Opinions expressed by entrepreneur contributors are their own.
A recession is the perfect time to focus on personal growth. While it may be tempting to batten down the hatches and wait for the storm to pass, this is the time when you can really set yourself apart from your competition by taking risks, learning new things and expanding your horizons. If you can adopt and maintain a growth mindset during a recession, you will come out the other side stronger and more prepared to take on whatever challenges come your way. Here are four tips for how to do just that:
1. Take advantage of time for planning, wellness and being creative.
A recession can be a time of reduced activity, both in terms of business and in our personal lives. While this can be tough to adjust to, it also provides an opportunity to focus on our personal development. This means using the time when you are not working or doing other activities to learn new things or work on projects you have been wanting to do. You can read books, take online courses or work on other projects that you have been meaning to get around to but never had the time for. Learning new things will make you more well-rounded and better equipped to handle whatever comes your way. Use downtime to your advantage.
Related: 6 Ways to Develop a Growth Mindset
2. Be BOLD and get out of your comfort zone
A recession can be a scary time, but it is also a time when we need to be at our best. This is the perfect opportunity to push yourself out of your comfort zone and try new things. Whether it is taking on a new project at work or starting your own business, now is the time to go for it. Stepping out of your comfort zone will not only help you grow as a person, but it will also give you the confidence to take on whatever the future holds. Think about getting a coach or evaluating your goals through a 360-degree lens. There is no one-size-fits-all answer for how to be bold during a recession, but here are a few tips to help you get started:
- Don’t be afraid to take on thoughtful and pragmatic changes.
- Be confident in yourself. During a recession, it is more important than ever to believe in yourself and your abilities. Stay positive, and don’t be afraid to take ask others for support, guidance and mentoring.
- Be open to change. The world is constantly changing, and during a recession, it is even more important to be flexible and adaptable. Be willing to try new things and explore new opportunities.
Related: Making A Recession Work For You
3. Focus on what you can control
One of the most difficult things about a recession is that it can be hard to remain positive when so much feels out of our control. The key is to focus on what you can control and let go of what you can’t. This includes your attitude, your effort and your willingness to learn and adapt. By focusing on the things that you can control, you will be better equipped to weather the storm and come out the other side a stronger person.
No matter what challenges arise during a recession, remember that it is an opportunity for growth. By taking advantage of downtime, pushing yourself out of your comfort zone and focusing on what you can control, you can set yourself up for success both during and after the recession. So, embrace the opportunity, and focus on your personal development! Become more comfortable with trying new things that are not always guaranteed.
One of the biggest obstacles to personal growth is a fear of failure. We all want to be successful, but sometimes we let our fear of not being good enough hold us back from taking a chance on a new idea or possible new path. If you’re going to adopt and maintain a growth mindset during a recession, you need to get comfortable with the possibility that you’re going to be unsuccessful. Failure is not an indictment of your worth as a person; it’s simply a part of the process of learning and growing. What matters is how you respond to failure. Do you let it defeat you, or do you pick yourself up and try again? If you want to have a growth mindset, you need to be willing to try — and learn from your mistakes.
Related: If You Want to Succeed, Fix Your Mindset
4. Invest in yourself
During a recession, it’s more important than ever to invest in yourself and your own development. Learning new skills, exploring different areas of interest and expanding your knowledge base will position you well for success when the economy does eventually recover. Personal growth is always a good investment — but it’s especially important during tough times like a recession. By investing in yourself now, you’ll ensure that you’re able to overcome any obstacles that come your way in the future, recessionary or otherwise. You may also want to consider getting a coach to help keep you accountable.
A recession can be a difficult time for anyone, but it doesn’t have to be all doom and gloom! If you can focus on personal growth and adopting a growth mindset during these challenging times, you’ll come out the other side stronger than ever before. So, get started today by learning new things, taking risks and expanding your horizons! Your future self will thank you for it! Believe in yourself.