A lot of wise entrepreneurs are making a lot of money in the fallout as the UK economy bounces around with the triple hit of Brexit, PM resignation and new appointment and the now predictable event of England being kicked out of the Euro 2016 football championships.
They know that there is money to be made where there is fear and speculation. Some are buying cheap UK Sterling others are snapping up cheap stocks and shares while others are haggling hard on basic business deals on such as renewing a lease for a property or machinery.
Facing fears and thinking positive in times of an economic downturn is what a true entrepreneur does. Many success stories are about people who made their most money during recessions and economic slumps. Just read about billionaire businessmen and women such Warren Buffet.
So when the chairman of JCB Lord Bamford recently said we have "little to fear from leaving the EU" and the business community "needed to look to the future", he was not wrong. He went on to explain "European markets are important to many UK businesses, including JCB, and this will not change," but also said "We should look ahead to opportunities to trade more freely with the rest of the world, as well as building on existing trading relationships with customers and suppliers in Europe."
So he was basically saying, we have to remember is that the UK is the world's fifth largest trading nation in the world, and being positive and looking for the opportunites to do even better should be the priority not giving in to the nay sayers and fear mongers.
With this in mind, some economists have predicted that the UK could be heading towards a recession, while others have predicted stronger growth once things settle down. "We can look forward to faster rates of economic growth as we embrace the world economy," John Hearn, an economist at the London Institute of Banking and Finance stated recently.
But why the huge contrast? Well let's not forget that these people are paid employees and don't really understand what it means to be self-employed and how an entrepreneur's take home pay is directly effected by the sales they did that week.
So its all well and good to reassure the doubtful but would a true entrepreneur even be paying any attention or be busy working hard? Sorry who said what? - Lets all work hard today to make more profit and be successful tomorrow, and the economy will take care of its self. Its core foundation is after all individual businesses not employed workers or politicians they are just the purchaser at the end of the chain.
Top Tip: The fall in the exchange rates is benefiting UK exporters by lowering their prices and helping domestic retailers products look more attractive to the buyers from other countries, so look for opportunities to export your products and expand your market place overseas while it lasts.
By Anni Khan at Tax Affinity Accountants
Tax Affinity Accountants are experts in Tax and Accountancy. Based in Worcester Park and Kingston upon Thames they are considered in the Industry to be expert accountants and advisors for small businesses. Helping and supporting business throughout the UK, they regularly help new and established businesses to succeed.
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