Economic recession is a major problem most countries in the world is currently facing. Almost everyone or business venture is suffering from the recession which is currently ravaging our economy. It has gone so bad that the price of dollar has doubled in the last 2 years. Many businesses are cutting cost, laying off staff and diversifying just to maximize profit and stay in business.
There are so many articles online on how to manage or survive an economic recession, but i noticed most of them failed to explain how to take full advantage of the situation and win in this challenging period.
I will be sharing ways to manage , survive and win during an economic recession.
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Economic recession occurs as a result of a problem that has been created in the economy, in my own view, every problem provides an avenue to proffer a solutions, this therefore automatically gives you a leverage to make lots of money by solving some of these problems.
Little did you know that more millionaires are made during economic recession, some have claimed it’s a way the nature redistribute wealth, others claimed it’s a manifestation of hardwork by smart and solution oriented people, after careful studies, I was able to come up with my own school of thought and i realize that during recession, if you are able to think outside the box, create solutions to solve specific needs of the people through creative means, the sky is your limit. Also i noticed during recession, the Ninety ten(90-10) rule take full effect. In the sense that 10% of the popular makes 90% of all the money. No wonder recession leaves more people broke that they used to be.
Contrary to popular opinion that there is shortage of money during recession. No! There is no shortage of money but a redistribution of wealth or money from more people to few people.
History of Economic Recession across the world
Have you ever wondered, during economic recession some economy grows to their peak, while others are ravaged in poverty. One thing you must understand is this, the world is a market place, the money are already printed or made, So if there is a shortage somewhere, the question should be where did the money flow to? As people , community or country losses money or their currency losses value,another currency or economy is gaining the equivalent or more. That is just the best way of explaining this concept to a layman.
I would go back in history and explain some of the biggest recession in the world and how some countries took advantage of it to become the world power. Let me start start from the days of the Egyptian Empire, It was recession that made Egypt the world power some thousands of years ago. When the world experienced one of the greatest farmine since the history of the world. Egypt had stored up grains and other food items that could last them for years. In return they were able to solve the food problem by selling to majority of the country in Africa and middle East at that period. This made Egypt so powerful that they took lots of territories and gained world power at that period.
Back to the current world, recession also made countries like the United States of America (USA) the world leader during the World War I and II where other nations were running into crisis, USA was busy producing food, machinery, electronics etc for other war and recession ravaged economies. This also made their currency the world trading currency.
Now fast forward to the last world recession which was barely less than two decades and which also affected great countries like the USA, Germany, Britain etc . One of the fastest growing economies in the world sprung up. This incident made China the biggest economy in the world as of today.
HOW TO SURVIVE AND WIN DURING ECONOMIC RECESSION
I will be speaking based on my own personal experience and the experience of others, when I noticed that the Naira was loosing it’s value and the dollar is getting high by the day, also I noticed there are few jobs out there and everyone was crying no jobs , also due to this recession it was hard to get clients as everyone was complaining about the harsh economic condition. so I decided to think outside the box and change my focus , I started targeting foreign clients , so automatically I started earning in pounds and dollars. While many Nigerians are crying that the dollar is getting too high some of us are becoming richer in the process , for example every time the dollar goes up we have automatically lost some money to the dollar its simple arithmetic don’t forget that the US dollars is used in the International market , meaning if an investor in the US used to change naira for 157 now that dollar is 350, without doing much stress his revenue is automatically doubled, for example if you give the US government 150 naira to one dollar before now, now that the value had gone up, you are giving them over 350 naira to a dollar for the same commodity.
Now some business men have now abused it , they are now round tripping it thereby making triple profits from the rise of dollars. So here I would explain ways to become rich during this economic recession , please open your mind , sit back and relax , let’s make some money!
1. Start looking for foreign clients to pay you in foreign currencies
2. Look at the problem we face as humans and try proffer solutions
3. Don’t see the problem see Avenues to make money
4. Diversify , you need to start focusing on other areas of business to generate money
5. Obey the multiple streams of in come law – have many sources that money can flow in from
6. Reduce or cut cost significantly and find cheaper alternatives
7. Use Technology to tackle problems
8. Maximise every money generating avenue
9. Go global, start targeting foreign based clients
10. Don’t get discourage and don’t lose focus