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“During this recession, a third of your businesses will die, a third will barely survive, and a third will thrive.”
I heard this in an Entrepreneurs’ Organization Portland chapter monthly learning event with keynote speaker Mark Moses of Make Big Happen in 2008 at the beginning of the Great Recession. The room was laser-focused on what he had to say and let out a collective gasp as the reality of the statement hit the 60 business owners in the room.
At the time, the organization was called Young Entrepreneurs’ Organization, and the average age of the group was 33. So most had never experienced a recession — especially one with all your chips on the table.
I raised my hand and asked, “How can I be in the last group?”
I will never forget Mark’s answer.
“I know you all spend most of your time working on your company’s biggest problems,” he said. “That is human, but all you have when you work on a big problem is a slightly less big problem. Instead of spending time doing that, find what is going right in your business. I guarantee you that something is. Find that and spend your time doing more of that.”
So, the critical question was: “What is going right in your business?”
Reality check: Not much was going right
On my drive back to the office, I tried to think of what was going right, and I could not think of a single thing.
The Great Recession was a real-estate-driven recession, and we owned 30 industrial business parks up and down the West Coast that catered to smaller businesses. The small businesses were failing, vacating and not paying rent. We had bought most of them in the last few years to remodel or refresh and then put a new loan on them. This compounded the problem because most had loans that were less than three years old and were all coming due at a time when lenders weren’t lending anymore, and prop… Read More
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