Where are the opportunities in the “New Normal” economy
The business landscape has changed fundamentally; tomorrow’s environment will be different, but no less rich in possibilities for those who are prepared. McKinsey & Company, worldwide (former) Managing Director, Ian Davis
A lesson from the (original) Great Depression – opportunities always exist!
Many years ago, I heard a story of a man who became a millionaire during the (original) Great Depression. This banker had lost his fortune and had watched many of his friends capitulate to the circumstances. Faced with unemployment he learned a trade and became a tile layer, he eventually worked his way back up, and was hired to work on the the construction of the Holland Tunnel in New York and got the contract to supply the tiles for the inside of the tunnel….. in the process regaining his wealth.
The Great Depression was a terrible time for many, some would compare today’s economy and the Nation’s battered spirit to that time. I have thought about this story many times lately, and the lesson. In the US, there are always opportunities to make money in ANY economy, you just have to have a little vision and be prepared to grab them.
Your own “Reinvention plan”
The lesson of this story was one of the influences that propelled me to make one of the boldest moves in my life – going back to school to get my MBA in Global Management at Thunderbird. This was part of my “personal reinvention plan” which was spurned by the reality that the industry I had worked in had changed dramatically due to advances in technology, and a bad economy, and that the skills I had carefully honed and the network I had cultivated for over 20 years of my career had (almost) been rendered irrelevant. This was a scary and expensive move, but I am confident that it will pay off over time….
It’s wise to devise your own “personal reinvention plan”, even if you are currently employed and happily doing your job. In this era of the “new economy” you must NOT be complacent or tied to old thinking, and processes. This trap can become the “concrete shoes” that will weigh you down and may eventually sink your career.
As a job seeker, what I am finding more and more, are that the larger companies are:
- Full of “Scared Managers” – terrified that they may loose their jobs. This fear leads to ineffective second guessing every move, and sticking to old tried and true ways.
- “Confused” because they don’t know how to define themselves in this new economy – lot’s of “analysis paralysis” happening.
- Companies are giving lots of “lip service” to “entrepreneurial spirit” and innovation” within their organizations – but not fostering this behavior or hiring the right kinds of people to develop this kind of culture.
These are MAJOR ISSUES in today’s business environment, that will deeply affect organizations ability to survive and thrive in the long run. Be careful if you are currently employed in one of these organizations. Ask yourself, is my company really poised to thrive in this “New Normal”?
Where are the opportunities?
Now Apple is like the rest of the US – they have no Jobs
With an alarming ZERO NEW JOBS in August and with 14 million people (reported) currently unemployed, and the President’s announcement of the $447b Job Plan…. Where are the good jobs???? The fact is that most lost jobs are being replaced with lower paying jobs. Still there are some industry sectors that are making gains in good paying jobs.
- Green collar Jobs: According to, “Sizing the Green Economy” – “The clean economy, which employs some 2.7 million workers, encompasses a significant number of jobs in establishments spread across a diverse group of industries.”
- Consulting - Management and technical consulting services reached a record high in August.
- Health Care – Elderly Services, Therapy, Home Health Care, Mental Health Services, Outpatient Care, Medical and Diagnostic Laboratories, Physician’s Offices and Administration, Optometric and Dental Services, Chiropractors.
- Internet Hosting and Publishing.
- IT - Hardware and software.
- Retail - Brick and mortar retail stores and e-commerce.
- Administrative and Customer Services.
- Software Publishing.
- Education Support Services.
- Passenger Transportation (air and land).
- Daycare (juvenile and adult).
- Writers and Artists.
Everyone here knows that small businesses are where most new jobs begin. And you know that while corporate profits have come roaring back, smaller companies haven’t. So for everyone who speaks so passionately about making life easier for “job creators”, this plan is for you. ~ President Barack Obama, 9/8/11
The news today about jobs and employment picture is no doubt scary and daunting but there are some good stories to tell. Consider this - 28 million small businesses employ 57% of the country’s private workforce, and 60 to 80% of all new jobs come from small businesses. It is expected that job growth will continue to come from this healthy sector.
It’s a Brave New World
Business in the US and much of the world isn’t as “usual”, we will probably never go back to the pre-recession time and the reality is, we must adapt to the “new normal”. Today, we need more than ever to hone that good old fashioned American ingenuity, create new opportunities, because we can no longer rely on the comfort of the corporate giants.
Related posts:
Did you enjoy this post? subscribe now to get all of the posts Comments (2)
You said it!
The economic meltdown in 2007 was a blessing to me. It forced me to think out of the box. As a result, my green website that started as a hobby turned in a online magazine the celebrates a glamorous lifestyle that is Grounded in Sustainability and Guided in Global Advocacy. We just published an exclusive one on one interview with Activist, Mother and Model Christy Turlington Burns.
With two new journalist writing for us, I have been asked by a major magazine to write for them as a contributing journalist.
People must think outside of the box. Convention will keep you from all the potential opportunities that are available. However, I feel we need to instill this understanding in schools. Children must understand that the status quo is not what gets you to overcome times like these. It is innovation that does!
Thank you Maria for your post!