Well how do you feel? How is your 401k and IRA? Hopefully it’s ok. These last few days are definitely ones for the history books. Some very amazing things have happened. According to the Federal Reserve, the two last standing investment banks will now be full fledged banks.
Morgan Stanley and Goldman Sacs will now operate as full fledged banks which means that they will be able to compete directly with companies like Bank of America and Citigroup. This move will fundamentally change Wall Street as most of us know it. The government bailout was the biggest since the Great Depression.
We should now see ourselves as explorers on a new frontier. All new rules apply and if you are doing what everyone is doing then you probably are not working hard enough. This is a perfect market to find a niche. The big question everyone has been asking is if this is it. Well, who knows? The best advice is to try to focus on deals that make good financial sense.
I have said before in other posts that you cannot run a business simply because you feel it’s a great idea. You cannot live in the clouds. If you are trying to get away from that nasty boss then DON’T START A BUSINESS. That’s right, DON’T DO IT. I’ve met more dishonest and nasty people after I started my business. Don’t buy into the “Be your own boss” mess. There are real issues that should be considered prior to venturing out on your own.
Start your business because it makes financial sense. Examine the ROI and figure out the best way to make a buck with the least amount of investment. Most importantly, Do your business plan. Speaking of investments, the days where you have an idea and you expect the investors to pour in are probably long gone. Most of the investors will want to be able to take something away from you and sell it if you cannot deliver. Otherwise known as collateral, if you have that then you might have what they call “SKIN IN THE GAME”. (we have talked about that too)
The truth is, you will hear a number of morons excusing their actions because of the economy. It’s a cop out and you cannot listen to them. When things don’t go right, it’s human nature to find a scapegoat. The problem is that these morons will keep you from being positive about your business which might make good financial sense. As my friend Elizabeth Marshall mentioned to me, It often takes a certain passion to go along with a strong financial decision. Without it you will be a mess when the morons tell you that your idea stinks when they have never run a company to begin with. I think that its a strong mix of Elizabeth’s call for passion and surrounding yourself in an element of positive reinforcement from people who have done it before.
So in the days to follow you will most likely hear more bad news from Wall Street. The question is not what are they doing but what are you doing to make a difference. (Yes, flagrant rip off of JFK but he had something there) You have the power to create a rock star team and grow your empire.
If you have a great idea, I want to hear about it. Call me on SKYPE, post or email and mention this article and we will feature your business here. I will get others to critique your idea. If your idea is no good then we will let you know how we can help your focus.
The possibilities are endless. It all starts today. You really have nothing to lose. In fact you might lose it by sitting there doing nothing! J