Tuesday, October 14, 2008

Sell The Banjo

In 1987 when the economy took a downturn, entrepreneur Steve Harvey and his wife had tough choices to make to keep their Huntsville, Alabama start up afloat.

He sold his banjo.

I just loved the ring of the words "sell the banjo!" His colorful story was related to me when in a group conversation about the ups and downs of the economic conditions facing entrepreneurs. There are always tough times, and there are always creative ways to deal with them. When times got tough he sold his banjo. Everyone makes sacrifices.

The stock market and thus the retirement funds of millions of people are on a roller coaster ride and there are many people looking for ways to stay secure in the face of uncertainty. Hopefully those who love music do not have to pawn their instruments!

I am not sure if the banjo brought in enough money to meet payroll that week, but it was a funny story, and one that showed that entrepreneurs will go to any length for their calling to create, build and sustain their enterprise.

The show must go on, with or without the banjo.

While most I talk with are nervous about the financial crisis, the most entrepreneurial are not scared. Those who have that business calling in their heart and soul know that there is always a path toward success in good times and in bad times. They are confident that they will find a way to weather the tough times.

The best business leaders are taking the time right now to assess the situation of their company and of their customers and vendors. This is not the time for a company to "wait and see", but instead they must take proactive steps to position themselves for whatever the economy has in store over the next year. Planning will help your company survive.

This is also important for individuals. Dedicate the time to review your financial positions and talk with your family about all possible scenarios that could happen. If you lose your job what steps will you take. By thinking about this in advance you will be prepared, which will make it much easier to handle the situations that may arise. Surprises can be emotionally draining, but if you have thought about it, then you can jump right in and take action.

You can sell the banjo.

Have A Great Day.


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