Episode 249: Creating Your Own Economy
A lot of things are happening in and out of the country but what seems to be magnified are the negative ones. In the light of the recent stepping down of PM Boris Johnson, a lot has been said about it impacting the economy negatively. How can entrepreneurs, and business owners insulate their mindset against the negativity around us?
In this episode, Adam Stott shares how he started doing business amidst a lot of negative news about the economy and what can you do as a business owner to create your own economy. Adam also talks about why keeping your focus on the business is important and not on the negative news.
- Changes in the economy and politics in Britain
- How does the economy look like when Adam started back in 2008
- Using economic impact as an excuse for your business
- The need to “create” your own economy
- Advantages of having a small business
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Please note this is a verbatim transcription from the original audio and therefore may include some minor grammatical errors.
Hello, everybody, and welcome back to another episode of the Business Growth Secret show. I am your host, Adam Stott. Lots of exciting things have been happening, lots going on in the world. Hopefully, you’ve been enjoying yourselves and building your business and really embracing the comeback of what’s happening in the economy. The overall economy and business economy right now. And we’re going to talk a little bit about that today. A little bit about what’s been happening with politics. I won’t dive too deep into the politics of it, but some crazy stuff is happening right now. And lots of changes are coming up for the economy in Britain and what we’re doing.
I think it’s important for a business owner, when we’re talking about the economy, there’s a lot of uncertainty right now. Now we’re changing Prime Minister, and you’ve got different people promising different things. I’ve just got a message that I want to share, because I think it’s an important message to share with people. The message really, for today is when you’re in business, don’t worry about whether the economy is good. Don’t worry about whether the economy’s bad. Understand that because you’re in business, it’s your job to create your own economy. And this is one of the lessons that I learned very, very early on. When I started my first ever business age 25 in 2008.
I started off at the point in January 2008, full of passion, full of determination, full of drive. Not really knowing what I was doing at that point, age 25. But I was super pumped to go out and build a business. And what I found very quickly, is there was lots of negativity. I started in January, by June, the queues were rolling up outside the Northern Rock. You know, people were fearful. We were told we were going into a recession, the world’s biggest financial crisis, all these sort of things. And all these newspapers constantly spew out messages of bad economy and bad times. And in that early stage of me starting and growing a business. I would be lying if I said it didn’t affect me. You know, I started to buy in.
So, I’d be reading these newspapers and listening to these different things. And I found it really influenced me in the wrong way. Started to cry, some negativity on my part, it started to give me an excuse, where I was like, “Well, okay, business is slow”. But we’re in a recession. Business is slow. But, you know, we’re in the world’s biggest financial crisis, what can you expect? And I started to use all this stuff as an excuse as to why I was not building my business and growing my business. A
The reason I wanted to do this podcast today, and keep your focus is because the coach and mentor, by the time, helped snap me out there. And he said to me, at this point, I was actually showing him a newspaper talking about all bad. And he literally slammed the newspaper down on my desk, and said to me, at a word business, we don’t worry about what the economy’s doing. We create our own economy. I said, “Well, can you explain that for me a little bit?”. You know, what does that mean? And he sort of explained to me that, and he explained to me a few questions.
First thing he said to me was, “Adam, has your business grown in the last three months?” And I said, yeah, yeah, yeah. He said, How much is it growing? There was quite a lot we’re bringing on new clients we’re growing in the previous three months, as your business grows. So prior to that, in the previous three months, did your business grow? Like yeah, no, we’re a small business, but we’ve grown a lot over the last six months.
So well, what a recession means is that the country’s in two negative quarters of growth. The business economy is shrinking over that time, over two quarters, where your business is growing over those two quarters. So your economy, you’re not in recession. You’re currently growing your business. And it’s up to you to decide whether you want to participate in recession or participate in growth, because you’re creating your own economy, and it kind of dropped the penny for me.
I realized that I was far too worried about what other people were doing, and not worrying enough about what I was doing. And the reason that I wanted to do this message on this podcast, that is, that was an important lesson for me to learn. Because as long as your business is growing, you’re out there getting new clients, you’re getting new business, you’re getting new deals, and things are growing, your sales are growing, your marketing is growing, your team is growing and your business’s growth stage.
