Behind Today’s Dire Job Market, There’s A New American Renaissance
Friday, March 6, 2009
by Marc Lichtenfeld, Senior Analyst, Smart Profits Report
This morning, I ran into an unemployed friend of mine, who is currently enduring his second stint on the jobless circuit this year.
He’s had a few interviews, but nothing has panned out yet. There just aren’t many companies in his area that are hiring. But rather than get down about it, he’s taking proactive measures and looking into a form of self-employment.
So in the wake of yet another abysmal U.S. job report today, here’s a ray of hope amid the doom and gloom…
Profession vs. Passion
There can sometimes be a big difference between a profession and a passion. If you’re lucky enough to have a job or work in an industry that you’re passionate about, that’s great. But that’s not true for many people.
For example, my friend’s profession was in sales, but his real passion is cooking. And let me tell you… he’s very good at it. My wife and I love going to his house for dinner.
And even though the best he and his family can expect when they’re at our place is a freshly delivered pizza, he still works tirelessly in his kitchen preparing gourmet meals when we go over.
When Life Hands You Lemons…
So right now, he’s taking the lemons that life has handed to him and he’s making… well, not lemonade, but chicken scaloppine with lemon and caper sauce.
In other words, he’s shifting his business focus from his previous career path in order to pursue his dream instead. He’ll shortly be taping a pilot episode for a cooking show. And since I know he’s a whiz at selling widgets, I can only imagine how driven he’ll be selling something he really loves.
Another friend of mine has a similar story. His original business went under, but he took that opportunity to open three new businesses - two of which are completely unrelated to his first venture and all three of which are currently experiencing success.
Down… But Not Out
America dreads the first Friday of every month these days. And today was no different.
The Labor Department’s latest figures showed 651,000 more layoffs in February, driving the national unemployment rate to 8.1% - the highest level in 26 years.
And let’s be honest… it will probably get worse before it gets better.
Sadly, many people will have a hard time finding meaningful employment. But you can be sure that several years from now, at least some of the people who now make up that harsh 8.1% statistic will say that getting laid off was the best thing that ever happened to them.
There’s frequent proof of that in small business and entrepreneurial magazines, which are filled with stories of successful businesspeople who got pushed into creating new businesses after losing their primary jobs.
The New American Renaissance
Make no mistake: This is a painful period for our country.
But great things will eventually come from it. Ingenuity and efficiency will prevail, as new entrepreneurs are created and existing workers come up with new and better ways of getting business done.
If you need a concrete example, just think about the Internet revolution. I suspect we could see a similar sort of Renaissance in a few years, as innovators turn creative ideas into fully-fledged, successful businesses.
And you know what that means?
Opportunity From Crisis
In the coming years, I expect there to be plenty of investment opportunities, as America builds itself back up. And while the Internet bubble ultimately burst, remember that many people made vast sums of money by investing in Internet stocks and technology.
And the industry wasn’t all bad. Many companies that took advantage of the mass venture capital at the time are still in business today - an example of how innovation and a sound business model can spell profits.
In several of my columns recently, I’ve reiterated that we’re approaching the greatest buying opportunity in generations. And it won’t happen just because stocks are cheap - and likely to get cheaper - it will happen because of the new businesses and perhaps even industries that will arise from this period.
What To Do… And What Not To Do
These days the market is engaged in full-fledged panic. Investors are riddled with fear and most are selling. But while I understand their fear, selling into a panic is not the way to make money.
Instead, while everyone is burying their heads in the sand, hoping that tossing ever-increasing sums of money at the problems will make them go away, you should be keeping your eyes and ears wide open for opportunities. This era of wealth destruction will ultimately lead to wealth creation, though not necessarily for everyone.
In fact, it may be only for those brave enough to take risk while everyone else is battening down the hatches.
But by understanding the situation and being willing to accept that there will be plenty of ways to produce profits in the coming years, you’re much more likely to come out on the winning side in the end.
Hoping your longs go up and your shorts go down.
Marc Lichtenfeld
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One Response to “Behind Today’s Dire Job Market, There’s A New American Renaissance”
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Right on ! Very good positive thought and ideas. We need to be encouraged to be’ positive.
Thank you,
RP