My latest OPEN Forum article looks at the threats and opportunities that the new economic climate offers entrepreneurs:
As the economy begins to rebound, are you wondering when things will get back to normal for your business?
If you believe the prognosticators and pundits, there will be no “back to normal.” We’re looking at a “new normal” that we haven’t seen in a long time, if ever.
A recent study from the Pew Research Center says that “of the 13 recessions that the American public has endured since the Great Depression of 1929-33, none has presented a more punishing combination of length, breadth and depth than this one.” It has led to lowered expectations among the public about their children’s futures and their own retirement; a new frugality in spending and borrowing habits; and an expectation that it will take several years for the value of their home values and other investments to recover.
One thing is for sure: Nothing is for sure.
The future is uncertain, and uncertainty is the playing field of the entrepreneur. As my friend Howard Woolston says, “The status quo doesn’t remain the status quo for very long anymore. So get used to it.”
Continue reading at OPEN Forum
Image credit: skpy