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Why the global economy must be fearless
The news that the UK economy grew by 0.8% between July and September caught many by surprise. There has been an infinite stream of negative press regarding the state of the UK and global economy which has fuelled fear amongst consumers and businesses.
Business and emotions including fear don’t always go hand in hand. The capacity to handle emotion in business is a crucial skill and one which is regularly ignored. Placing emotions to one side entirely when carrying out business can however be considerably risky because business is not necessarily black and white, there can certainly be a lot of grey.
If as a business manager or owner you feel overwhelmed with fear it will only stop you from making the important steps which you need to take. For example, fears over the economy could possibly stop you from taking on new personnel or investing in new machinery. Taking risks, be them big or small is part of being in business and if everyone stopped taking risks completely it would completely stall the economy. Global news tonight provides economy news in a separate section of this website.
Expansion is vital for all businesses. However it is just as important that growth is managed to be sustainable. Darwin observed that nature might be full of wonder and beauty but the truth of it is that all that beauty we see is actually a fierce battle for survival. Many would argue that the business world has wholeheartedly accepted and adopted Darwinian thinking.
In business you have competitors which drive a business to constantly improve. By growing a business faster and more successfully than your rivals you will ensure the business goes on to exist and hopefully grow.
At the same time the government has a responsibility to make certain that the business environment is given as much confidence as possible to encourage growth and security. A country in total and utter fear isn’t going to help the economy at all. Following more than two years of economic hardship it is going to take time for confidence to be restored.
The UK’s public sector is confronting a big squeeze on spending and unfortunately many civil servants will lose their jobs. Ultimately it is the private sector which is going to have to grow and take on as many of these people as possible.
If you have a successful business it is important not to let fear get in the way of you buying those you need. Investing in people or assets is crucial in business and to the economy as a whole.
The future may be uncertain but the present is ours and it is vital that fear does not drag businesses and the economy down a slippery slope. A famous United States general, George S Patton once said “There is a time to take counsel of your fears, and there is a time to never listen to any fear”.
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