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Achieving
Financial
Independence
in an
Economic
Downturn
By
Deshawn
Johnson/
Tell Us
USA News
Network
 What
is the
one
thing
that the
majority
of
wealthy
people
have in
common?
No, it’s
not real
estate
although
that is
a
must-have
in any
investment
portfolio.
Guess
again.
OK, it’s
business
ownership.
Yep, I
said it.
Start a
business,
if you
want to
attain
financial
independence
or any
level of
wealth.
The fact
is,
entrepreneurship
is the
path to
the,
Pursuit
of
Happiness,
the
American
Dream.
The
Big IDEA
I
encourage
you to
follow
your
passion
or
define
your
purpose
when
coming
up with
your Big
IDEA.
The word
IDEA is
used
here as
an
acronym
which
stands
for
Identify;
Desire;
Empower
and Act.
Identify
your
gifts;
have a
burning
Desire
to
succeed;
Empower
others;
and Act
now. The
first
step is
to
identify
your
gift and
turn it
into a
product
or
service.
Have an
unwavering
commitment
with a
burning
desire
is the
next
step to
bring
your Big
IDEA to
life.
The
third
step is
to
empower
others
by
providing
an
innovative
service
that
meets
their
needs.
The
final
step is
to act
when
inspired
with an
idea,
“Just Do
It” as
Nike
says.
Identify
your
gifts;
To
illustrate
this
point,
let’s
imagine
you are
a
20-year
human
resources
professional
who
loves
your
job, but
always
dreamed
of being
your own
boss.
You
contemplate
starting
a HR
Consultant
Practice.
Since
you
already
have the
necessary
credentials
to be
considered
an
expert
in this
field
you
should
begin by
diligently
researching
the
requirements
for
independent
contractors
–
specifically
a
consulting
practice.
Next you
would
create
consulting
services
that
will
benefit
organizations
in this
industry.
The key
to
bringing
your
idea to
fruition
is to
take
continuous
action
until
your
idea
materializes.
The Big
IDEA,
pun
intended,
is to
invest
in
yourself
and
discover
your
inner
passion.
Have
a
burning
Desire
to
succeed:
Build
Your
Business
Since
the
economic
downturn,
I have
often
heard
that the
greatest
numbers
of
millionaires
were
made
during
the
Great
Depression.
While
there is
some
truth to
that
statement
there is
another
component
the
‘Millionaires
of the
Great
Depression”
had in
common –
innovation.
To
elaborate
on
innovation
let’s
look at
a mega
giant
created
during
that
timeframe.
Founded
in 1923,
The Walt
Disney
Company
fostered
a spirit
of
creativity
and
innovation
with the
creation
of
character
animation.
Walt
Disney’s
innovative
effects
provided
some
relief
and
entertainment
for
sustaining
people
during
the
Great
Depression.
So if
you have
a
creative
and
innovative
business
idea –
build
your
business.
Although
innovation
is a
must
there
are
other
reasons
to start
a
business
in a
recession
as
explained
in “Top
Ten
Reasons
to Start
a
Business
in a
Recession”
by Brad
Sugars
of
entrepreneur.com.
They are
as
follows:
1)
Everything
is
cheaper;
2) You
can hire
more and
better-qualified
people;
3)
People
are
looking
to
change
suppliers;
4)
Ownership
equals
tax
incentives;
5)
Family
and
friends
don’t
want to
(or
can’t)
invest
more
money
into the
stock or
real
estate
markets;
6)
Suppliers
are
giving
better
credit;
7) You
can get
good PR
by
showing
you are
going
against
the
trend;
8) You
can buy
everything
you need
at
auction;
9) You
can find
great
“low
money”
or “no
money”
down
deals.
By
building
your own
business,
you are
setting
yourself
up to
achieve
financial
independence.
Empower
Your
Community
African
Americans
are
among
the top
spenders
in the
nation
but when
it comes
to
wealth
accumulation,
we are
not.
What are
we
spending
our
billions
on? The
Selig
Center
survey
shows
that
blacks
spend
more
money on
items
that
depreciate
in value
(i.e.,
telephone
services,
personal
care
items,
children’s
apparel,
footwear
and
major
appliances)
instead
of
investing
in
assets
that
increase
net
worth –
our
wealth.
How do
we
change
this?
Change
begins
with
shifting
our
buying
habits
in four
main
areas:
1)
purchase
more
assets
to
create
wealth;
2)
invest
your
money in
business
ownership;
3)
patronize
black-owned
businesses
more
often
than
not; and
4)
reinvest
in our
communities
through
philanthropy
that
benefit
underserved
communities
in the
US. By
changing
our
buying
habits
we will
begin to
empower
our
communities
with
increased
economic
development
thereby
leveraging
our
buying
power to
benefit
our
communities.
Act
Now:
Connect
With
Like-Minds
Business
networking
is when
a group
of
like-minded
business
people
gather
to meet
and help
one
another.
This can
occur
face-to-face
at
conferences
or
online
at
social
networking
sites
such as
LinkedIn
or
Twitter.
When
networking
keep in
mind
what you
can do
for
someone,
instead
of
thinking
how
someone
can help
you.
Let’s
replace
networking
with the
word
connecting.
Then the
real
focus is
on
sincerely
and
freely
giving
and
sharing.
Shifting
your
perspective
to
connecting
with
like-minds
will
help you
create a
large
and
powerful
network
that
will be
built on
mutual
respect
and
trust.
It’s
about
relationship
building
with
other
like-minded
business
people
in your
community
and
abroad.
Connecting
with
other
professionals
provides
you with
an
opportunity
to share
resources,
knowledge,
and
information.
The
absolute
best
education
I have
ever
received
on the
concept
of
networking
was from
George
Fraser
in his
book,
“Click:
The Ten
Truths
for
Building
Extraordinary
Relationships”.
In Click
you will
discover
the Ten
Truths
for
connecting
with
people.
You are
provided
practical
how-to
resources
from
creating
perfect
relationships
to
crafting
your
dream
team.
To
achieve
financial
independence
during
an
economic
downturn:
take
your Big
IDEA;
build a
business;
empower
your
community;
and
connect
with
like-minds.
Deshawn
Johnson
is a
Professional
Empowerment
Coach
and the
Founder/CEO
of
www.blackecommerce.com.
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