How to Survive and Prosper in Today’s Economy

JACK
Everyday we are blasted with waves of bad news. The public is centered on the economy because that’s what affects them the most now, immediately. Like a bad smell, it permeates every sector of our population. Older people are worried about their retirement, about medical expenses, and even about having a place to live. Young people see a lack of opportunity in the market place, rising costs in education, and a job market that is collapsing. Great segments of the population are worried about their jobs, if they have not already lost them. Contradictions are all around us. Investors are punchy from the dramatic movement in the stock market – mainly down. Then it is capped off with fraud and abuse in unbelievable amounts of money. The Madoff scandal alone is a $50B Ponzi scheme that has not only destroyed individuals but also many charities.

Is there a bright spot? I have constantly maintained that every down stroke has an upstroke and there are always opportunities in this great country. First we must go back 75 years to the inspirational statement of Franklin D. Roosevelt – “The only thing we have to fear is, fear itself.” Here are some ideas about how to bolster your outlook and your future:

1. Huge investments are about to be made by the government in construction, healthcare, and education. So look for work in those industries.

2. There are still industries in which there are great shortages. Hospitals cannot find enough nurses, cities cannot find enough policemen, and non-profits are desperately seeking directors who can help them raise funds.

3. If you are looking for a job first determine in what direction, and then think of what companies or industries you would want to join. Find out all you can about that company, simply by searching on the Internet. Determine what their needs are and contemplate how you would be perfect to fill those needs.

4. One of the industries that is having banner years are the placement agencies. Many companies are looking for help on a temporary basis. Consider contract work.

5. Truly examine who you are and what special skills you possess. I have had the pleasure of mentoring several people by just helping them into a new direction, utilizing the knowledge that they already had.

6. If you are responsible for a company’s business, try to step out of the box. Besides the trade that you normally service, what other kinds of companies can use what you make or sell?

7. Many companies unnecessarily localize their activities. Simply expanding geographically expands markets. With today’s technology it is much easier than ever in the past.

HILLARY
While you are far more knowledgeable on this subject, a couple of thoughts come to my mind. First was the story of an investment executive who, after seeing the writing on the wall, left his firm to find other employment. When thinking about what else he could do, he looked to his experience in the army and realized that he was skilled at shining shoes. He now owns many shoeshine stands and is employing several other people. This seems to fit into your idea that a person needs to look at the whole of their experience when thinking about their next job, not just what they have been doing.

Another point that we often discuss is that the main export from the U.S. is innovation. What I have come to learn is that innovation often comes at the meeting place of multiple disciplines. For example, at the Stanford School of Business a young woman teamed with engineers to create a low cost incubator for premature babies around the world. (www.embraceglobal.org) She could not have done this without the engineers, and the engineers couldn’t have done this without her business savvy. Perhaps this is where the future of our economy lives. Think about who you know, and what knowledge you can you share together that will create the product or the service of the future. You may not be able to do it yourself, but you can create a team of people that can.

JACK
The possibilities are endless and I can site many stories from my own personal experiences. I have spent sixty years in the markets of the world, and realize that there is no end to opportunity. In 1988, I was invited by Ronald Reagan to join a Presidential Trade Mission to Japan. The purpose was to encourage and increase American business in Japan. I met many of the great Japanese industrialists, but what I took away that was most meaningful, was a conversation with the President of Sony. His statement has been a hallmark of my career. “Too many Americans come here to make a deal. We are more interested in having a relationship.” This was one of the great truths. I started to tell people that all business is personal, and people do business with people that they trust and with whom they have formed a relationship. Once you have relationships the possibilities are infinite. When I came back I was inspired to write a couple of books, and it was a time similar to what we have now. They are
“There’s No Business Like Your Business”, and
“How to Succeed in Business Without Lying, Cheating or Stealing”.

What I said then is just as applicable in today’s business world.

I invite any thoughts or questions.

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