Consumer confidence down? Recession imminent? Unemployment up?
Fantastic news! Best news ever!
That’s how an entrepreneur interprets bad news.
Anyone can make money when the tide is in. Its only the real deal that makes money when the tide is going out.
And anyway, when the media is positive about the economy, that’s when you should be battening down the hatches. Never follow the crowd.
A pessimistic consensus means people are staying out of the game, which means you have less competition, which means you can make more money.
Universal optimism equals competition. Entrepreneurs don’t like competition. Competition eats profits.
The best time to start a company is in a recession. You’ll build a business that is resilient, and when the upswing comes, you’ll be poised to exploit economic opportunities.
The worst time to start a company is at the top of the market. You’ll be lazy in your practices because money will be easy, and just as you get through the standard two-year startup phase, BOOM! You’ll hit a recession.
Another two years of grinding it out.
Rather get going in the hard times. Move in the opposite direction to the crowd.
Embrace bad news.