We all know the economy has been incredibly tough on everyone these past several years, with countless more job seekers than jobs. This is not news. But when it comes to a personal job search strategy, what has not been seriously discussed and explored is entrepreneurship, especially for some of the harder-hit members of our society, like midlife women.
To have this serious discussion, let me first quote a few facts:
With a record number of people–5.1 million out of work for 27 weeks or longer, with the actual unemployment rate actually at 14.5% and not the reported 8.1% when you look at the U-6 data from the Bureau of Labor Statistics and a modest increase in jobs that doesn’t begin to compensate for an earlier plunge (see Charts 1 & 2,) this economy has been tough on everyone, to be sure.
Knowing the facts is not enough. To have this serious discussion also requires our accepting a new reality, specifically:
- In spite of a slight rise in the number of jobs between March 2012 and April 2012, the unemployment rate and the number of unemployed remain unchanged. So you can say that here are far fewer jobs out there than there have been in the past.
- For what few jobs there are, competition for most every on is fierce. (I saw a recent posting for a part-time copywriter–19 hours–with local newspaper. According to an online job search engine, there were more than 400 resumes for that 1 part-time position.)
- Because competition is so fierce, and the economy so very tough, employers are finding ways to weed out the many applicants, which can include age.
- Even if you beat these incredible odds and end up with the job, you could just as easily be told to pack it in the next day. (Translation: Your life and livelihood is at the mercy of someone else’s capricious whim.)
- About half of the current college graduates are either unemployed or underemployed.
Given this new reality, what is a job seeker to do? Keep applying the same old, tired, broken formulas hoping things will be different? But that is the definition of insanity, isn’t it? But what is the alternative?
The alternative is to approach income-earning in new way, not as an employee, but as an entrepreneur.
In my next series of posts I will further lay the case for this dramatic shift, as well as provide practical ideas that you can at least begin to consider, if not implement.