With each passing day you hear how the economy has changed.  Reading the business news can be confusing.  People are worried, anxiety builds, and fear is felt.  So in this time of distress is there an upside? Absolutely, if you look back at history, you can see the opportunities that evolved during times of economic change.

For example, think of something as simple as a blacksmith.  At one time every town had a blacksmith to shoe horses, create iron implements, and repair wagon wheels.  The invention of cars slowly but, surely put the blacksmith out of the main business forum.  Many blacksmiths converted their businesses and became car mechanics.  Other blacksmiths began specialized careers.  And some just went out of business.

The point - is the glass ½ full or ½ empty?  Where some people will sit tight and wait till things get better, there will be others who will see what is new on the horizon and will prepare for the next new thing to arrive. Those people are entrepreneurs. They will create new businesses while the old businesses will either be destroyed or changed.  Economist, Joesph Schumpeter, named the concept as "creative destruction".  Whatever you call it or however you see it – change is inevitable. 

Yet, there are some things that don’t change. For example, a new business will enlarge the town’s revenue base, employ local residents, and give back to the community. The Borough of Wanaque, New Jersey welcomes change, growth and new business entrepreneurs.

 

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