RE3EL STANCE

The markets seem to be crashing every other day these days. Yep, everybody around the world thinks the U.S. is in a recession and is pulling out of the markets ahead of things getting bad…really, really bad. Oh, the drama…

As entrepreneurs, we are trained to look at the marketplace and see opportunities where others don’t necessarily see them. Our success depends on zigging while others are zagging and vice-versa. I relish that challenge and know you do too. And, I will continue to meet that challenge and know you will too. But, this rambling isn’t about that…nope it’s about something more simple: level…headed…optimism.

Entrepreneurs make a lot of money in boom markets. Great entrepreneurs make a lot of money in boom and bust markets. A few years ago, the media had us thinking that we were absolutely exploding as an economy and everybody was rich. Now, the media has us thinking that our economy is drying up and everybody is going flat broke. In reality, a few years ago there were a lot of people going poor and a lot of people going rich. Today, there are a lot of people going poor and a lot of people going rich.

Now, I don’t mean to belittle the struggle that people are having as the economy slows. I am not ignorant to the fact that a lot of people are having a tough time as real estate slows down, the stock market shrinks back a bit, etc…Instead, I’m here for a bit of pep talk to my fellow entrepreneurs to stay level-headed and optimistic.

A few months ago I sat down with Chip Conley, the Founder and CEO of Joie de Vivre Hotels. If you don’t know his story, learn it because he has so much to teach. The second largest independent hotelier in the world, Chip has found success in boom times as well as bust times because of his level headed optimism.

Soon after September 11th, 2001 the travel industry sank. Hotels were left fighting for their lives. Some made it; some didn’t. But, none made out with the strength of Joi de Vivre. Post 9-11, Chip and his team were faced with nearly empty hotels. The same money was going out of the JDV coffers but hardly any was going in. A businessperson would have let people go. But, Chip is an entrepreneur. As hotels laid people off, Chip made a commitment to not shrink his team. As hotels cut back on customer service, Chip stepped his up.
You’re an entrepreneur. You see opportunities where others don’t see them. You don’t get caught up in the drama of the media. You make smart decisions based on real information. You listen to your gut. You keep level headed. You keep optimistic.

Drama sells newspapers. Drama sells advertising. But, drama has nothing to do with whether you will be a successful entrepreneur or not. So, as you keep level…headed…and optimistic, remember the following:

• You’re an entrepreneur and see opportunity in change
• “Tough times” force businesses to be better to survive; don’t just be better, be the best
• Focus on the positive: our economy is still near the strongest it has ever been
• Build real relationships with your customers: if customers love you they will support you in good times and bad
• Build real relationships with your team: if customers love you they will support you in good times and bad
• Build real relationships with your suppliers: yep…if suppliers love you they will support you in good times and bad