With more companies firing that hiring, people everywhere are unleashing their inner entrepreneur in hopes of surviving the economic downturn.

The Theory of Entrepreneurial Evolution states that a person with a great idea, exceptional business plan, and unique marketing style can survive even the toughest of times.

It really is the survival of the fittest.

What are you doing in business that is exceptional and unique?

Find out what these women are doing to survive:

Tapping Business Skills That Already Exist
It wasn’t the economy, but culture shock that influenced Donna Young and her sister to start their (now successful) export/retail business.

Want to confirm that your idea is really as hot as you think?
Entrepreneurs bounce business ideas off bar crowds
Start pitching ideas and receiving feedback at unexpected places. If your idea turns out to not be so hot, it’s better to find out sooner rather than later.

I did it, I did it! I didn’t cheat…not once!

>>How I feel: Superb. I didn’t read, worry, or discuss the economy in any negative way for an entire week. In fact, the topic was so far from my mind that I only just remembered that it time to discuss my experiences.

I thought I’d have more people bring up the state of our economy in social situations, but it really never came up. Surprisingly enough, it’s possible to survive socially without being “economically educated.” Listening to radio and TV news is impossible on this diet, however. I avoided NPR like the plague this past week.

>>Goals accomplished/Lessons Learned: When I began my Financial News Diet, which I should have really labeled a Fast, I had two goals in mind: peace of mind and business growth.

Did I accomplish my goals? I have complete peace of mind about the financial situation in the world because what I don’t know, I feel right now, can’t hurt me. When I listen to the news about bailouts, corporate greed, and bad spending my blood has a tendency to boil. I have free will. I can choose to read or not read along with my reaction.

Business-wise, I can’t say that I’ve noticed immediate business growth, but I wasn’t expecting this. Rather, business growth will be come as a result of me changing my state of mind and not feeding into the worry the media projects into the world.

>>What I missed: I have to admit, I wanted to check the financial news for the first two days of the Diet but didn’t. By the third day, I didn’t care as much as the first two. Right now, I could honestly care less. Here are some of the headlines I have missed:

-Economic concerns send shares lower (NY Times)
-Get ready for a wave of bank failures (CNN)
-Taiwanese economy slumps into recession (CNN)
-US tries a trillion-dollar key for locked lending (NY Times)
-Let housing crash (Reuters)

…and a bunch of talk about some stimulus plan.

Here’s what I want to read more of in the upcoming weeks/months:
-Creativity is key to weather recession in fashion (Reuters)

An article like this can give me some information to work with and actually grow my business. Couldn’t agree more!

>>Where I’m going from here:  Reading and listening to the media going on and on about doom and gloom doesn’t directly benefit my life or business in a positive way, instead it begins to have a negative impact in many areas.

I will make an effort to stay informed about the things I can change and have an impact on me. Life goes on and business transactions still happen. Think creatively. There’s more to life than the economy (I really want to add the word “stupid” right here, but won’t).

Everyone should be asking himself or herself:

How does my state of mind about the economy and news intake affect my business?

How does listening to a 24-hour newscast go on and on about a recession benefit me?

Starting today, I’m embarking on a 7-day financial news diet trial. I’m tired of hearing about the state of our economy, corporate greed, layoffs, corruption, bailouts, and other unsustainable financial plans that will be this generation’s legacy to our great-grandchildren. It saddens and angers me.

I don’t believe listening to all of this negative economic talk is helping small business owners build the right frame of mind to succeed.

What do I hope to accomplish during a 7-day financial news diet? Two things: peace of mind and business growth.

I notice that the more I listen to the news and dissect or discuss what is happening, the more worrisome and hopeless the situation feels. When I’m on economic news overload, I really notice the negative shift in my own attitude. It goes back to the old sayings “ignorance is bliss” and “what you don’t know, can’t hurt you.”

I want to concentrate my energy on my own professional growth while helping other small business owners do the same. If Corporate America won’t help, Small Business America will. I want to become aware of how my own “but the economy” affects my state of mind and business. I think there is more of a relationship than we could ever imagine.

Here’s my simple plan:

1. No financial news. Avoid this section of the newspaper and pass over articles dealing with the economy, bailout, corporate greed, corruption, etc.

2. No “but in this economy” talk. I’ll change the subject if it comes up.

3. Know there’s enough financial abundance for everyone in this world. It’s a matter of providing a worthwhile service or product and giving a hand up to help those in need build a sustainable future.

4. No blogging about the “crappy” economy.

Anyone up for joining me on a 7-Day Financial News Diet? It’s easy, all you have to do is NOT WATCH, LISTEN, OR DISCUSS THE STATE OF THE ECONOMY!

Sign up in the comments section and/or send me a message on Twitter. We’ll check back in with each other on February 20th to discuss.

SPREAD THE WORD!

Conversation tag for Twitter: #newsdiet

It’s a bad time for large corporations throughout the world. Unsustainable spending habits and corporate culture has finally caught up with people and companies worldwide.

Hundreds of thousands arrived at work this morning just as their companies were announcing job layoffs.  Very soon, 71,400 employees will be out of a job and out of a paycheck. Today’s job cut announcements add to the already 200,000 jobs already lost so far this year. In 2008, 2.6 million people lost their jobs.

What companies announced the job cuts this morning?

• Catepillar, a construction machinery manufacturer, will cut 20,000 jobs.

• Pfizer is cutting 10% of its staff AND closing five manufacturing plants.

• Sprint Nextel Corp will slash 8,000 jobs in an attempt to reduce labor costs by $1.2 billion per year.

• Home Depot is axing its EXPO design center and firing 7,000 associates.

