Market crash is certainly not what anybody desires in a world of business where profit maximization is paramount and the crux of it. However the fear of this dreaded experience, its imminent is as certain as the snow in winter. The next concern is how does an entrepreneur or an organization survive through the stormy market crash and not be consumed in the waves. This probing questions and more were dully addressed and proactive insights garnered from a rewarding documentary by Patrick Bet-David, a seasoned entrepreneur, author, and founder.
In his talk, he admonished entrepreneur on the need of thinking ahead and plan for the next crash, instead of seeing it as a happening in the very far future. Mr. Bet-David in an interactive session with other entrepreneur and heads of financial corporations at the Venetian hotel and Arrowhead respectively discovered that they too believed that the crash was a thing in the future not imminent. These worrisome discoveries sparked trillions of ideas in him on how best to evade being submerged in the incoming crash. But before presenting these “10 ways …” He brought to light the sequence of the previous crash as follows:
1. Technology Bubble 3/1991- 3/2001.
2. Current 6/2009 to ?
3. Vietnam 2/1961 – 12/1969.
4. Reaganomics/Coldwar 11/1982 – 7/1990.
5. Worldwar II 6/1938 – 2/1945.
6. US Housing Bubble 11-2001 – 12/2007.
How To Make Millions In A Market Crash
1. Monetize fear: as strange as it sounds, Mr. Bet-David suggested that by establishing the fears and uncertainties of clients, vendors, competitors, and partners. And creating remedies or solutions to these “fears” is monetizing fears.
2. Exploit the unprepared( cocky) he likened this to a soccer situation where a team takes advantage of the seeming unpreparedness of opponent as displayed by their poor pitching, missing heads and shots. He further stresses that certain companies or entrepreneur when basking in business overflows, get confident and stay at-ease, prepares less for the imminent crash. This is obviously a bounty gain for the entrepreneur that offers succor.
3. Deliver Comfort: during the crisis, he observed that heroes are birthed then. How can this comfort be delivered? By proffering solutions and remedies. Offering of free services because of the crisis will certainly earn one customer loyalty.
4. Network like Jerry Maguire: Jerry Maguire is a actor and he places his relationship with his clients premium, while others see clients as renewable contract seal, They feel free when interacting with him. Agreeably when market crashes, tension gets ushered in, marketers may not as much as respond or return clients call, what is expected in the relationship is understanding, empathy and courtesy. Calls of reassurance and encouragement helps to sustain customer loyalty even after the crash
5. Double down on your message: repeating the organization’s vision/mission statement during crisis period helps to keep everyone in the team focused and encouraged instead of the stormy crisis.
6. Cut the fat before the crush: implies wading off all forms of distractions. Not embarking on a monumental project with raw capital. It also suggest that business building a little more is wiser than building a magnificent house that could be built later. We must never let fat consume consume our brain.
7. Team up with an player: team up with someone that shares similar vision and dreams like you. When we team up with the right person during the market crash, he or she accelerate our speed, we strengthen each other.
8. Double down on positive distractions: positive distractions during the market crash involves attending to leisure like going to movies, sports,fun stuff so that the brain is not completely consumed with a negative impact of the crash. This also keeps the morale high so, eventually when the crash wades off.
9. Equip your team with all powerful audibles: this requires holding result oriented conference, where possible problems and solutions are deliberated upon. This apparently creates an avenue for workable ideas from all stakeholders.
To this end, one can firmly adjudge the relevance of market crisis effects and remedies as a headway to maintaining business at all seasons.
