This is the first of a series of articles on thriving in these tough economic times. While they can be scary we need to keep in mind that it is the entrepreneur that will be our salvation. We can’t look for the government to bail us out. It is up to us to lead the way and create opportunity out of crisis. Why?
It’s what entrepreneurs do!
Ignore the news
It is a basic psychological fact: you can’t focus on problems and find opportunity. Our minds just aren’t wired to hold both negative and positive thoughts at the same time. If you think about world problems you see nothing but problems. Entrepreneurs are problem solvers not problem finders!
You do need to be aware of what is happening in the world. What you don’t need is the massive over coverage of bad news. How many times do you need to hear the same facts? How many times to you need to see one sided reporting? Note: this isn’t a political comment. It is a fact that bad news sells. If you see a cheerful headline in the newsstand you will likely smile and walk away. If you see a headline about the massive disaster you will buy the newspaper.
Hear the news once and move on. Look around you and listen to your customers. Find gaps between what your market needs and what is being supplied.
If you solve your customer’s problems they will beat a path to your door.
Good advice, but I would go a step farther and suggest turning off the TV and radio, and canceling the paper altogether. If it’s a big story, you’ll hear about it from someone else. In the meantime, you can focus on what is really important – living your life and taking care of your business, instead of supporting the interests of those in the world of info-tainment.
In my consulting business, I never learned anything useful from the news. I always learned directly from my customers. They are the decision-makers, not the media.
I challenge the readers of my website to take two 30 day tests. The first is to go without media for 30 days and determine how it affected your life. Not just what you didn’t know, but what you really missed out on because you didn’t watch TV, listen to the radio or read the newspaper.
The next is to go back to being a media absorber and record on a daily basis the information you acted on that was obtained by watching, listening or reading mass media. Not just what you became interested in or worried about, but things that compelled you to take specific and deliberate action.
Those two exercises will tell you the relative value (other than entertainment) that mass media has for you.
I recall talking with an associate of mine from New York. He suggested that I back off a bit on my negative views on TV in particular. I asked him about the value he saw in TV. He responded by saying that he learned all kinds of stuff like how the stock market was doing and other local news.
He said “What if there’s a depression?” I responded: “Well, you certainly wouldn’t want to miss out of that, would you?”
If you want to know about specific markets, then focus on market specific sources of information, not the “news” channels. Their job is primarily entertainment, and that’s of little value to those of us focused on business and personal success.
Clair
@Clair Schwan-I agree. We get little of value from the news. I do enjoy a few tv programs but I also realize that they take away from my productive time.
I can always tell when the news has crept back into our lives. We all (including our kids) are uptight and anxious. It’s only when we shut it off and focus on living our lives that it goes away.
Instant access to news rarely is of value. Market crash? Reacting today would be a mistake-I need to buy low sell high not panic and sell at the bottom! Kid kidnapped? Unless I can help find her how will it help the problem or my family.