Today I want to tell you a quick story which reveals an important principle about change that will help you get what you want.
If you learn this lesson and command the principle, it will equip you to build a recession-proof, depression-
proof, crisis-proof business.
You may recall that I accompany my ballerina daughter to her lessons each week.
It is really a fantastic experience. Aside from her being an extraordinary talent and something special to watch, I get to participate in something that is really important to her and the 65 minute drive there and back gives us a great opportunity to visit and bond. I consider myself truly blessed to have this opportunity.
Tonight, when we arrived I ran into one of the other dads who I had not seen in several years.
His daughter had stopped dancing for a while and was considering a return to dance, so they had stopped by the studio to check out the class schedule and so forth.
He and I had a few minutes to visit and get caught up. He is a lawyer and I was really fascinated by what he shared with me. And there is a really good lesson for you in it too.
I remembered that for years prior he had specialized in divorce settlements. That can be sort of a messy business and he had never really been very happy about his work. But when I asked him what he was doing now he lit up with great enthusiasm and told me he was handling foreclosures.
Frankly, it caught me a little off-guard. Divorces to foreclosures…Interesting…but, then who am I to judge. =0)
Well, I got a 10 minute lesson that was pretty enlightening about how truly willing banks are to modify loan terms in favor of retaining the mortgage on a property as opposed to foreclosing on it.
But the real key, at least according to my friend, is that you need a lawyer who specializes in these negotiations and really knows what he or she is doing in order to come out ahead.. Apparently, there are not a lot of lawyers who know how to do this correctly and are plenty who don’t.
My friend says he has a system where “everyone wins”.
HMMMMMMMM
That’s the comment that caught my entrepreneurial ear. Anytime I hear something about “everyone winning”, I want to know more about whatever it is. (That is good tip for you by the way)
So why I am telling you this? Because it is a perfect illustration of a lesson that will help you. Expressly:
“Pay attention to changes in your market and be ready to adjust to meet the demands of new opportunity as it emerges“.
And I don’t just mean the mega-trends we read about in the paper or hear about on the television. I mean the ones that are happening to people, day to day, all around you, constantly.
It occurred to me while I was visiting with him that my lawyer friend had done exactly that with his practice.
It is actually pretty simple when it is all laid out and it’s EXACTLY the way you want YOUR entrepreneurial mind to work…automatically. Here are the steps:
Something changed….
The change had an obvious effect on an existing market of consumers…
That change created a bunch of brand new, never before available, opportunities for an entrepreneur to provide real value by helping people solve real problems….
In this case, the mortgage lending debacle caused property values to drop, people to lose their jobs and as a result the number of mortgages qualifying for foreclosure increased rapidly.
But when a bank forecloses a mortgage everyone loses.
The customer/borrower loses his or her home…
The banks lose the interest income and often a sizable portion of the loan principle…
And the neighborhood loses, as vacancies blight the area and property values become further depressed….
And so on.
But if the borrower and bank can work out favorable terms to avoid foreclosure then this can be avoided and everyone can win.
People can afford to keep their homes….
The bank continues to collect loan repayments with interest….
Neighborhood property values stabilize….
Everyone wins!
But to make it work, there is a need for lawyers who are specially skilled at putting it all together.
This is exactly the opportunity my friend saw.
Certainly he had to make changes in his existing practice as a divorce attorney. He probably had to learn a lot of new “stuff” and perhaps hire some new administrative help too.
But just by paying attention to what was happening around him…by looking NOT at the mega trend itself…but instead, at the point of effect….the market of consumers in need…he identified a fantastic NEW opportunity to provide an extremely valuable service to both banks and consumers.
He moved his business into position in front of this rapidly expanding need and is now enjoying fabulous success helping people and banks meet a new kind of need.
This is a great illustration of several of the very principles I teach you here in my Video Blog and is exactly the kind of awareness and skill I teach you how to develop and master in ThePerfectBizFinder Program.
Don’t buy into the dooms-day reports of economic crisis and disaster. Yes, indeed there is economic turmoil and people are struggling as a result. But, change always creates opportunity!
Are there economic challenges at hand? Absolutely! But along with them and the changes they create there are also an almost limitless number of opportunities created.
You just need to know:
- How to find or identify them,
- How to position yourself in front of them with a solution
- And how to GO FOR IT!
