Young Business Owners Take Note: Memories x Vision = Direction
There are an ever diminishing amount of people today that have living memories of World War’s. Even the Cold War, when the ‘Baby Boomers’ feared for their lives, as a recollection, is slipping away as it recedes into the mists of time.
Yes, we can read history books. All that frightful stuff is recorded in them, but reading about it is not the same as remembering it all from a point of experience. Do most young people today really appreciate the concern that some of their forebears have about Putin’s constant sabre rattling on the borders of Russia? I would say no. In my opinion there is far more interesting things to keep informed about on social media than keeping up with international politics.
Do you want to avoid making the same mistakes?
I think it is true to say that as a collective the Human Race has a very short memory because living memories peter out on average every 80 years or so. The result of which is that, so far, we keep on repeating the same mistakes in the making of Human history.
Religion has had its part to play, good and bad, in ensuring that memories in the form of tradition and superstition are recorded and and handed on from generation to generation.
What about business? Do the 20 and 30 somethings embarking on business ownership know anything about the economic problems of the 70’s and its effect on small to medium businesses? Are they aware of the recession of the early 90s and its causes? Will they spot the early signs of the type of economic crash we suffered in 2009? Labour relations, whole countries, or house owners defaulting on their loans, and nation’s printing too much money, these are all ‘macro’ situations that severely affect big business and, quite often cause small businesses to collapse.
Those business owners that do spot the early indicators of impending recession are most likely to survive and, after their weaker competitors have been shook out of the market, go on to great prosperity in the following upturn in business.
Use the past and experienced to scope out your opportunities
Young, inexperienced business owners cannot be expected to know this stuff. In the past, before the advent of ‘the computer says no’ era we live in now, the business friendly Bank Manager was generally available to offer useful advice to all business owners, inexperienced and experienced alike. Where does this advice come from now?
Experienced, older business owners can pass on to young business owners and company executives a massive wealth of knowledge. Their memories, of past business difficulties, the early indicators of falling and growing economies, the spotting of opportunities, and the avoidance of making elementary errors, will give the next generation of entrepreneurs the cutting edge. Combine all that with the energetic vigor and innovative vision of youthful business owners and you have the formula to generate accurate direction to generate wealth: