Most people don’t enjoy facing unpredictable circumstances, especially when it comes to their professional careers or anything that might have a potential impact on their finances. While there are those who like risky investments, play the lottery, gamble, etc., it is probably safe to say that the majority of us are not excited about playing around with our finances, taking risks, and facing the unpredictable.
However, there are ways in which unpredictable situations and circumstances can work for you, rather than against you. In using the new formula called CreAction, which is really about acting rather than thinking your way through a problem, there are ways in which you can guide yourself to make these situations less daunting. Below are some ways that you can make the unpredictable work for you!
1) See everything (including problems) as an asset. Leverage all situations, including obstacles and uncertainties, to work FOR you. This can easily be done by looking at how the problem or issue you are facing can be incorporated into your current financial planning. Since these types of situations are unavoidable, the only way to make these uncertainties or obstacles work for you is to work with them. More often than not, they can be turned into advantages.
2) Find opportunities where others are too scared to move. Turn others’ fear to your advantage. Starting a business in a down economy or buying real estate or stocks while the market has gone bust can be difficult things to stomach. However, when you proceed with caution (but nonetheless proceed), you can take an opportunity when your competition is decreased, and potentially thrive. Take advantage of cheaper labor, rent, and other resources to start your business, and with the right research and knowledge, your stock investment can deliver once the recession ends. Clearly, this is something people do, when you look at the fact that entrepreneurial activity rose to a 14-year high in 2009. (Kauffman Foundation, 2010)
3) Let unpredictability sharpen your analytical skills. In the formula of Act-Learn-Repeat, your analytical skills are the “learn” step. As entrepreneurs, we focus on acting, for the majority of the time to get us to our goal, but at each step along the way, it is important to analyze what your next step will be. Stop frequently to analyze performance and see what is working and what is not. Then proceed from there with your next step.
4) Diversify your efforts. When you are dealing with a stock portfolio or separate business lines, facing the unpredictable means that you probably want to have eggs in many baskets. Diversify your investments by looking at higher risk and lower risk investments — as well as short-term vs. long-term investments. Diversification can help make sure your one failure does not mean complete failure. Make sure you are reasonable and realistic about the outcome.
To learn more about how to act like an entrepreneur, as well as to find out more about how to use a new entrepreneurial formula called CreAction to work for your goals, please go to www.actiontrumpseverything.com for a free copy of the Action Trumps Everything online book.