Recession: Opportunity Waiting to Happen

The secret to surviving a recession is opportunity recognition. The first step in opportunity recognition is to know and believe that there will always be opportunity for those who pursue it. Regardless of how bad the economy may seem, people still buy and sell. People still have needs to fill and businesses have products and services that meet those needs. When the economy goes south, however, there is mass fear and concern and the perception is that the entire world may completely cease to function. This is patently untrue. Even in the Great Depression of the 1930’s the world continued to function and 75% of Americans had work and jobs. Some people actually became wealthy during the Great Depression because they were able to identify opportunity and capture it.

Opportunity always exists, even though it may be harder to recognize in tough times because it takes a different form. In good times, opportunity comes in the form of just doing more of what already works. Opportunity in good times assumes the continuation of the normal and capitalizes on things remaining normal. In bad times, opportunity comes by abandoning things that no longer work and finding new things that will work, based on new needs. Recession itself is a great opportunity for those who choose to see it that way. It’s just that the opportunities may look different and they might require us to leave our comfort zones.

The people who have trouble recognizing opportunity are most likely the same people who are unwilling to leave their comfort zones. What is a comfort zone? First and foremost it is a mental state in which people lose the momentum to pursue a vision because they have accepted where they are as the best they need to be or do. Identifying and capturing new opportunities always requires strategic change and the nature of strategic change always disrupts comfort zones.

In a recession, people may want some things that are different and someone will have to fill those needs, so read lots of books, magazines and other publications that may expose new needs your product or service might be able to satisfy. You will probably discover that people still want your product or service, but just need to see it differently.

Click here for more opportunity, and it doesn't matter if there's a recession or not.

The Definition of Wealth

If you want to be wealthy, you must understand what wealth is. Here is the best definition of wealth you will ever find. Wealth is "Cash flow from other sources."

Make Your Money Work For You

What this means is that, you are not wealthy just because you earn a lot of money. You are only wealthy when your money works for you. To become wealthy, your main job is to acquire money and then put it to work making more money for you.

Add Value Continually

The key to creating wealth is simple. It is called "adding value." Successful people are those who are always looking for ways to add value in some way to a person, a company, a product or a service.

Do It Faster

Here is an example of adding value: Domino's Pizza. The founders of Domino's Pizza took a common food, offered by thousands of little restaurants and added a value to the pizza by delivering it more rapidly than anyone else. The added value of speed enabled Domino's to create a billion dollar empire and made the founder of Domino's, Tom Monahan, one of the richest men in the world.

Buy It Cheaper Somewhere Else

Another way to add value is to buy something in one place at one price and then make it available in another place for another price. For example, buying a product or service manufactured in Europe or Asia, importing it to the United States and making it available to people to whom it was not available before, is a way of adding value for which you can charge a higher price.

Improve the Life or Work of Others

All manufacturing and marketing is based on this principle of added value. All importation and distribution aims to add value. Performing a service that enhances the life or work of another person adds value. A dentist who takes away pain is adding value. An accountant who saves a client money on taxes is adding or actually creating value. A salesperson who introduces a new product or service to a customer that helps that customer in some way is adding value. All financial success, especially business success, is based on adding value. It is based on the old saying, "Find a need and fill it."

Combine and Recombine the Elements of Value

All successful business is based on someone bringing together the factors of production, such as labor, capital, raw materials and management, and creating a product or service that a customer will pay a price for that is in excess of the cost of producing it.

How All Fortunes Are Made

Adding value is the way that all fortunes are made. Whenever you see an opportunity to give people what they want at a price greater than it costs you to produce that product or service, you see an opportunity to make a profit, build a business and begin moving toward financial success. Almost any business or occupation can make you financially independent if you can find a way to add enough value.

Action Exercises

Now, here are three actions you can take immediately to add more value to your time and activities:

First, take the time to be absolutely clear about what it is that people want and need to improve their lives and work. The more clear you are about their real needs, the easier it is for you to satisfy them at a higher level.

Second, look for ways to add value to what you are doing every day in every way. Never be satisfied with the status quo. One small idea to add value can be the starting point of a great fortune.

Third, click here for more value added ideas for your wealth success.

The Law of Accumulation

The Law of Accumulation: how your financial fortune accumulates slowly over time and then becomes enormous, like a snowball. The Law of Accumulation: Every great financial achievement is an accumulation of hundreds of small efforts and sacrifices that no one ever sees or appreciates.

Develop Discipline

The achievement of financial independence will require a tremendous number of small efforts on your part. To begin the process of accumulation, you must be disciplined and persistent. You must keep at it for a long, long time. Initially, you will see very little change or difference but gradually, your efforts will begin to bear fruit. You will begin to pull ahead of your peers. Your finances will improve and your debts will disappear. Your bank account will grow and your whole life will improve.

Build Up Momentum

The first corollary of the Law of Accumulation says: "As your savings accumulate, you develop a momentum that moves you more rapidly toward your financial goals."

It is hard to get started on a program of financial accumulation, but once you do get started, you find it easier and easier to keep at it. The "momentum principle" is one of the great success secrets. This principle says that it takes tremendous energy to overcome the initial inertia and resistance to financial accumulation and get started, but once started, it takes much less energy to keep moving.

Start Slow, Finish Fast

The second corollary of the Law of Accumulation says, "By the yard it's hard, but inch by inch, anything's a cinch."

When you begin thinking about saving 10 or 20 percent of your earnings, you will immediately think of all kinds of reasons that it is not possible. You might be up to your neck in debt. You might be spending every single penny that you earn today just to keep afloat.

If you do find yourself in this situation, instead of saving 10 percent, begin saving just 1 percent of your earnings in a special account, which you refuse to touch.

Increase As You Go Along

This small amount will begin to add up at a rate that will surprise you. As you become comfortable with saving 1 percent, increase your savings rate to 2 percent, then 3 percent, then 4 percent and 5 percent and so on. Within a year, you will find yourself getting out of debt and saving 10 percent, 15 percent and even 20 percent of your earnings without it really affecting your lifestyle.

Action Exercises

Here are three things you can do to apply this law immediately:

First, decide upon your long-term financial goals and then resolve to work toward them one step at a time. The first steps are the hardest and you must discipline yourself to avoid backsliding into old habits.

Second, practice the law of accumulation in other parts of your life as well. Resolve to master a subject one page at a time. Lose extra pounds one ounce at a time. Learn a language one lesson at a time. The cumulative effect can be enormous.

Third, click here for Brian Tracy's Free Million Dollar Habits eBook

Working With The Law of Attraction

From where you’re standing right now, the future might look to be an unknown. It can be difficult to take that first step forward when you’re not quite sure where you’re going to end up. But the way we see it — if you continue to go along as you’ve been doing, your future will STILL be an unknown ... it just won’t be working as diligently in your favor!

Give your unique, brilliant future the boost it deserves!

Master LifeSuccess coach Bob Proctor and colleague Mary Morrissey have shared the stage on many occasions, now they join forces to collaborate on one of the premiere programs available on the laws of the universe, Working with the Law. Based upon the book authored by the late Dr. Raymond Holliwell, Proctor and Morrissey share their 65 plus years of experience and insight which has been distilled into timeless jewels of wisdom and easy to apply techniques that will assist you in Working with the Law!

This program includes
- a copy of Holliwell's classic, Working with the Law
- 12 CDs
- 160+ page workbook

Click here to review more information and purchase Bob Proctor's Best Seller Working with the Law