You hear it everywhere, every day. The market is down. Times are tough. People are struggling. But what if an unstable economy is the perfect timeto start a business? That-s exactly what Tony Hawk did when he created a multimillion-dollar skateboarding empire during a flat market and waning public interest. Here-s what Tony has to say about using tough times to your advantage:
Know it is risky, but do it anyway. "I felt like if I could start a company when skating was at one of its deadest states, then if it takes off again, we set ourselves up to be in a position of prominence and we-d just ride the wave."
Recognize the advantages of a flat market. "For someone to come in once the sport takes off, it-s just going to take way too much capital and way too much marketing money to get in a position to be recognized."
Make sure you are passionate about your idea or product. "I focused all of my energy on it because I loved it so much and I felt like, you know, I want to make this happen."
Don-t just grab deals as they come—scrutinize. "I learned the hard way not to hand everyone the keys to all your opportunities. I gave them the power to have the final say in projects and deals and it cost me."
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