The Only Thing We Have To Fear…
HILLARY
Jack, with the economy declining as it is, and so many people losing their jobs, do you have any thoughts on what people can do after they get terminated, so that they can still be productive?
JACK
Almost every economic occurrence has a historical precedent. Going into a recession, losing jobs, and being very dismayed is nothing new. As a matter of fact, as recently as 1990 we went through a very similar period. Major corporations were downsizing, and millions of people lost their jobs. There was a great deal of panic, particularly as unemployment insurance ran out. At that time, because of the great concern I had, I wrote a book that has been used in a number of colleges as a text, called “There’s No Business Like Your Business.” In this book, I cited what I saw as the rules of the road and was able to illustrate through my own personal experiences, that one of the major answers to unemployment is to start your own business. I tried to show that this was not as difficult as it sounded. I said that, in many cases, the new entrepreneur did not need any more training, and that he or she was able to perform services to the former employer as an independent contractor. Many companies have no problem with paying more to an independent contractor rather than having additional employees with all of the insurance and other risks. Those that cannot do just the exactly same thing they did before being laid off, could examine the world around them and look for an opportunity that would benefit by the kind of commitment that one makes in his own business. Our situation today in many ways is the same as in 1990 when we were also going though a recession and a loss of jobs. One of the great benefits of being an American is that government makes it very easy and enables us to go into these great ventures.
HILLARY
After working nearly a decade in Corporate America, I can tell you that nothing scares me more than the idea of having to support an entire company by myself. I am so used to filling a position in a large business, that I don’t know if I can even imagine where to start to build my own business, even if I had a skill set or an idea that I believed to be transferable to a new enterprise. What can someone who thinks this can do to even try to take on what you’re suggesting?
JACK
First — read my book. Because I cannot put in a blog what took me 300 pages to explain. This sounds like a commercial, but I am really more motivated by helping people find their place, than I am by promoting myself. If you read the book, you will find that I have achieved a great deal of success with no college education, and no particular skills. I should correct that — I was a good salesman. This is a skill that I would recommend for everybody who can learn how to motivate people, as well as themselves. In the immortal words of FDR “The only thing we have to fear, is fear itself.” If one is among the vast army of the unemployed, what have you got to loose. My methods remove much of the risk. For example, if you invented something for which you think there is a market, you don’t go blindly ahead and try to produce it. You build a model (a sample) get an estimate on what it would cost to make, and then go out and sell it from the sample that you have built specifically for this first purpose. Your risk is zero, but your potential is terrific. I created a method — don’t buy anything until you have already sold it. Suddenly, the risk is gone. But, you must always be sure that you are responding to a specific need. Then you find and define the need, and fill it.
HILLARY
But, Jack, even though you may not be putting any money out to pursue this type of project, you also aren’t bringing any money in, in the short term.
JACK
That’s not true. If you made a solid deal, you can almost always get financing, either at the bank or by someone interested in your venture. On my very first deal, way way, way back, in 1946, I did exactly that, more by instinct that by intent. There was a market for navy blue woolen material in China. There was no navy blue woolen material anywhere. I bought, at surplus, Army olive drab. Dyed the samples navy, submitted it with an offer, and received a big order. My local bank financed the whole deal.
HILLARY
But how did you pay the rent during this time?
JACK
That is less of a problem today than ever. The greatest percentages of entrepreneurs work out of their homes. It is a lot easier today with the advantage of instant communication and modern technology. I really, truly understand how difficult it is for someone like yourself to make that adjustment in your mind, but it is doable. I know of many people, personally, who are doing exactly that and are very happy. Before the job problem, there are many housewives who found a means of making money while staying at home to improve their standard of living. First you must like it, then there must be a real need, then you have to have the guts to overcome the various objections. I’m sure there is stress attached to this, but most often there is stress attached to any job.
HILLARY
So, maybe it really does come down to releasing the fear that one cannot operate outside of the corporate structure, and believing in one’s own individual power.
JACK
I can only add, that in today’s world, your security depends on your own ability to cope with your personal problems. The corporate world has changed dramatically. You no longer work for a company for a number of years and then retire with a watch. It just doesn’t work in today’s economy.
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