Crisis

How To Turn Crisis Into Opportunity

For years, I had heard that in Chinese, the word for crisis is the same as the word for opportunity. Recently I learned that the more popular story is that the Chinese word for crisis consists of two characters: one meaning danger, and one meaning opportunity. Both stories are interesting, but neither is true. While there’s some disagreement, there is little evidence to suggest that the word for crisis was derived in such a way.

But etymology aside, a crisis and an opportunity really aren’t that different, are they? Each is a critical point at which events will turn for the better or for the worse. A mishandled opportunity become a crisis, and a well-managed crisis becomes an opportunity. The most important factor is not the challenge itself, but how you handle it.

Everyone knows that the U.S. is in the middle of a huge financial meltdown. But the events are what they are, and worrying about things won’t change them. So you can either address the situation as a crisis or as an opportunity.

To treat it as a crisis, you should live in fear. Even though the banks are FDIC-insured, you can go withdraw all your cash in case there’s a run on the banks. To protect yourself against the collapsing dollar, you can convert most of your cash to gold and keep it in your basement. With the cash you have left, you can buy food and supplies to keep you alive when the world collapses. Of course, having all this gold and food and such will make you a target, so you’ll need to arm yourself appropriately.

On the other hand, to treat it as an opportunity, you’ll need to be bold and courageous enough to make the situation work in your favor. The downside of this path is that it’s a lot harder to figure out what to do. After all, panicking is easy. But taking constructive action when everyone is losing their head, that takes guts and vision.

Here are some ways of turning an apparent crisis into an opportunity:

1. Take advantage of unfounded pessimism

Because of all the news of bank failures and rampant speculation, bank stocks have been a wild ride lately, and some of them have been undervalued by overreacting investors. This has created some great opportunities for those with the appropriate knowledge, risk tolerance, and yes, luck.

On September 29th, Wachovia stock went as low as $0.01. The next day, it reached $3.70. Market timing is notoriously difficult, and personally I don’t recommend it. However, for someone who was brave enough to invest in a high-risk stock and lucky enough to time it perfectly, it was possible to turn $10,000 into $3.7 million in one day.

2. Take advantage of low competition

I’ve seen a lot of people saying that because of the economy, they’ve decided not to start the business they were planning on, or to put their business on hold and resume it when things turn around, or to slash their prices because no customers have any money.

While this makes sense at some level, I think most people are overreacting. And when everyone decides it’s not a good time to do something, that reduces your competition tremendously. Now might not be a great time for certain types of businesses, but the low competition makes it a wonderful time for other types of businesses.

3. Use this time to reassess your life plan

When bad things are happening, it sometimes makes you stop and think about where your life is going. While you can do this at any time, we tend to be stuck on autopilot until we encounter obstacles on the course we’re on. Unusual times can give you a much-needed wakeup call.

During this time, some people have decided that they’re in the wrong career, or they want to be self-employed, or they want to move to a different part of the country, or they want to get married, or they want to have a kid, or any number of things. Take a minute to ask yourself if your life is still moving in the direction you want.

Every critical juncture has the potential to become either a crisis or an opportunity. What will you make of this one?

Hunter Nuttall wants you to stop sucking and live a life of abundance. Visit his site to learn how to improve your life and your income.


GET THE BOOK BY
ERIN FALCONER!

Erin shows overscheduled, overwhelmed women how to do less so that they can achieve more. Traditional productivity books—written by men—barely touch the tangle of cultural pressures that women feel when facing down a to-do list. How to Get Sh*t Done will teach you how to zero in on the three areas of your life where you want to excel, and then it will show you how to off-load, outsource, or just stop giving a damn about the rest.

9 Responses to How To Turn Crisis Into Opportunity

  1. nigeria news says:

    I am so grateful for your article post. Thanks Again. Really Great!.

  2. 805730 92716Great post. I previousally to spend alot of my time water skiing and watching sports. It was quite possible the best sequence of my past and your content kind of reminded me of that period of my life. Cheers 674429

  3. 725146 754321Hi, if you want to get higher rankings, you must check out the plugin I left in my link, it will aid. 328169

  4. reddit cbd says:

    89938 173429Merely wanna input which you have a extremely nice internet website , I really like the pattern it in fact stands out. 767278

  5. data hk 2020 says:

    355846 78633Informative Site Hello guys here are some links that contains information which you may possibly locate useful yourselves. It is Worth Checking out. 664722

  6. 322293 353102Hello, Neat post. Theres an problem together along with your site in web explorer, may well check this? IE still may be the marketplace leader and a huge component to folks will omit your wonderful writing because of this dilemma. 12004

  7. 70585 18252Fantastic paintings! This is the kind of information that ought to be shared about the internet. Disgrace on Google for now not positioning this publish upper! Come on more than and talk more than with my web site . Thanks =) 350709

  8. あなたはただオンラインに行く必要があります、あなたはそのためのオンラインストアを見つける必要があります、そしてあなたは簡単かつ簡単に同じために素晴らしい結果を得ることができるでしょう。 ですから、誰でも簡単に利用できると言っても過言ではありません。 小学生 ダッチワイフ https://yourdoll.jp/product/msd015-rin-100cm-tpe-love-doll/

  9. sexdollist says:

    What host are you using? Can I get your affiliate link to your host? Sex Doll Blog I wish my site loaded up as quickly as yours lol

Leave a Reply

Your email address will not be published.