Some of the greatest companies started in an economic downturn. William Hewlett and David Packard joined forces in the 30s Depression and started their research, development and manufacturing in the back of a 12x18 garage, which became the birthplace of Silicon Valley. Bill Gates dropped out of Harvard during the 1975,70s recession to start Microsoft. 16 of the 30 companies that make up the Dow industrial average) were started during a recession or depression, including Procter & Gamble, McDonald's, General Electric, Johnson & Johnson, Hyatt, LexisNexis and CNN.
Start-ups aren’t easy and don’t always survive; about 60% fail before the first 5 years. Most start-ups remain small. About 60% of the USA's 5.9 million small businesses have fewer than five workers.
Business start-ups soar when the economy tanks, mostly because many laid-off workers have nothing to lose and pursue self-employment. This positively affects the economy: small businesses create 75% of new jobs.
If you’re not ready to start a business, you might want to consider freelancing opportunities. It’s an easier sell for companies, looking for spot talent reluctant to increase a payroll. Your former employer may be your first client. I know tons of highly talented, successful marketing freelancers who love the flexibility.
Check out the book, Free Agent Nation: The Future of Working for Yourself from Dan Pink, contributing editor at Fast Company. This groundbreaking book on "How America's New Independent Workers Are Transforming the Way We Live" and the death of large economy will change your perspective of “career.”
I went through 4 mergers in 2 years, before I started Smart Solutions. Formerly a Vice President at top ad agency, Lowe Lintas, I was laid off in 2001, right before September 11th. While I doubt I would have had the guts to relinquish what was a perception of security to forge down the uncertain pathway of starting a new business, it ultimately proved to be incredibly more satisfying, fulfilling and lucrative.
It takes dedication, discipline and serious persistence. Most people give up too easily. Need inspiration?
Thomas Edison tried a thousand different elements to come up with the right material for a light bulb that all failed. When asked if his time had been wasted, He replied, “Hardly…I have discovered a thousand things that don't work.” Founded in 1876, General Electric is the third largest company in the world.
A broke Colonel Sanders offered his only asset—a great chicken recipe—to over a 1000 restaurants for free, in exchange for percentage of sales. Through constant rejection, he spent two years driving across the country and sleeping in his beat-up car. On his 1,009th sales visit, one restaurant finally accepted his offer. Today, KFC has over 11,000 restaurants in 80 countries.
Walt Disney was fired by Kansas City Star newspaper editor for not being creative enough. He was also turned down 302 times before he got financing for his dream of creating "The Happiest Place on Earth" All the banks thought he was crazy. Today, Disney is a global media and entertainment conglomerate.
Gabrielle (Coco) Chanel was shunned from society because she wasn’t educated or classy enough (how wildly ironic is that?) She spent years in poverty, trying to sell her original hats. She eventually got a business partner who funded her first storefront. She built Chanel in wartime, defied trends by developing "basic" clothes with comfort and elegance that women wanted and revolutionized the fashion industry.
My advice to survive and thrive?
- Be prepared to be in it for the long haul.
- Articulate a real differentiator and unique sales proposition.
- Always under-promise and over-deliver.
Most people give after making a handful of unsuccessful sales calls! Not many could survive the constant stream of rejection and struggle. A common theme in successful people is that they never give up. Do you have a dream that hasn’t been realized? Sometimes change can be a good thing. And it might just be the best thing that ever happened to you.
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