Half our politicians say the economy is great. The other half says we’re heading towards certain doom. Consumers are similarly split with about half seeing things picking up and the other half starting to hide money in the mattress. But what do business owners say? Not much elucidation here unfortunately. If you are in a business undergoing a sea change, e.g. retail, I imagine you are not sleeping so well. But if you are in AI, you are probably living your best life.
So let’s turn instead to another group for some much needed insight: Entrepreneurs. The answer from this group is always the same; “Who cares?” If you watch too much tv, the image you have of entrepreneurs is probably that as swashbuckling risk-takers who love to live on the edge. Well, there are some of those. Try to avoid them. But while most entrepreneurs clearly have a pronounced tendency not to be risk-adverse, the good ones are calculating, realistic and, above all, adaptable. Entrepreneurs are pragmatic. You know what you call a dogmatic entrepreneur? An employee or an unemployed person.
So why don’t entrepreneurs care if the economy is heading up or down? Well they do, but they also know that they just have to deal with it. They might need to - excuse me for the jargon- pivot or adapt to changing realities. But that is what makes a true entrepreneur. If the sky is really falling, figure out how to catch a star.
So what does this all have to do with my industry of franchising? Simply put, I hear all sorts of reasons why now is a bad time to open a franchise. There is always a reason: interests rates are high, it’s an election year, people are not going to the office anymore, there are no employees to be found. And of course, taxes are too high, regulation is onerous and AI is going to wipe us all out.
When I hear those excuses, I know the person I am speaking with is simply not cut out for business ownership. Sure, I don’t seek out unhinged dreamers willing to invest their entire retirement savings in a clothesline franchise. But for those entrepreneurial souls who believe all their hard work, resilience and resourcefulness will pay off in the long run, well, the time is right. It’s always the right to take control your own future.
Is the economy going up or down? It’s going where you believe it is - and where you want it to go.