The Perfect Storm: A Trifecta of Opportunity
The new issue of SUCCESS hits newsstand today! This issue features our cover story with Richard Branson on Going for Bold. July is one of our most important issues. This is the month we focus on entrepreneurship, and it couldn’t be at a better time.
While it might look like a tough time for the national or global economy, we are actually in the middle of the perfect storm for entrepreneurship. In fact, it is my prediction that 20 to 30 years from now we will look back longingly at these times and call this the greatest window of entrepreneurial opportunity of our lifetime. It is over the next 12-18 months that the wildly successful companies of tomorrow will be born or make their bold move.
Candidly, this is no great prophecy. Did you know that 16 of the Dow 30 companies were started in a recession or depression? It’s true; these are companies like Procter & Gamble, Disney, McDonald’s, General Electric, Johnson & Johnson and others—once entrepreneurial startups, now the behemoths of industry.
Let me help reinforce this point and build up your confidence on why now is the right time to strike out on your own. I call this the trifecta of opportunity for you as an entrepreneur.
First, every so often our system of capitalism reshuffles the deck. The financial crisis and economic downturn have disrupted the status quo. In sunny times it can be difficult for a small business to punch its way into an existing market. But the playing field has been leveled; it’s now all up for grabs. The new kings of the kingdom will be crowned over the next couple of years. You could be one of them.
Here is the second and maybe most important reason why now is the time for entrepreneurialism: problems. This economic downturn has created a ton of new problems that need solving. Problems are food and oxygen for entrepreneurialism. Those who create solutions to our new problems will become the great beneficiaries of these times.
Lastly, everything is on sale! It has never been cheaper to build, outfit and market your business than it is today. Vendors are flexible, partnerships are open and there is a pool of extremely talented people looking for exciting and promising companies with big ideas.
Quintessential entrepreneur Richard Branson, our cover feature, reminds us that challenges and obstacles force us to think outside the box and come up with more creative solutions, products and services. “The challenge,” he tells SUCCESS, “is to follow through on a great idea.”
In an interview for the November 2008 DualDisc™, I asked Tony Hawk how he became the dominant company in the expansive skateboard industry. (See the Tony Hawk feature at SUCCESS.com/Hawk.) He started his company when the market was down and the industry was out of fashion. He said it was cheap to start and easy to stand out. When the market came back, he rode it all the way and was the lone 800-pound gorilla standing on top of the entire industry.
That can be you, but NOW is the time to get started!
Other great articles in this issue:
- John Maxwell’s leadership column
- 1on1 with the Experts: Lessons on launching a business
- Donald Trump on confronting your fears
- SUCCESS Legend: Ed Foreman
- Annika Sorenstam on building a brand
- Captian America: Roger Staubach
- And SO much more!
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