How To Prosper In A Down Economy

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Auto Repair Business expert Les Schmidt offers advice and help for entrepreneurs and individuals to prosper in the recession and beyond.

I'm not even sure I want to do this the rest of my life.

Our parents and the media have told us to "Get a college education, find a good job, and invest in a 401K."

So, how is that working for you?

This morning my stepdaughter asked me to review her financial situation. Scattered across her bed were invoices for over $100,000 of student loans. "I'll never get these paid off," she said. Fortunately for her, she has a job as a nurse in a large hospital making decent money. But, in her words, "I'm not even sure I want to do this the rest of my life." My stepdaughter was having a reality check moment.

Property values have dropped, and the Dow Jones Industrial Average is about half what it was 17 months ago. The general public is pessimistic, and pessimism is contagious. The more people worry about finances, the less they are likely to spend.

So, what is the answer? Entrepreneurism, back to the roots of how America was built and what made it great. Employees out of work are starting small businesses, and entrepreneurs are by nature optimists.

What would you love to do if you were sure you would succeed? What special skills do you have? What contribution would you like to make? Brainstorm, do some research on the internet. Spend some time and have fun doing this exercise.

Here are some tips: Find something you're passionate about, and explore how you might turn it into a business. The internet has opened possibilities like we have never known before. Surround yourself with positive people and information. There are an abundance of books, seminars and audio products to inform and inspire. Find a mentor or coach. It is not easy to go it alone. Find someone who has been there, and who has no agenda other than to help you succeed.

The American dream is alive and well. Don't let anyone tell you it is a bad time or that you can't do it. When I was 25, I announced to friends and family that I intended to start an auto repair business, and I was suddenly inundated with advice from friends and family: "It's a bad time, there is a recession, you have a young family, and on and on. Eight years later I sold that business, and since then have owned several other businesses and managed many others.
A down economy is a good time to grow a business, if you outperform your competition. When you invest in yourself, through books, audios and videos, and coaching, you become the person who can create your ideal life in any economic climate.

Author/Speaker/Coach Les Schmidt specializes in helping small businesses and individuals create higher profits while reducing stress, with more free time.

Name: Les Schmidt
Phone: 717-877-1381


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