We’ve got two bank accounts in life.
Our financial bank account may be the one most people focus on but our emotional bank account is far more vital.
That’s because most people’s emotional bank accounts empty long before their financial ones do.
As surely as there are well capitalized businesses who crumble after a string of minor setbacks, there are those with an iron will and experience at handling reversals, who can pull themselves from the brink almost every time.
But today’s environment poses an extra challenge both personally and professionally.
If you even half pay attention to the news, you’re inundated with a dozen stories a day about the latest bank failure, corporate downsizing or some entirely new wrinkle of stagdeflation (stagnation/recession and deflation).
But the question we should be asking ourselves is: How does this apply to me as a marketer or entrepreneur?
After all, our job is to continue to find new avenues for generating leads, making sales and finding new markets for selling our products and services.
Unlike the numerous convoluted, high-leverage instruments of the financial services industry, ours is a wonderfully accountable profession. Because at the end of the day, we can quantify to the penny how much we’ve spent marketing our widgets and how much we’ve taken in.
Sealing the leaks in our emotional bank accounts
There’s no shortage of doom and gloom news.
About ten years ago, I was able to exorcise the habit of watching television news, thanks to a suggestion from the Grizzly Adams lookalike of alternative health, Andrew Weil.
Dr. Weil made a dare that any conscientious person who attempted a news fast for several days would find himself abandoning the habit. The claim seemed more than unlikely to me at the time.
Like many New Yorkers, I was unwittingly addicted to the nerve-jolting news, in a city where it’s served as gory and horrific as you can take it.
But I had nothing to lose, so I tried it for a few days.
The difference was noticeable and immediate. I felt calmer and more focused. I was now setting my own agenda instead of allowing a television news anchor the push-button privilege.
What started as an experiment has become a cornerstone of mental health.
Enter the latest bugaboo: recession related news stories in the New York Times Online.
And I don’t mean the standard fare about the latest bank or insurer to go under. I mean the insidious series of articles with titles like: “The Debt Trap” or “The Reckoning.”
The fact is, bad news sells more newspapers and gets more banner clicks than good news, but it exacts a heck of a toll on our emotional bank account.
Every time we read about or watch the latest news about a new failure, downsizing or bankruptcy, our subconscious minds conclude there are that fewer dollars, pounds or euros in the universe.
The solution is to just stop paying attention to it. You’ll gain valuable time and energy.
Because the world financial system will probably only get worse in 2009. Ultimately, people can only go forwards or backwards. Will you sell them the products and services that help them move forwards?
If you’re selling the right information products, you may be able to profit like never before.
Because if you’re privileged enough to live in the First World, this is still the best time ever to be an entrepreneur. Our counterparts from just twenty years ago would give their eyeteeth to be able to generate leads and sales so cheaply via the Internet and enjoy the borderless commerce we do.