Opportunities from obstacles

Continuing the musings on dealing with economic turmoil, there's a another worldview - this is just business as usual in emerging markets like Asia, Eastern Europe, Latin America etc. Having just returned from a quick trip to India where everyone I met talked to me about the US downturn , I agree there's something to be learned from countries where economic stability is not taken for granted.

The Wall Street Journal recently had an article on Surviving the Downturn: Lessons from Emerging Markets which is interesting reading. The primary lesson here is that while we in the US, and presumably other developed countries, have a tendency to shrink, retrench, hunker down and other 'fall back' actions, there's a case to be made for seeking growth, as they do in other places. While the article is focused on larger companies, the ideas apply to small startups just as well. For example, the one about increasing product and service visibility - that can be done with a team of one (yourself, the entrepreneur) if need be, and is a great investment as I'd mentioned in a previous post 'time to build'.

The other idea on rethinking customer value is a call for flexibility - and really paying attention to what your customer wants, especially during this time. It helps to understand that value may not always be just about cutting prices. I shop frequently at a Trader Joe's close to my home and used to worry about the survival of a little independent produce store right next to it - it had too little produce and too few customers and I thought it would go under, especially as the economy tightened. But, the management decided to pump it up, put up huge banners stressing 'neighborhood', 'independent', ' farm fresh', all guaranteed to appeal to the kind of people who go to TJ's, and it is now literally overflowing with produce and bustling with customers. They did a little bit of both - increased visibility and paid attention to what the customers value - and are reaping the profits.

Finally, the article ends by emphasizing the underlying theme: stay optimistic. It is not easy, particularly with the daily dose of doom around you, but it is a choice you can make - and a forward-thinking approach will get you focusing on growth, instead of just survival, which vastly increases your chances of being around when the upswing happens. Not to mention, when you stop panicking, you'll have more fun and be more fun too. In a networked world, good ideas flow in all directions.