It’s not always the economies fault

We tend to look big picture at what is happening in the world (or in what we consider to be “our world”) but sometimes mistakes or industry trends are the bigger issues.

For example, with people losing their jobs in recent times, it’s easy to assume it’s because of the economic issues many areas are experiencing. However, in some cases, it has nothing to do with the economic climate and much to do with failing to make good decisions. While Circuit City was affected by the economic slowdown, they were affected more by making bad decisions than they were by external factors.

Sadly, the economic environment has allowed some people and organizations to excuse their own failings by placing the blame elsewhere.

If you bought a home you couldn’t afford because you assumed the value would keep appreciating and didn’t take into consideration that a balloon payment was approaching, while it’s easy to blame the economy, the reality is, you made this bad decision on your own.

If you work in an industry that is unstable yet assume your position will be stable, you are most likely making an assumption that could cost you many things when reality sets in and you realize your position wasn’t stable either.

We are currently in a time of great uncertainty, while it’s easy to put our heads in the sand and wait for the other foot to drop, the smart people will look at all factors (external and internal) and make truly educated decisions that most likely will not allow other factors to affect it.

Have a great day!

Lawrence

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