if you want to hunt me down to personally look me in the eyes and tell me I must be crazy, simply hop on the next Air Jamaica flight and wing your way to Ft. Lauderdale, Florida.
While there is no denying that we all are witnessing societal occurrences unlike ever before, and these tumultuous times of uncertainty breed some level of discontent, discouragement and even a bit of despair, if we choose to, and mind you we always have a choice, 2009 is the perfect time to let your ingenuity and creativity loose.
The first quarter of 2009 is gone and if you have allowed yourself or your organization to languish in a sea of despair, enough already. We achieve what we expect and what we focus on, so if all of your energy is focused on chasing down the next media byte foretelling of more doom and gloom, I hate to tell you, but that will be the slogan deeply etched on your mental t-shirt, and pasted on practically every word that rolls from your lips. When our spirits become contaminated by negativity, fear, and learned hopelessness, our attitudes, decisions and frame of mind are comprised. We without really realizing what has occurred, focus more on seeing, making or being a problem; rather than setting our sights on our goals, visioning our possibilities, or executing our strategic plans. You do have a plan, right? It is so easy to get caught up in the negative whirlwinds that circle around us, but if our spirits are whole and nurtured daily, this does not and will not happen, because we refuse to let the melee of this world shift our value systems, hinder our focus or make us become hopeless.
Now to some, particularly those gripped by fear, those who are keenly attentive to the current challenges we all are facing on some level, rather that the emerging chances that abound, it might seem counterintuitive to reorganize or even think about starting a new business when the economy is in the dumps. But a recession can actually be the ideal time for launching a company. In fact, many well-known and successful organizations were born during an economic slump. Why did these companies succeed? Usually it’s because the founders recognized a market need and filled it. Identifying that need — whether it’s related to entertainment, travel or even streamlining how businesses operate — is the key to any thriving enterprise, regardless of the economic climate in which it begins. The inquisitive researcher that I am, decided to see if in fact, lean times can be a profitable bonanza time for businesses and individuals with vision, to those who are able to recognize and seize opportunity. Impressive, I must say is the following, a list of major corporations who made it big during recessions by doing just that, and trust me there are countless others, in fact your company could ultimately make it to such a list.
Hyatt Corp. opened its first hotel’s doors at the Los Angeles International Airport during the Eisenhower recession (1957 to 1958). The chain rose to worldwide fame in the following decades and now operates more than 365 hotels in 25 countries with premium services.
Burger King Corp., with its flame-broiled burgers, is another recession startup. The company began in 1954 when James McLamore and David Edgerton opened a Burger King restaurant in Miami, Fla. During another recession in 1957, the company introduced its successful signature burger — the Whopper. Today, the company operates more than 11,100 locations in 65 countries.
(International House of Pancakes) IHOP Corp. is another star from the Eisenhower recession. The first restaurant in the now national chain opened its doors July 1958 in Toluca Lake, Calif. Owners Al and Jerry Lapin were at the helm of the fast growing company, which began franchising just three years later. Today, there are more than 1,300 locations across the U.S.
LexisNexis is a research hub for the law, media and more. The company, originally a government contractor, began its LexisNexis computerized legal research service during the 1973 oil crisis that rocked the country into steep economic slump. The now Web-based service is used in 100 countries by individuals in law, government, education and business.
FedEx Corp. began operations on April 17, 1973 as Federal Express, a nod to the Federal Reserve, with whom founder Frederick W. Smith had hoped to get a contract. He didn’t, but the company that delivered 186 packages to 25 cities on its first night of operations now manages more than 7.5 million shipments everyday worldwide.
Microsoft Corp. wasn’t always the jaw-dropping enterprise it is today. In 1975, when it was created by Harvard University dropout Bill Gates, Microsoft was just a little company in Albuquerque, N.M. It dealt in rudimentary computing languages and began its climb to business stardom with the success of MS-DOS, which was sold and marketed to IBM Corp. and then-IBM clones.
CNN might be a news giant now, but in recession-plagued 1980, it was a little-known station called The Cable Network News. It revolutionized how people received information when it premiered as the first 24-hour all-news channel. Today, 1.5 billion people across the globe watch CNN.
MTV Networks brought something new and different to the music scene when it debuted in the economic slump of 1981. Intended to be an all-music-video channel, MTV used VJs (video jockeys) to host programs and facilitate transitions between videos. Today, MTV is a global brand with dozens of shows, music-related among others.
Trader Joe’s started as a chain of convenience stores called Pronto Markets in the slow financial times of 1958. In 1967, the company changed its name to Trader Joe’s and began to carry unique grocery items under its own brand. The company now operates more than 280 stores in the U.S.
Wikipedia Foundation Inc. was born during the recent post-9/11 recession. Established in January 2001, the online encyclopedia had more than 100,000 entries by 2003. Today it is home to more than 2.5 million articles and continues to grow.
Sports Illustrated magazine was launched on August 16, 1954, at the tail-end of a recession. The magazine benefitted from fortunate timing as a boom in professional sports exploded soon after its founding. Sports Illustrated now sells about 3 million copies in the U.S. each week.
General Electric, Co. (GE) was established in 1876 by famed American inventor Thomas Edison. In the middle of the Panic of 1873, a six-year recession, Edison created one of the best-known inventions of all time — the incandescent light bulb. In terms of market capitalization, GE is now the third largest company in the world.
Hewlett-Packard Development Company (HP) was inauspiciously born in a Palo Alto garage at the end of the Great Depression. The electronic company, initially supported by a mere $538 investment, has grown into the first technology business to exceed $100 billion in revenue, earning $104 billion in 2007. It now operates in nearly every country in the world.
Procter and Gamble Company (P&G), two brother-in-laws, immigrants to the United States, who in the face of slow candle sales shifted to soap filling a need for Union soldiers in 1850, and now P&G sells a diverse mix of products all around the world.
Allstate Insurance – was started during the Great Depression in 1931 using a name borrowed from an automobile tire sold in the Sears Roebuck catalog.
Recessions, however, aren’t advantageous only to start-ups. Pre-existing companies can also make incredible gains in years where the economy is down. Some of the most recent success stories are those of Google, PayPal and Salesforce.com Inc. From 2000 to 2001 each of these companies thrived, leading PayPal to go public in 2002, followed by Google and Salesforce.com in 2004.
So the point is, you can spend all of your energy on the obvious and that is, recognizing change is all around us; and for too long as a global society we have spent money we really did not have; allowed government and businesses to mismanage or provide ineffective services; we all have been unaccountable on some levels; but beyond all of this, we have all operated in highly individualistic silos failing to collaborate, and now we realize that a global community exists beyond the internet, and that the time has come to harness personal strengths and aptitudes to create multi-dimensional work lives.
For you see, the economic gurus say we all should have at least four streams of income, one of which should be a home based business. 2009 has been pegged the year of the solopreneur that means people like you and me creating small businesses that supplement the seed monies you earn on a job.
Right now as you are reading this, the majority of you have a business idea for a start-up that fills an unmet need, or a solution to support process improvement at your workplace, so the decision becomes what are you going to do with it; put it in your back pocket and sit on it or step up and fully participate in the game of life. While some folks are wallowing and lamenting about how bad things are, others are so excited by the boundless possibilities they see, they can not sleep at night filled with anticipation.
Remember circumstances do not define us, they reveal us. Search for the greatness within, its there, just waiting for you to wake up and recognize it. That’s the way I see it, and I am sticking to it. So, turn off the television and get busy, you got work to do!!