Look at the image above and study the trend.
10 years from now, no tech company may be among the top 5 most valuable companies in the world. Something entirely new may disrupt the market.
This trend has stayed true for over 50 years, and this time would also not be an exception.
With areas like space exploration, artificial intelligence, the internet of things, and a few others getting more research and an heavy influx of funding, the markets and everything as we know it could change.
What is unknown always brings with it new possibilities. So we should brace ourselves for a whole new revolution, for we may never know which direction it could come from.
Preparation is everything, and the next batch of world $ billionaires would turnout from this.
See Also: How To Survive A Recession In Nigeria
In Africa, especially Nigeria, entrepreneurs are always too slow to spot opportunities, or maybe the opportunities cost too much to take advantage of. But having rare knowledge would ultimately keep you prepared for the right time to act.
Not all wealthy people would maintain their status for a long time. There’s a reason a younger generation with no cash in their pockets, but a dream and will, bigger than the elites could ever have, always eventually end up replacing them in the society, with no possibility of them ever catching up to regain their status and control.
If you’re cash crunch or have some capital, do this instead:
Don’t chase business ideas in this economic crisis. It’s a tad too risky if the idea fails and you end up in a worse situation than you already are. Chase rather, business opportunities, acquire a rare but highly valuable skill, and STUDY social psychology, personal development, and business books LIKE HELL! So that when we’re out of the crisis and a new era of things set in, you may have rare knowledge and some capital to solve the problems that everyone was too busy to even have the hindsight to spot.
Besides, “when preparation meets opportunity, success happens!”
See Also: 6 Recession Proof Business Ideas & Opportunities In Nigeria
Thanks for your ideas and tips.If I understood you well, what you’re saying is, as existing or potential entrepreneurs,that we should deepen our knowledge and information about the waves of social,financial and economic changes taking place in this recession period and be doubly conservative in venturing out with any new business idea or opportunity that comes along now?
Yes harry.
Information, preparation, and staying afloat are very important now.
This is a good post. Creativity is more when challenged. This economic recession is an opportunity for self reexamination, reading, research and focus on opportunities that comes with the recession.
Surely there are opportunities in recession.
Thank you for the contribution Daniel.
Excellent insight stan
Thank you for the commendation Attoh.
U are gifted and talented. U see he future. U are a blessing to our world.
Thank you for the kind words George.
I’m glad you’re a blog reader.
Have a wonderful time!
You said “Don’t chase business ideas in this economic crisis. It’s a tad too risky if the idea fails and you end up in a worse situation than you already are. Chase rather, business opportunities”
Kindly explain more what’s the difference between business idea and opportunity
Hi Promise,
A business idea can generally be something no one or very few people may have tried out to little or no success.
Sometimes, others may have already succeeded at it.
A business opportunity on the other hand is you taking advantage of a platform laid out by an already established business or body.
E.g enlisting your 2008 vehicle on Uber to make 45,000 Naira a week per vehicle. Now, you’re taking advantage of an already established and proven business to make money for yourself.
When you take advantage of business opportunities, you incur little losses and maximise your profit.
In an economic recession, taking advantage of business opportunities is the best course of action, so you can grow your cash base and invest in other opportunities that come your way, till a real business idea with great potentials turns up.
At this point, even if your business idea fails, your recurring monthly revenues from the business opportunities you have already taken advantage of would help you stay afloat.
Thank you for asking.