And that is what I want to tell you too as we pass through our own economic recession. It will pass sooner than you expect and there will be an economic boom. But for everyone of us, benefiting from the coming boom requires a new mindset. A mindset that is not fixed on the bust but seeking out the opportunities that will position one for the coming boom.
The way to doing that will vary for each one of us. It will depend on our specialised knowledge and interest. It will also depend on how well we can delay gratification. So I can't tell you how to prepare for the coming boom but I can share with you how I am doing my preparation.
I am heavily investing in the stocks market. Well, heavily is a relative term but it means I am putting all my money after deducting my living expense in the stock market. A lot of people scream when they hear me say that but stock investment is one of my area of specialisation and interest. I have my risks well calculated and my investment strategy well defined. The market is very depressed, I don't need a prophet to tell me that it will go up very significantly. So I have become greedy when others are fearful (as they say in the investment world).
I am positioning myself for domination in the IoT industry niche in Nigeria. I have my own IoT lab and have been studying and practicing consistently. My progress is slow but it is progress nonetheless and I am still on course to emerging a local champion in that area.
I am also reorganizing my business to be more of a consumer facing business. I am pulling out of all B2B models. I have stopped the consulting arm of my business and have stopped marketing companies. It's great when they contact us but we are not going to beg/chase them. It is a lousy B2B market here in Nigeria. They always try to get more than they've paid for and make you sweat unnecessarily for payment.