Friday, February 27, 2009
Opportunities in recession
Back in 1997 , when the Asean countries were badly hit by the financial tsunami , I have seen friends closing down their businesses while others made lots of money. The popular phrase at that time was " Cash is King " because the person who had reserves was able to take the opportunity to buy businesses and properties far below their actual value. Many business and properties was on forced sale due to inability to meet the monthly loan commitment. Though some may see them as preying vultures but reality is opportunites comes to those who are prepared. My ex boss taught me " be prepared always". I learned something new the other day, someone commented "Stay prepared" so you will always be ready when the times come. All the cash king had to do was to hold on and ride the storm until it died down before selling it as capital gain. I was then without cash and heavily in debts but I manage to overcome the difficult period.
I'd made a resolution that I will be better prepared the next time round so I can also have a piece of the cake myself. 12 years have passed and now the return of another financial crisis which is predicted to be far worst. This time round I am prepared in the sense that I have armed myself with more skills and learning how to use the internet platform to leverage my business. For those who are not prepared, find ways to equip yourselves with new skills. By adding new skills and competencies, the door of opportunities is much more open and your ability to adapt to new jobs better. Intensifying networking activity during this period can bring about new ventures and hopefully additional income revenue.
Stay focus on what needs to be done and hope for the best. There are many things in life that we can control and this is not one of it. We can only choose our responds.