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My view of the economic crisis
April 26, 2018
I am frequently being asked about how to handle the struggling economy, as well as my opinion about the changes in the economic landscape since the appointment of Cyril Ramaphosa.
Sorry to disappoint you with my answers below.
It's not based on technical graphs nor political views. I believe we are responsible for creating and building our own economy. The new economy is based on the information age, and we will create value and be valuable for the intellectual capital we can offer. It’s also based on the ability and willingness to challenge over business structures continually.
The economy, same as in life is a series of seasons. There will always be a winter and summer period.
After a recession we will always find expansion. After expansion we will always find a recession.
We can’t change this. What we can do is change the way we view this.
The answer to this is not complicated, but merely a few consistent habits that we need to follow … and get rid of some bad habits.
Some keys ideas to ponder on:
1.Be thankful for failures OR an economic crisis.
Only when it’s dark enough, we can see the starts – Ralph Waldo Emerson
Be thankful for bad times, as we are forced to grow during this time. We tend to slack and become “lazy” when all things are going according to plan, and we are successful.
In a time of darkness, we can sit back and reflect on how to adjust the sails and even make sure our ladder is leaning against the right building.
2.Business ideas have a ratio of success.
We will never be sure that a new business idea can work. But we will never achieve any if we do not try. Business ideas do have a ratio, and we only need to be able to strike 1 out of 10 to be successful. It’s a matter of keep trying consistently.
I am no cricket expert, but what I know is this. A Cricket batsman do not need to score a 50 or 100 every time he bats, he merely needs to do this occasionally, to be considered for the national squad. (And be paid millions for doing this).
3.Less entertainment, more education
We all know this phrase, but lets take a moment and deconstruct it.
Double your income by triple your time in your investment in education.
For things to change …. I need to change.
Challenge yourself to go on a complete news and social media fast for at least a week.
Go cold turkey!
It is the only way to experience the value you will find from it. We learn from neuroscience that we are the product of the thoughts and activities we repetitively force into our brain. Social media platforms, especially using the various platforms in a multitasking mode, are as addictive as drugs and alcohol. Once I learned and realized that … I deleted my multiple apps from my phone.
Use the time you used to spend on TV and social media on education. Read books and articles in your subject field. Read books of other entrepreneurs and coaches.
Suddenly I am out of excuses for not having enough time to read and educate myself.
4. Start your day early.
Fitness / Training:
By starting your day early, you create time to outlearn your competitors. My morning routine runs from 4:30 am – 6 am. This daily habit will boost your day and provide with a strong mental attitude.
Start your morning with some fitness activities. Some burpees, push-up etc.
When you train and sweat you release BDNF (brain-derived neurotrophic factor). BDNF is a “miracle grow” for your brain as it repairs brain cells damaged by stress.
Your brain release dopamine … for increased motivation and energy.
Apart from this, you release serotonin .. the pleasure hormone. The reason for feeling inspired and happy when done training.
Next part of your morning ritual.
Reflect on your life and business. Practice gratitude in a journal. Meditate. Pray.
Setting goals for today, this week, this year and the next five years. Written goals are a promise to yourself.
The last part of the morning ritual.
Webinars on your subject
5.Spend time in solitude.
We cannot be creative when being distracted all the time. We need creativity to adapt our business to be valuable to the marketplace continuously. Book time in your day that you can be in total solitude … in a space where you will be motivated.
When you spend time in solitude the prefrontal cortex in your brain are slowing down, which releases various brain chemicals for increased concentration.
6. Be more productive.
When you work, work. When you play, play … don’t mix the two – Jim Rohn
Once I adopted this mindset, my productivity went through the roof.
- Put your cell phone on autopilot for chunks of the day to limit distractions.
- Plan your week, or it will run all over you
- Work in intervals. Work for 50 minutes and rest for 10 minutes. The 10 minutes can be used to walk in the garden at the office or reading or make a drink like green tea.
7. A few bad habits I suggest you stop today.
- Do not consume social media platforms and news
- Ignore private numbers
- Remove your email account from your phone. Check your email twice a day ... not more. Serious productivity killer. Do not check your email first thing in the morning.
- Stop meetings, just because. Receive a detailed agenda of a meeting beforehand.
- Do a monthly Pareto law analysis of your clients and personal activities.
- Wait for a business opportunity to be perfect. The weather will never be perfect.
- Do not play a victim. All problems create opportunity.
If you found this article interesting and helpful, please share with a fellow entrepreneur friend.
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Yours in Tax,
Member of Institute of Accounting & Commerce.
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