"It's a recession when your neighbor loses their job, and it's a depression when you lose yours."
If you work in tech, like me, especially on the razor's edge of web3, then you're likely the living embodiment of this quote.
Jobless claims are a rising tide, your network is buzzing with requests for leads and your inbox is full of the usual junk plus notifications stating "We've found someone with greater qualifications."
It's tempting to panic and begin driving for Uber Eats (no disparagement to Uber drivers. I once drove a van for a living, but we know no one dreamed of driving for Uber as a child). Before you despair for lack of better days ahead, take a beat and catch fresh air.
Yes, the economy is hard! The powers have decided we've saved too much and they've pulled the levers of control to cut into your bag. It's difficult enough to hold your head up while treading water. I'm here for you and I'm saying there's another way.
Fear won't take us under. Buck the trend, swim against the current and harness these uncertain times to channel your inner fox.
The Silver Lining in an Economic Downturn
Economic downturns are notorious for inciting fear, prompting hasty retreats, and sending capital into seemingly bottomless abysses. However, surrendering to despair is not the only option. It’s precisely during these times of financial strain that we should consider stepping up instead of stepping back.
True, demand might be low, but so is competition. Rather than battening down the hatches and waiting for the storm to pass, consider rising up. Embrace calculated risks and commit to putting yourself to work.
Victor Frankl, in his celebrated work "Man's Search for Meaning," insightfully states, "Don't aim at success - the more you aim at it, the more you are going to miss it. Success, like happiness, cannot be pursued."
Success, according to Frankl, is the unintended side-effect of personal dedication to a cause greater than oneself. It's the by-product of surrendering to something, or someone, larger than ourselves. Success, like happiness, must happen naturally. To achieve it, one must stop worrying about it and focus on fulfilling the commands of the conscience.
So, use this downturn as an opportunity for recalibration. Listen to your conscience. Uncover that thing, that idea, that project you've been postponing, and start building it. Share your vision, and you'll find others who resonate with your ambitions and will support your journey to success. Economic downturns may be challenging, but they also provide the unique opportunity to sow seeds that can bloom into success when the tide turns.
Hire Yourself: The Ultimate Job Security
In times of job market uncertainty, self-doubt and devaluing oneself may seem like the only options. But what if, instead of lowering your expectations, you could create your own job? Instead of wrestling with imposter syndrome, you could become the entrepreneur that you've always wanted to work for.
Identify a problem that you can solve and build a solution around it. This way, you won't find yourself at the mercy of an employer's whims. You could become a job creator, a trendsetter, and a difference-maker. Instead of clinging to the fragile security of a 9-5 job, you could seize the opportunity to shape the world in a better way and establish a culture that genuinely respects values.
Yes, you might have to sacrifice a steady paycheck in the short term, but the potential rewards are immense: freedom, flexibility, and, quite possibly, even greater financial prosperity.
Embracing entrepreneurship is no easy feat, but it does present you with the chance to develop anti-fragility. As Nassim Taleb argues in his book "Anti-Fragility," people who willingly expose themselves to small doses of discomfort often become stronger and more resourceful. They unearth previously unknown tools and strategies that can propel them to unprecedented levels of success.
In a turbulent job market, self-employment isn't just a chance to survive - it's an opportunity to thrive.
Embrace the Inner Fox
If striking out as an entrepreneur seems too daunting, another worthwhile route in challenging economic times is to invest in yourself – in skills, knowledge, and experiences that amplify your professional value.
This approach is captured in Isaiah Berlin's well-known essay, "The Hedgehog and the Fox," which explores two contrasting views of the world. The hedgehog knows one big thing, whereas the fox knows many things. In an economic downturn, embodying the fox – becoming multidisciplinary and embracing diverse skill sets – can make you uniquely valuable and equip you for leadership roles that might otherwise be out of reach.
Contrastingly, Jim Collins in his 'Hedgehog Principle' advises focusing on one area to achieve excellence. While this approach has its merits, during economically challenging times, the adaptability and versatility of the fox could prove advantageous.
Today's digital world provides abundant opportunities to learn. From online courses to traditional university programs, you can expand your skills and qualifications across myriad domains. Look beyond your country's borders; numerous foreign universities offer cost-effective education and welcome international students enthusiastically.
Learning a new skill is not only a professional enhancement; it also supports mental health. The process keeps the brain active, helps forge new connections, and serves as a positive distraction from prevailing challenges. In these times, why not awaken the fox within you and explore new terrains of knowledge and skills?
Chart Your Own Prosperity
In the tempestuous climate of a failing economy, unleash your inner fox – adaptable, pioneering, and multifaceted. Transform the obstacles into stepping stones, unseen by many, leading towards opportunities. Instead of becoming a pawn of your circumstances, assert yourself as the game master of your destiny.
Cease the economic hysteria, let loose the fox within. Begin carving your future today. Because when the economic tides inevitably turn, you'll be leagues ahead of those who squandered their time wallowing in apprehension, instead of taking action.
Don't just weather the storm; sail in it. Be the lighthouse in a sea of crashing waves. Command your destiny. You're not a passenger. You're the captain. Rather than being tossed by chaos, be the fox who defiantly charts his prosperity.