“Those that fail to learn from history, are doomed to repeat it.” – Winston Churchill.
“Experience is the best teacher, but the tuition is high.” – Norwegian proverb
If experience is, indeed, the best teacher, we’ve certainly had a post-graduate education this past year. And, yes, the tuition has been very high.
So what did you learn from it?
I didn’t have an immediate answer when I asked myself the question. I realized that more time and focus had been spent navigating the chaotic times, than making sense of them.
Nonetheless, it would be a pity if one didn’t have an answer. What a wasted opportunity: the greatest upheaval since the Great Depression, and yet nothing learned from it.
So I stopped, and made sense of the past 12 months. I looked at my behavior, and asked myself what were some of the principles that guided me. Here are some of mine (and I’ll be asking for yours shortly):
1. Stay close and incredibly focused on your clients/customers, particularly when it’s the darkest and most uncertain. These were not times to go it alone, and there’s mutual benefit in trying to read the tea leaves with others.
2. The giving hand is always a full hand. Particularly when scarcity surrounds you, maintain an abundance mindset, and offer to help, even when there’s no immediate return. A zero-sum-game mentality can be incredibly self-destructive.
3. Enjoy what you do. Better to do what you love when the economic foundation is being shaken to its core, than hate what you do and struggle to find some satisfaction when the proverbial sky seems to be falling too.
So, again, what did you learn? Please post your comments below, or if you prefer to remain anonymous, click on this link, and list your insights in this 1-question survey:
What I Learned from the Great Recession
I’ll collate all responses, and share some of the lessons learned with readers of our 60-Second Email™ (without identifying the authors, unless you’d like the attribution). Please share this blog post and survey link with friends, family, and colleagues. There’s wisdom in numbers.
2010 will be here shortly, and “school” will once again be in session. My very best of wishes to you for the New Year. I hope the knowledge you gained in these past 12 months will serve you well in the next 12.
1 Comment.
I have definitely learned to over prepare then go with the flow. We can only control ourselves and the rest of life falls in line in accordance to the behaviors of others.
Secondly, do not over react. Part of the unsaid issue of this recession is the lack of spending by consumers. With out a doubt this recession was exacerbated by the media raising concern among consumers. If we learn to remain calm, live within our means, save more, and save to splurge times such as 2009 will not be as hard on us as a whole.
Lastly, businesses need to rethink the business models and strategy. Zero-sum-games are fundamentally inherent to the business structure. One can only compete if there is something to offer. However that doesn’t mean that it has to result in a win-lose situation. This is where the strategy begins to break down.
Competition is great. In fact it is a necessity to business structure and strategy as it helps companies progress and keep them in check with others. Therefore, incorporating a zero-sum situation with a win-win outcome may have better results over time than a win-lose situation tends to have.