Lessons from the recession

We tend to learn more when things don’t go well than when they do. When things go well, we tend to assume we are doing the right things. Setbacks present a good opportunity to learn if we don’t have a blame mentality.

As the recession slowly recedes, there are lessons to learn. Tough decisions are difficult to avoid when you are pushed to the wall. It becomes a question of survival. Reducing cost is one aspect. With reduced income, you are forced to eliminate waste and find out ways to achieve more with less.

Another aspect is your business model. With your back to the wall, it becomes easier to admit what you are doing is not working. With diminishing cash reserves, your ability to subsidize losses reduces. You are forced to think like an entrepreneur - eliminate what is not working and focus on what does.

You start to see opportunities you may not have seen if you remained in your comfort zone. What appeared as a disadvantage ends up being a blessing in disguise. What doesn’t kill you makes you stronger, as the saying goes. The same heat that melts the wax hardens the clay. It all depends on your attitude. Overcoming today’s business challenges helps you rise higher and become better equipped to face greater challenges in the future.

Usiere Uko is author of Practical Steps to Financial Freedom & Independence. Emailusiere@gmail.com, to order the book, call or SMS to 0808 275 0980 visitwww. financialfreedominspiration. com. Follow me on twitter @ usiere