Watch Out–The Sky is Falling!
While the political pundits, news anchors, and morning show hosts are acting like “Chicken Little,” the rest of us have to deal with the realities of the day. How do we keep our businesses viable? What will happen to the growth we were experiencing, or counting on to pay our debts? Where will our startups get the money to start up?
The news people seem to be ecstatic when there is panic in the streets. In our society, bad news always sells better than good news. How terribly sad.
Maybe I’m jaded because I have always dealt with businesses that had problems…sometimes life-threatening problems. Some companies I became responsible for couldn’t borrow a penny, initially, and the Sheriff was usually not far away waiting to close us down. We could hardly call it a “credit crunch” when there was zero credit available to us. Interestingly, in these cases, we not only survived, but we thrived—it can be done.
So, we need to quit wringing our hands and get used to it…times are going to be tight for a while. Businesses that are not financially strong, or do not have a good relationship with their local banker, might have to change the way they do business…or perish.
Entrepreneurs who are looking for a truckload of cash to start their business may have to go back to the drawing board with their business plans, or maybe postpone their start up. But, remember, it’s “business,” not the end of the world. If an entrepreneur cannot handle setbacks in their business, they probably should not be in business in the first place. Stuff happens…terrible challenges face most entrepreneurs at some point—think about the hundreds of businesses in New Orleans that were impacted by Katrina.
The good news is that we are entrepreneurs, and, as a group, there is nothing we cannot face and still come out stronger than before. We have the creativity, innovation, drive and determination—plus old-fashioned guts, to see our businesses through any kind of challenge.
Yes, times are tough and we will have to roll up our sleeves and get to work, but there is no way that either Wall Street or Washington DC is going to get the best of us. I certainly don’t have all the answers, but I do have experience in this arena and I hope to share what I can with others of you who may be facing serious difficulties in the coming days.
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