You Don't Have to Outrun the Bear

In recent discussions with dozens of entrepreneurs from throughout the country, I've heard a common and encouraging message. Commerce is starting to happen again.

I'm no Pollyanna, and neither are these seasoned business leaders. For most of these folks, '09 revenues still may decline by 25% or more, profits have taken a beating, and they've had to make some devastatingly difficult decisions to let people go, close down business units and do without critical resources. But they've all begun to see signs of stabilization. Inquiries from prospective customers began increasing in early March, and orders began flowing again in mid- to late-April. They've begun to get a handle on how their business will look in this new world.

That, my friends, presents the most determined, decisive entrepreneurs with massive opportunity. If you're one of them, it's time to quit focusing on survival and look hard for ways to acquire market share from competitors who weren't prepared for a massive downturn and reacted slowly when the economy started to unravel. These companies may be ripe for acquisition, or they may be ill-prepared to serve their customers in a post-recession economy.

It reminds me of the story of two hunters that happen upon a grizzly bear. As the bear starts to charge, they drop their small-calibre weapons and start running. After 50 yards or so, one hunter turns to the other and says, "Why are we running? We can't outrun a bear!"

"I'm not trying to outrun the bear," says the other hunter. "I'm trying to outrun YOU."

If you're still trying to figure out what's happening with the economy, quit trying to outrun the bear. Focus 100% of your energy on what you CAN control - outsmarting your competitors, staying razor-sharp internally, delivering tremendous value to your customers and acquiring market share. You'll be the last hunter standing.