When will this economy right itself?  Sometimes I sit thinking, “there must be more that I could do…”  My thoughts range from starting a new business to thinking deeper about the skill set I would need to get a job in the workforce of the future.  Unfortunately, I fail to see the value in traditional post-graduate studies, unless you are going into medicine, energy, or planning to pursuing careers in some emerging market.  On the job front, we currently face very distinct realities: 1) we cannot acquire enough education to outmatch the legions of unemployed who have 10 to 15 years of actual work experience in the exact same field you have just chosen to pursue; 2) we cannot prevent the constant desire for corporations to automate (… or outsource) as many non-core operating functions as possible; 3) the close personal friend, or family member, who said they will pass your resume internally at their firm or company will likely have told 10-20 others people the same; and 4) the only people successfully applying for jobs in this economy are those who are currently working (….irony).  In short, no new jobs are being created.

To the point of resource optimization, if we, as Americans, have accomplished nothing else, we have definitely maximized the benefits of supply chain management.  We have learned that it is so much cheaper to manufacture and produce durable goods overseas, particularly when markets like China and India contain such highly skilled labor.  Our manufacturing and industrial production has become largely marginalized, as many of these assets are now foreign owned – steel production to auto manufacturing.  The United States has become primarily a service based economy, which lends itself to businesses that can be effectively operated with decent logistics and/or information management systems (with fewer workers and less operating capital).  Considering the frequency that call centers have been outsourced overseas, many service sector careers may soon become obsolete as well.

With that being said, our best option, given the economic prospects for finding a job, is to become an entrepreneur.  In fact, consider becoming a serial entrepreneur, as your first endeavor may not yield the “end-game” results you may hope, if it does not fail entirely.  But there should be a tremendous amount of practical knowledge that you should take from each experience.  This knowledge will ultimately enhance your prospects for success in the next project.

Still, what remains is this…. it is incredibly difficult and time consuming to start a company, business or whatever you would call your entrepreneurial pursuit (if this was not the case, everyone would be there own boss).  The most challenging part, beyond just getting started is, even when you are on the right path to success, is the difficulty in seeing progress in your efforts as an entrepreneur.  Only through unyielding drive, persistence and perseverance will that success ever be realized.  Pardon the cliche, but it truly takes “intestinal fortitude” and self-belief to continue when no one else believes.  What is important now will be important then – you must believe in yourself.

*If I might digress for a moment, admittedly that intestinal fortitude reference is as yawn inspiring as when people refer to the rubber meeting the proverbial road.  But truth is truth whether you like it or not, and these things become cliche for a reason.

So as I was suggesting, the length of time it takes to start a business may require you taking jobs that are much less desirable to keep your “ends” meeting.  And this is how dreams deferred may ultimately become denied.  Please if you are on this path, working in a job you hate just to pay bills while you develop your business plan or self-fund your start-up costs, do not give up.  Do not become complacent with the prospect of earning just enough to simply pay bills.  There will be a time in the not too distant future when you will face a critical point.  You will have to choose – either continue in your current capacity, as an hourly wage worker or a check to check salaried employee, or take the plunge by scraping together whatever savings you have amassed and go “both feet in”.  You know where I stand on this issue.

I guess I starting thinking about this specific topic after speaking to Eric earlier today.  He was telling me about his discussion with one of his mentors, who happens to be extremely successful and sits on several Fortune 500 corporate boards.  Eric came away with a new perspective on his approach to the job search and/or considerations for entrepreneurship.  I thought some of the takeaways were at least interesting enough to share.

• If you have kids (married or not), providing for your family should always come first – even if it means deferring your dreams
• Give yourself time to build some financial resources before jumping into entrepreneurial uncertainty
• The odds are generally against you that your first entrepreneurial effort will succeed – be sure to learn the lessons to apply next time
• Do not focus on variables or things outside of your control
• Know when to fight for survival of your endeavor and when to cut your losses

Be persistent, the tide will eventually turn in your direction.

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If you are one of the 15-20 million unemployed (depending on the statistics you read) or one of the 42 million Americans collecting food stamps, what are your options now that the last of the 99′ers will be hitting the proverbial wall for unemployment compensation?  Seriously…  There are no sustainable jobs for the unemployed.  The employment quandary in which we find ourselves is it is simply cheaper for employers to hire (whenever they decide to do so again) right out of schools – whether undergrad or graduate.  The consensus for employers hiring the currently unemployed appears to be the idea that these masses will eventually leave as soon as the economy begins to recovery at all.  Therefore, why should U.S. corporations waste the resources on hiring experienced professionals that still remember the days of being paid their “value”, given their respective talents and skills?  For employers, I must imagine the prospect of hiring desperate job seekers with loads for relevant experience for 30% less than what would have been paid for the same resource three years ago is still pretty tempting.

Sadly, our persistently troubled economy has altered lifestyle expectations for all of us; but more so for those leaving school that have not yet earned a living.  These individuals and future professionals of tomorrow have only a conceptual reference to the average salaries and wages earned by people in this country during the boom years, so employers (rightly so) have scaled administrative salaries and wages accordingly, in order to match expectations.  The philosophy must be “why pay more than you have to for anything”, even if it is for people?  That is just basic business economics, if you ask me.

So to the question of what are our options?  The only option with any real viability in the economy ahead, unless you don’t mind continuing to work in jobs you hate, is to start your own business.  However, if you know nothing else, you know starting a business always takes more than you initially think or plan – more effort, more capital, more time… more everything.  But what does this mean for the Boomeranger? Considering our circumstances, we have less of everything.  In order to succeed on the entrepreneurial path, we must be more creative and more resourceful while juggling the family, responsibilities and the pursuit of opportunities that will once again allow us to move forward…

When you approach the crossroads to either become an entrepreneur or wait for the economy to recover for career prospects, think carefully about whether or not you have the stomach for entrepreneurship.  The most significant challenges you will face as a Boomeranger newly encouraged by the promise of economic independence and autonomy will have little to do with executing tasks associated with starting a business.  That will be relatively clear.  Most challenges will concern finding enough time in the day to get everything done.

For instance, on days our kids are not in school, we spend them primarily entertaining the kids in shifts.  I generally take the morning and Eric watches them in the afternoon.  Although not at the same time (unless they are napping), we are both able to be productive at some point during the day.  Still, the most frustrating distractions come at night, after bedtime.  Recently, we were preparing some “Slipped” t-shirts for orders to be shipped the next day, but ten minutes into what hoped to be a productive evening, our daughter gets up for water.  Five minutes later it was “I have to use the potty.”   Twenty minutes after that it was “I’m scared.  Please check my closet.”  But what can you do other than move forward, and continue to commit yourself to the pursuit.

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