• Texas Instruments will be waving adieu to 3,400 due to weak demand.

• ING wouldn’t comment on who will go, but 7,000 will soon be former employees.

• Deere & Co. (as in John Deere) will cut 700 factory jobs.

Diva Mogul’s Take: Continue to support small business, this is what will keep our economy afloat over the next few years.

A week in review…

• Turns out, Merrill Lynch head honcho John Thain spent big bucks right before the bailout. He spent $1.2 million redecorating his office. This breaks down into $837,000 to hire celebrity decorator Michael Smith (yes, the same guy redecorating the White House), $87,000 for a rug, and $35,000 for a “commode on legs.” As a side note, Thain also handed out millions in bonuses to employees despite company loses and the bailout only being days away

• It is widely reported that despite the billions in bailout money, banks are still “teetering on the brink” and doing worse than they were six months ago. With men like John Thain in charge, this comes as no surprise. Most institutions have already burned through half the money.

• Google reported a quarterly profit drop for the first time ever. Have no fear, I’m sure they’re still doing quite well and search engines will continue working.

• Microsoft is slashing 5,000 jobs while Bill Gates and Paul Allen still manage to stay on the Forbes Billionaires list.

• On a happy note: Starbucks is giving away free coffee from January 21-25 to anyone pledging five hours of community service! Get your companies and coworkers on board by donating your products or services to those in need. Don’t forget your free cup of coffee!

Top business opportunities for a down economy

In December 2008, Entrepreneur Magazine featured a great article called “trend: economy” that covered the top business opportunities for a down economy. If you haven’t read it, I suggest you dig up the issue somewhere and check it out.

John Assaraf and Murray Smith, the founders of OneCoach in San Diego, offer their 2009 business advice. Here are a few industries, they say, will take off this year:

1. Business Coaching- Out go the jobs, enter unemployed entrepreneurial minded people.

2. Social networking for business- With your network, grows your business. Help others succeed in this area.

3. Alternative fuels: Gas prices go up, then go down, and then up again. It’s time to think outside the norm.

4. Environmental services: Going green is “in.”

5. Heath care: Always needed.

6. Nail Salons and beauty products: Some things in life are nonnegotiable.

7. Discount retailers: Everyone wants everything on the cheap.

8. Luxury products: The rich are only getting richer!

9. IT and other technology services: As technology changes, so to the complications.

10. Credit and debt management: It doesn’t take a genius to know that there will be a continued need for these types of services over the next couple of years.

For more information, check out the December 2008 edition of Entrepreneur Magazine or visit Entrepreneur online.

When the economy gets tough, customers stop paying. This is a problem for both large and small businesses. Unfortunately non-payment has a trickle down effect that impacts a large number of businesses that have dealings with these truant companies.

Here are a few tips to ensure you get paid, even during economic hardship:

• Have a contract. Be sure the contract is signed by both parties and clearly states your expectations on both sides. Also include when payment should be received and what happens if you don’t receive payment.

• Collect payment upfront. If you don’t get a down payment, you could be setting yourself up to not be paid at all. An upfront payment ensures the client is serious and makes them feel like they’re paying less in the long run

• Send out reminders. If you don’t nag, unfortunately some people can easily “forget” to pay you. Take a look at your billing schedule to decide when would be a good time to send out “friendly” payment reminders

• Accept credit cards. With so many people strapped for cash these days, it can be worth footing the credit card fee if it means you’ll be getting paid. If you use a system like PayPal, try passing the fee onto the customer.

• Don’t be afraid to cut of services or relations with the individuals and companies who are consistently tardy or have not paid. They’re not worth your time and are undeserving of what you have to offer.

Over the past few weeks, I have heard more and more people talking about having a recession proof business. It has become quite the ‘in’ buzz phrase, so what can you do keep the cash dollars flowing?

Although some businesses might be very effected by the ups and down of the economy, there do tend to be sectors less bothered. Grocery stores and telecommunication companies are just two examples. Sales might go down a little bit because families are sharing phones to save or not buying as much exotic produce, but everyone still needs to communicate and eat.

Here are some tips for your business:

• Keep a careful watch on your cash flow. Cut back on frivolous spending you know you can’t afford.

• Keep in the good graces of the customers you already have. Bring them back time and time again to do business with you. It’s easier and cheaper than finding new clients.

• Think creatively to attract new customers or to find a new niche market you’ve overlooked.

• Be seen. Get out in the community and be active and helpful. Consider your networking dollars advertising costs.

• Keep providing a valued service!

I’ve resolved not to write too much about the economy. Aren’t you SO SICK of turning on the TV and hearing nothing but bad news about the economy and how much people are suffering? I am and I don’t even have cable. Reading and hearing snippets is more than enough “economy overload” for me. The world continues.

But, sometimes I take recommendations from family and friends. Recently, 60 Minutes interviewed Ken Lewis, President of Bank of America. I watched it because I want and need to know what’s going on with banks across the country and world (I don’t want my bucks in the wrong place at the wrong time ). This gives you an inside scoop as to what happened when the nine major financial institutions met with the U.S. government. It’s a very enlightening interview:

CLICK HERE TO VIEW THE VIDEO!!!!

• Banks were given $125 BILLION in taxpayer money from government and told to “take it or take it” regardless of whether or not it was needed
• The money is supposed to be so banks can continue lending, but there are no requirements attached.
• Bank of America is currently the strongest bank in the USA: they chose not to participate in sub prime lending, which helps them today.
• Bank of America President Ken Lewis only takes home $25 million/year, pennies compared to other bank and Wall Street executives.
• Despite being strong, B of A is still looking to save $7 billion and will probably be forced to layoff some employees.