BizBox:
While the present economy removes opportunities and resources, it has also managed to add new and different opportunities. Here are four key points:
1. There are three fundamental decisions facing any business: where to play, how to deliver, and how to win. Those are the three decisions during good times and bad times.
2. Entrepreneurs should systematically identify “downturn needs,” which even now consumers are looking for. These woudl include necessities and affordable luxuries, substitutions for previous products and services, and products that deliver value for money.
3. To serve these needs, look for downtime resources that might be available at relatively low cost.
4. Think business model. Consider the unintended consequences of cost-cutting, and instead focus holistically on the interconnected parts of your entire business model.
Photo by jennifer buehrer.