December 24th, 2008 14:39 EST
Is the New Entrepreneur Training a Course in Values?
Incredibly, the biggest outcome of the economic debacle and disaster that`s facing our country right now is likely to be the evolution of a new set of values for a generation that`s grown up on waste and excess. It may just turn out that our parents and grandparents were right and our generation is going to have to get used to a new way of seeing the world. We`re going to have to get used to living within our means, using less credit and being sensible in our behavior. The new entrepreneur training is going to be a course in values.
It`s a tall order and it won`t be easy.
As painful as this is, the lessons from the current financial situation are not only academic. There will simply be less credit available and less resources to go around so we won`t be able to "spread the wealth" the way that we have in the past. The expansion is over and the contraction is now under way.
And in a contracting economic cycle, living on cash and living below your means are going to be mandatory for survival. Survival will be the key. People will live in homes that they can afford, they`ll buy cars that they keep for a long time and they`ll reserve restaurant activity to times that are more special.
I, for one, am not excited about what`s on the horizon, but these times are tough.
Unbelievably, the winners in this financial environment are people who don`t own assets. If you work for wages and you don`t own a home, in a deflationary environment like we`re in now, with gas prices tumbling, every week you have a little more money than the week before. These people actually are getting a raise under this economic situation. But if you own assets, if you own a piece of the American dream, then every day that your house becomes worth less, you get poorer and poorer. It`s a different scenario than we`ve had for the last many years. It`s backwards of how we have grown up.
Get used to it and start living within your means. It`ll be a good exercise and it`ll be fun for grandma and grandpa to say "we told you so".
Are you ready for the new entrepreneur training course in values? If you are, here are a few steps can you take to get on the right track?
1. Move to using cash as fast as possible.
2. Only use credit for convenience - meaning that you are able to pay that amount off each month.
3. Live within your means.
4. Don`t panic and make decisions that you will regret
5. Learn all that you can by reading an entrepreneur training book such as "How to Live Within Your Means and Still Finance Your Dreams".
6. Discuss this topic with the Seniors in our society. They already understand these values.
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About Joel G. Block, President of Growth-Logic, Inc.
Often dubbed a "Growth Architect" by his clients, Joel Block advises companies on explosive growth strategies by driving revenue and sales. Well known in the capital markets, Joel is a successful entrepreneur, speaker, advisor and faculty member of the iLearningGlobal community. To bring Joel into your company, please visit http://www.joelblock.com or http://www.growth-logic.com. Also, be sure to check out our newest project: a blog to organize the blogs that cover entrepreneurship - http://www.entrepreneur-hub.com. And finally, for film makers: http://www.filmfundingblog.com - our newest project.