Take a look around next time you’re out and about.
What changes can you identify?
How many opportunities can you see that have been created by each change you name?
How could the opportunity be best served?
How can you create the solution and place yourself in front of the demand wave?
Let me know by commenting below.
I’m standing for all that’s possible for you in life and business.
Sincerely,
Steve
PS – If you want to know how to find and build a recession proof business you’ll love for less than you spend on soda and coffee in a week.
Let’s get started right now!
.
{ 16 comments… read them below or add one }
Good article Steve
I personally found banks to be upresponsive to negotiations, especially when they get stuck with thousands of vacant properties that cost them money every day. Maybe your friend found a magic way to maks them listen.
A fellow I know did the same a few years ago and switched to “short sale” specialist, when most realtors were starving he was very busy helping folks get rid of their unwanted properties.
I myself (a little behind the times, I admit) am seriously considering becoming a debt couselor to help others through what I and my wife had to go through in the last couple of years. I see how many have no idea how to deal with their mounting troubles and think there is no way out.
Yes, I am plagued with fears of the past and of failure, but wallowing in it doesn’t get you anywhere. A thousand mile march starts with a step! It’s the first step that scares us most. Once you start on the way it becomes more of a familiar routine. But we must look to the sides ad ahead not to miss what happens around us as you show in this article.
Good Job again
Thanks
Hi Steve,
I am in the process of rediscovering myself. Yes there is an opportunity in adversity. I think I finally know what business to get into and am in the process of building the blocks. Thank you Steve and am looking forward to more inspirational insights on the perfect biz model.
Great article! Like the first reply…does this attorney have a website so I can find out more?
This is a great story: a win-win should always be the desired outcome of any business deal. Even some of the big corporates are learning it at last! From my side, I guess I will have to keep my eyes peeled for the kind of change that opens doors to new ways of doing things.
Thanks Steve … I am heading out right now on my evening bike ride and will be looking for things that have changed and how I might be able to be a part of that change.
Hi Steve,
Thanks for sharing your experience with us and your desire to help people
suceed.
Best
Arthur
thanxs steve,
Good insights right there. I will certainly have to decide on what to start with because they are several. Tis difficult to decide on settle on one though, have a poor self drive.
Thanks, Steve!
I will be looking at both programs more closely and hope to find a solution to the issues I’ve been experiencing. I have a lot of ideas and projects I need to get off the ground.
I appreciate your attention to this man as he related his story with you. YOU HEARD HIM! I don’t know yet what all the emotion is about when I read your stories. I’m not going to guess. I’m just going to enjoy the journey of DISCOVERY. Thanks
Steve,
Really appreciate this insightful story. You know, seeing the opportunities and being open to the possibilities is pretty easy. It’s overcoming the FEAR and lack of confidence to move forward and take IMMEDIATE action to capitalize on the opportunity that poses the problem for a lot of folks — myself included.
I applaud the attorney for having the ability to transfer his negotiation skills from one specialty of law (divorces) to another (foreclosure workouts). Being able to get a foothold to be heard and recognized as a “player” or respected expert, is quite a challenge when you deal with banks or other financial institutions who have been of the mindset to only workout a plan that benefits them. However, the economy and the growing number of foreclosures have made them step back and reassess the situation. They’re finally learning that they should not cut off their nose to spite their face! And, in learning that, they have opened doors to those willing, and able, to help everybody win.
Iris
P.S.: Do you have articles or videos that focus on how to create a viable system or plan to implement your ideas?
Hi Steve
Its a perfect story.It is true,every crisis creates a new opportunity and will change the next moment.If there is no crisis there is no fun in business.
Narendra.
Nice story.
A real good example of ready for a “change” based on being internally ready to receive so one can “see” an opportunity when it presents itself for the right purpose with good intent.
Steve,
Perfect example, thanks for sharing it. My tag line is “The Evergreen Entrepreneur”.
Good story, Steve
Good point, Steve
great observation Steve! love all your insights! (fun to see you’re in Morgan Hill – i lived there until i was 5 years old then visited my dad there til i was 12 – fond memories helping him in his downtown frame shop/gallery and hosting lemonade stands outside next to Ken Goodrich’s Deli
does this attorney have a website? can he practice in Arizona? if not, does he know of a good attorney in Arizona that could use his system to help me create a win-win with my bank? many thanks!