People have been asking me, “Yogesh, what’s going to happen to the economy?” “What is the future going to look like after this Coronavirus thing ends?”
Well let me tell you a fact. I am not going to sugar coat things. I am an optimist, but also believe in seeing the reality and not hiding behind false illusions and fantasies.
Lots and lots of businesses all over the world are going to go bankrupt. It’s going to be worse than 2008-2009, it’s going to be worse than the Asian financial crisis, it’s going to be worse than 1929 for many people. Yes, worse than 1929, which has been the worst recession in the history of mankind.
It’s going to affect all sectors. Real estate, aviation, automobiles, finance, banks, events, media, restaurants, hotels, retail, stock brokers, mutual funds, crude producers – I see over 50% of businesses globally going bust. Businesses have already started defaulting on debt payments. Retailers have already stopped paying rents as they have brought in a force majeure clause.
There will be a spill off effect. Magazines are going to shut down, Playboy just published its last magazine. Physical newspapers are going to be wiped out.
This will of course lead to millions of jobs being wiped out. Companies that shut will fire everybody. Companies that survive will keep only the very best.
I know someone whose company lost over $1 Billion, they have started firing people who aren’t the best. Everyone average is asked to leave. Earlier, companies kept even people who were ‘average’ – but now things are different. Unless you are excellent and performing to your highest level, you won’t survive.
The survival of the fittest theory always wins in the long run. You need to be fit mentally, emotionally, physically, financially and spiritually to really succeed.
The way we know manufacturing will change. New businesses will prefer using technologies like 3D printers, instead of hiring people and contract manufacturing in China.
More automation and technology will be used. So let us assume you are an just average accountant or lawyer, you won’t really be needed as technology will easily replace you.
Only ‘star performers’ will be needed. So unless you are a high profile lawyer that is excellent, companies won’t hire you. Routine tasks will be done by technology.
Routine manufacturing will be replaced by 3D printers.
Digital marketing agencies that don’t bring in innovation will go bust. Companies like Google and Facebook would directly start dealing with clients.
The way business has been done is going to change, and most people who don’t adapt will be left out from the progress that is going to come.
The ones who survive, most of them will be struggling financially. They will constantly be trying to pay their debt obligations, salaries and rents.
But a very small minority who adapt and will make even higher profits. Even higher returns and benefit more. These are companies and individuals who understand the power of excellence. These are people who invest in themselves as well as change with times.
And this is where the biggest opportunity is going to be. You will see an emergence of a new class of people in every domain. There is also going to be a global shift away from China.
Countries like India will benefit immensely as foreign investors move away from China and start setting up manufacturing units in India.
In times like now, it is very important to start becoming excellent in every area. Become fit in every aspect, from your business, to marketing, to sales, to finance to your physical and mental health.
Only the toughest are going to thrive in this new world. And a lot more new ideas and growth is going to come.
Are you going to be ready for this and charge forward or are you going to be left behind? Are you going to look and benefit from opportunities? Are you going to act on a brighter future or be bogged down by problems?
History has shown after any major catastrophe, there is a new beginning. Germany became the strongest economy in Europe, after it was destroyed and lost during the 2nd World War. Japan grew into an economic power house, after it had been nuked.
The worst periods of our life, can make us stronger and lead us to greater success. That’s why it is never enough to be just average. Be excellent. Be strong and succeed.
P.S. – I am so happy to read the wonderful feedback and views from all of you, after having listening to Happionaire’s Sales Secrets. I’m happy we were able to make it free for everyone for a limited time period.