Wishful waiting won't work

The economic boom of the '90s has gone, and those who wait for business to "come back" to the level we experienced in the past decade might as well wait for Elvis to reappear at Graceland. Sorry, folks, but it just won't happen. No miracle will occur to make the economy better. What we have now is the new economy.

I fear, though, many people will do little but hope business picks up. These people hesitate to spend money, start new projects, and boost their own enterprises. Instead, they whine about business and complain about the economy. But just as the stock market leaves "market timers" behind, so does the economy. We can't wait for someone else's first move to signal the time to recharge our businesses. We must listen to customers to find out how their businesses have changed, and we must accurately—and honestly—gauge our strengths and weaknesses. We have to forget about the past and take advantage of the business climate that exists now. Wishing and waiting won't strengthen the economy. No matter what the economic situation—boom or bust—we always can exploit weaknesses in competitors' positions, capitalize on our strengths, start projects that show promise, cut dead-end efforts, and take other actions that improve our businesses.

In many areas, business stinks, but that can't stop you from moving forward. The people who do something first or get someplace first make history. Who remembers the second developer of the microprocessor or the integrated circuit? And who will remember the companies that got a late start in the next economic growth cycle? Now's the time to decide if you want people to remember you as a winner or a whiner.