So you shouldn’t buy in or get too dialed in to what’s happening in the wider economy. And let me tell you, where it does matter. If you’ve got a business doing 30-40 million pounds a year, or 50 million, or you know, 100 million pounds a year, then the recessions, the economies and things and tax changes are going to majorly impact your business. Because your business at that stage is like a tank about a huge boat. In order for you to make moves or change. It takes a full change, of course of direction, it takes a long time and moves a lot slower. But when you’re a small business, you’re more like a speedboat. You can change quicker, you can make amendments quicker, you can do things quicker. So as rules change, you can be more flexible in your approach to building your business.
So remember, if you’re an early stage business, you’re more like a speedboat, you’re not like a tanker, whatever’s going on in the economy you can adapt to. If your business is growing, you’re growing, right. And as we go through, look right now we’re not in recession, I was talking about being in recession. But there’s lots of talk. There’s lots of whispers. And I’ve seen this all before. But as a new entrepreneur, you might not have seen this kind of scare mongering and this kind of stuff before.
And it might be taking you by surprise. But I’ve now experienced this a few times, you know, certainly starting off in 2009, then going through, you know, pandemics and different things like that. I’ve seen these kinds of ups and downs, I’ve seen these scare mongering stuff before. And the key thing if you want to keep growing your business is to keep focused on you. Keep focus on your business, keep focus on what you’re doing. And don’t let this take you off track, I think it’s a really good tip for you.
And hopefully, this short message will keep it nice and short today. Because I think I’ve got the point that I want to get across to you is that you are an entrepreneur, you’re in business to create your own economy. And as long as you keep your focus on what you’re doing, you keep your focus on growing your business, your business will keep growing, you’ll keep making money and things will start to develop more for you. Just my notes on the stuff that’s happened with the Prime Minister, and you know, him being forced to resign and all these leadership candidates coming out of the woodwork.
I just think it’s really whether you like Boris Johnson or not, and I’m not going to get into that side of political politics. But I think whether you like him or not, loyalty and relationships in business are very, very important. And I really don’t like the lack of loyalty from his team that has been shown. I think that that’s difficult. Yes, he’s made a few mistakes, no doubt, but it just seems a real shame when loyalty becomes a cheap currency.
So as a business owner, you want to really fester loyalty within your team, because we’re all gonna have ups and downs, as we navigate in an economy or as we manufacture and gain our business. Not everything’s gonna go right, there’s gonna be mistakes. But I think loyalty is something that is not necessarily valued enough in today’s business world, and so it’d be something I value. So keep focused on building the right team about your festive loyalty within the team. And make sure you are in control of your own economy. Don’t buy in, you know, the newspapers and this kind of thing bothers you when you start reading the newspapers.
You know, remember, whatever you put in your mind is what stays in your mind, they say what goes in, must come out. The problem is that’s not what happens. What goes in stays in rattles around and forms your thoughts and your thought patterns. And if your thought patterns and what you’re putting in your head are negative, what’s coming out is negative, you know the language it’s coming out. So make sure you’re conscious that you’re feeding your mind if you’re listening to this podcast, that’s a good start. You want to be listening to things every day and feeding your mind with things that are going to focus you, keep you driven, and keep you determined to keep you pushing forward. And there’s lots of little tips there for you today.
Thanks for joining us on today’s episode, Business Grow Secrets got loads of little episodes like this coming up, plus some more cool interviews and podcasts and interview podcasts that we’re doing as well which is gonna be awesome. So hope you enjoyed today. I’ll catch up with you soon. Hey everybody, Adam here. And I hope you love today’s episode. Hope you thought it was fabulous. And if you did, I’d like to ask you a small favor. Could you jump over and go and give the podcast a review? Of course, I’ll be super grateful if that is a five star review with putting our all into this podcast for you, delivering you the content, giving you the secrets, and if you’ve enjoyed it, please go and give us a review and talk about what your favorite episode is perhaps every single month,
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