I think that this post’s title may have also been a phrase used in Jim Collins’ book, Good to Great, but it’s appropriate for some thoughts I’ve had about our current economy. Good is the enemy to great, because we tend to become complacent and content as long things are good. In general, work and life don’t have to be great; and as long as they aren’t bad, we chug along fat, dumb, and happy. Actually we may not even be all that happy. We’re content to ride along with a bur in our saddle; however, if our bicycle seat is missing, most of us will take action. That’s why good is the enemy to great. Unless the fire gets unbearably hot, we’re not inclined to move.
The current economy may be enough to spur people into action. Even though—contrary to popular opinion—our nation’s and the world’s economy hasn’t completely collapsed, leaving everyone destitute and about to die of starvation, it has unsettled many. Most of us know people who have lost their jobs or been affected in some way. Most of the companies we work for have been affected in some way (for some companies, the effect has been increased business).
The silver lining in all this seems to be the opportunity for change. It may not be the kind of change people were looking for when they voted for President Obama, and it likely isn’t what he intended. But it is an opportunity for change. At my work, we have experienced some slowing, which has caused the company to take a look at itself and see if there are any opportunities it is missing. The result has been some great brainstorming sessions, and we are now working on an interesting project that we probably never would have considered previously.
This economic dip could be a proverbial blessing in disguise for many. People who have been laid off may be able to pursue a change in life and career that they were considering for a long time but never had sufficient motivation to shake them from their adequately content stupor. That doesn’t mean it will be easy. For most people, it will likely still be very difficult but extremely rewarding.
For example, a few years back, my brother and brother-in-law worked for a steel detailing company. One day both of them along with most the rest of the company were laid off. This created a very stressful time for both of them and their families. Both of them intended to find work in the same field but ultimately decided to partner and create their own steel detailing business rather than hire on somewhere else. The endeavor was a little uncertain at first, not because they couldn’t find projects but because getting paid tended to take up to 90 days after completing the project. As long as they could make their money last until they got paid for the first few projects, they thought they would be okay. They just weren’t sure the money would last. Fortunately it did. Owning their own business has not been easy, but it has been very rewarding. My brother told me, “After owning my own business, there is no way I could go back to working for someone else.” The business, Freedom Steel Detailing, has done very well. What began as a crisis, turned into a blessing.
Likewise, as long as there isn’t too much meddling and stimulating to keep the credit bubble artificially inflated, this economic situation could be a great blessing, allowing us to reset, readjust, and refocus our national, corporate, and personal economies—or better yet, our lives.
What do you think? Do you see opportunity?
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I'm Michael Crowther, and I'm passionate about sharing the peace of mind that comes from budgeting, saving (including debt elimination), and investing.