Economic Complacency… “Ride the Wave Syndrome”
In my previous posts I talked about how and why our business began to go south when the economy shifted.
Getting caught up in the “wave” of excitement of fast moving appreciation rates and easy financing was a dagger through the heart of our business.
You see, for the past several years, our local market remained healthy and strong, with appreciation rates in the 4-6% range from year to year.
In 2005, when prices were still low and demand began to increase, we, like everyone else in our market, jumped on the wave and held on tight for the ride of our lives.
We made some good money but like all waves that rise and fall, we stayed on it until it came crashing down, leaving us with a shattered business model.
Don’t get me wrong here… I’m not blaming the market itself one bit. I know that what goes up in markets will eventually come down.
My mistake was to lose sight of that by becoming complacent… not looking forward, preparing, educating myself as to what could be done to not only ride out the storm, but to thrive in it.
Complacency is death in any business. Especially if you’re doing business online… where time is compressed and things change every minute.
As an enterpreneur, it’s imperative that you stay ahead of the curve… keep educating yourself… learn new techniques… establish multiple streams of income… prepare for the worst and expect nothing but the best.
Stay current on every factor that affects your business (preferably without watching the news!) and be proactive.
Stay light on your feet so you can adjust on the fly. Keep your business streamlined so decisions can be made and changes implemented immediately (the exact opposite of “Mega Corporations”).
Don’t make the same mistake I made and wait for the market to determine your next move. As an enterpreneur stay in control and lead the pack!
Dedicated to Your Success!
Kyle Wilson
