What To Do When A Recession Hits a Business Owners Life
I had finally hit rock bottom emotionally in my business life and it took a major business recession in 2008 to help me make a major change. Like many times in my life, I had made changes to accomplish the goals I wanted to achieve.
I hated the work I was doing at my own company
I knew that even though I had some success with my latest company ($7 million in sales in this business), there had been a lot more bad times than good. I hated the type of work I was doing at my own company and I only did that type of work because I hoped to one day turn over operations to my second in command.
I looked for help
I was seriously depressed. I decided to bring my old business coach back on, I reached out to my Entrepreneur Organization business forum group, and I started to turn to friends I really respected. I had always been a go-getter and I took charge again which really helped me feel better.
Slowly, I started to come out of it and I made a strong effort to be out of the office. I figured it was time to turn over operations now to my second in command and I began looking at ways to reduce my personal and business expenses. I looked at ways that I could survive financially so that I could still live my dream of owning my own company. I slowly began to realize I had so many more options and that my financial situation was much better than I imagined. And certainly, my coach and friends helped me through this period. I began to feel stronger.
Stop getting down
I decided on my objectives. 1-to work hard at addressing the weakness I have of getting really down on myself and 2- to have a plan of action to address my current business.
It worked and I realized that my biggest character flaw is that I can get really down on myself. After a lot of thinking and reading some excellent books on the subject, I began thinking that the reason I get down is that I let myself go there. I also realized that when I am down, I am not a strong problem solver when I am in that state of mine.
If I made myself happier then the ideas begin to flow
Once I made that discovery things really began to change. I improved my financial situation and I started to come up with some excellent business ideas. In addition, I got out of the office a lot and I discovered that when I was out of the office, I was happier. When I was happier, ideas began to flow.
I do believe it was a coincidence but my existing business began to improve as well.
I think it took a great rescission, and the worst time in my business life, to help me address a major flaw in my personality. the flaw of getting really down on myself.
Originally posted on July 24, 2010
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