Entrepreneurism During Troubling Times

Revisiting 2001/2002...
After the awful events of 2001, and on into 2002, we wrote about "Entrepreneurism During Troubling Times", hoping to offer some perspective and optimism that might help us cope with those challenges, by showing that previous generations also had to face serious problems, and did so with grace, determination and success, paving the way for us to enjoy the blessings of modern life.

Now, in 2009, we are faced once again with tough times economically, and might want to revisit ideas on how to cope. Here's that article, slightly revides for the current situation.

9/11/01, the war in Iraq and Afghanistan, the stock market, and other concerns, and now, the 2008/2009 national economic problems:

Americans from all walks of life have been concerned about the effect of the World Trade Center disaster and related events, the stock market  downturn, the war on terrorism, the economy, the war in Iraq and Afghanistan, the housing and banking crisis, and how those challenges might affect our personal lives, our investments, our savings and retirement plans. So, we offer the following thoughts and observations, just in case you might find them interesting or useful.

I, too, am concerned about not only the terrible events in New York City, the Pentagon, and Pennsylvania on 9/11 in 2001, but also about our involvements in conflicts arising out of those events. Like all Americans, we pray for the families affectedby those events, and hope with all our hearts that no further problems occur.

However, like many other American "seniors", I’ve seen plenty of "scary" times in my life, and have watched with respect and gratitude the way our country responds to challenges.

The Great Depression...
In the small Missouri Ozarks town where I was born, the Depression lasted right up until World War II for our family. The Depression was plenty scary for the adults who had to cope with it.

And, businesses large and small had to be extraordinarily alert and hard-working. Some businesses didn’t survive, but many did. And, the American economy and way of life not only survived, but emerged intact, in spite of these truly "tough" times.

Then, of course, there was WWII, by far the most frightening years of my parents’ lives, with my dad, uncles and my friends’ dads fighting overseas. Even so, the great American economy and society survived and, after the war, exploded with success for just about everyone.

Later we were involved in The Korean War and The Vietnam Conflict and, during those awful times, our society and economy and businesses "kept on keeping on".

The 1960’s brought us The Hippie Revolution, dramatically changing moral and lifestyle changes, and The Civil Rights Movement’s hard fought political and sociological conflicts, and numerous international "Police Actions" and Mini Wars.

All that affected and concerned us, but didn’t keep the dynamic of The Great American Experience from continuing to provide extraordinary benefits to our citizens.

Recessions in parts of the 60’s, 70’s, and 80’s. Double Digit Inflation, High Unemployment & High Interest Rates, all occurring simultaneously during the Carter years.

Then we saw the failure of many banks and savings & loan institutions and the take-over by the Resolution Trust Corporation of trillions of dollars of assets during the late 1980’s and early 1990’s. These incredible challenges resulted in our having to cope, "stay cool", and "take care of business", like we’d always done in this country.

Through all these events, disasters and challenges, there was also The Cold War with Russia and their allies, perhaps the most "scary" time of all. From WWII to the l980’s, our generation had to live every day with "brinkmanship" and with the very real possibility of WWIII and nuclear war.

Thankfully, that terrible political nightmare now seems tremendously less likely. Again, the American spirit survived, our economy grew to become the most successful and envied in history, and we continued our "melting pot" philosophy of welcoming to our shores people of all races and backgrounds, who join us in continuing to explore the American sociological journey.

... None of those incredible events shut down the economy... 
Through all these events throughout the decades, in spite of the global fears, "big picture" occurrences and political realities, most of our citizens found life getting better and better, especially for those who were willing to work hard, "take care of business", and stay focused, alert and engaged in the available opportunities.

In fact, some respected "old timers" in business tell us that many entrepreneurs do better in an economy with challenges, compared to "easy" times.

Many risk takers, buyers, sellers and owners of businesses practice more energetic entrepreneurism in tough times, lower their costs, invest more aggressively, increase their marketing efforts, get "lean & mean" in the way they manage their investments and businesses, position themselves for the next wave of opportunities, and look to themselves for the solutions to their challenges, compared perhaps to the complacency which usually accompanies "no-brainer" economic conditions.

What To Do Next
Thankfully, for the sake of our country and economy, not all citizens/investors will be traumatized beyond reason by the national events.

These investors and business owners are usually just as well-read, informed and concerned as timid folk, but feel more comfortable and confident in the present and future of our economy and our country.

We’re talking about normal, every-day Americans, who choose to 'stay the course', and continue engaging enthusiastically in every day life.

Not just "captains of industry", but you and me, continuing to show up for work every day, taking care of whatever needs attention, including having the confidence and trust to be active consumers, home buyers, investors andsmall business entrepreneurs.

After all, we main-street Americans are truly the "heart"of the system. We’ve managed and struggled and coped with plenty of challenges throughout our history and prevailed. It’s a basic in our culture.

American perseverance, competence and confidence. It’s what we’re famous for. It’s our most reliable asset. May it ever be so.

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