There may be a ray of hope for entrepreneurs in all this gloom and doom. Economic leaders believe that this crisis will eliminate the weakest of competitors in nearly every industry leaving greater market share for the strong. While there will be some direct economic relief, small businesses cannot expect significant help from the government. We are on their own. But now may be a great time to attract some of the best talent on the street. It is also a good time to work on refining new technologies. Here are some tips that I talk about in my new book The Rules of Attraction:
1. Become a bigger fish in a smaller pond by shrinking your audience and targeting
your approach.
2. Create standards and systems to leverage efficiency and accommodate growth.
3. Be willing to destroyand rebuild your business or re-invent
yourself especially NOW!
4. Innovate or die! It’s time to launch your most creative products, services and
marketing.
5. Take advantage of all the great talent on the street.
6. Seek out new collaborative alliances, affiliate relationships and joint ventures
to consolidate costs and spread risk.
7. Localize or globalize! There is no center ground today.
This country was built on the backs of small business leaders. The current financial crisis and lack of effective government intervention will allow the smart, innovative entrepreneurs to dominate and succeed. Those using the rules of attraction will be the ones to succeed.