4.1 Understanding the times
What is the time we are talking about? It is a season, an epoch, and an episode in a lifetime. The time we are technically and practically in recession. So what are the characteristics of the season of recession?
- income reduces and spending increases
- unemployment increase because business may not be able to cope
- debtors may not be able to meet up with liability when they fall due
- rising prices of items because business must survive
- suppliers may fail with product
- government projects may slow down or deteriorate
- debtors may promise and fail to pay –its not spiritual
- money velocity becomes very slow or halt
- people spend only on necessities
- there is usually short comings of expectations
Now, that you have an understanding of what this season portends then you need a positive attitude to it. Instead of weeping, walling, gnashing your teeth or even engaging in criminalities, you need to get certain facts and forge ahead because what lie ahead you is greater than what lies behind.
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4.2 Maximum in Minimum
I intend by this section to show you good businesses that will yield maximum profit. Am not saying quit your job or current business add one or two from these
- agriculture
- restaurant
- pastries
- transportation
- education
- kiosk and corner shops
If you venture productively into any of the above event, it will help you to live above abroad. After all, they don’t require heavy capital to start up.
One important lesson in recession is to get multiple streams of income and spend wisely. Normally, after recession comes a boom but don’t let the boom change your spending pattern rather become more investment conscious, establish more and bigger businesses and engage in productive wealth creation. Make wealth creation a lifetime goal for the sake of posterity. If our fathers did it right we wouldn’t know what recession is and if we continue with the reckless spending something more terrible may happen.
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