During challenging economic times, many of us are in situations that are stressful. Companies are laying off employees, consultants are finding that there are not as many paying customers, and small business owners are having to work twice as hard to get and keep customers. Fortunately, I was able to read some stories of real life people like you and me who have chosen to see opportunity in the midst of adversity. I read their stories and analyzed some of the key success factors that helped them come out on top during the recession. And I will now share them with you.
Trust Your Instincts
One of the stories I read was about a gentleman who was laid off from his twelve-year job at Intel as a marketing engineer. He had taken a class in improv years earlier to help him face his fear of public speaking. He found that he had a knack for improv, often receiving positive reviews from his fellow students. So, when he found himself laid off, he reached down deep and thought, “I’ll give it a shot!”
Take Massive Action Consistently and Ruthlessly
Dan, the guy I am writing about, wrote jokes and scripts ceaselessly. He marketed himself courageously, and his efforts paid off. He has done standup at birthday parties, corporate gigs, and even doubled what he would have normally made in his former job. He landed a part in a movie directed by the same director from Slumdog Millionaire!
Get Comfortable with Discomfort, and Face the Fears
Rose was a speech pathologist who had run a very successful business with 13 employees. However, with the recession crunch, she found that insurance companies were not reimbursing as they had been in earlier years, and clients were just not willing to pay for speech therapy as they had been. She had 11 kids, and had the idea that their family could cut expenses by going into farming. She and her husband always had an interest in the environment and sustainable living. However, when it came right down to purchasing all the animals and starting their new lifestyle, she stated she had a lot of fear of the What If’s: What if no one bought their products? What if it did not work out? However, it has worked out, and she is grossing $40,000 per year, spending more time with her kids than she did before, and still running a part-time speech therapy practice.
Get Creative!
If you do end up facing a layoff, you will find that you have to cut expenses, like Sergio Santos. An architect, he found out his job was being eliminated. He scoured the rentals for something he could afford. He found a studio for $350 a month, which was still too high. However, with some smart negotiation, he convinced the landlord that he would take the storage room near the studio for $150 a month. After making some renovations, he learned to live with a lot less, was able to post some pictures on his personal website, and got some freelance projects by people who could not believe what he had done with his space. He is now getting married, but has learned what creativity and willingness to do with less can do to help him prosper during challenging times.
Finally, here are some key factors for success for managing transition during the recession, taken from a Reader’s Digest interview with many ordinary people like you and me who have been resilient and successful in making transitions during difficult times.
“Ask yourself, What are my strengths, my passions? Where do they meet?”
What do you daydream about? What do you find yourself doing with your down time? What are your interests? What are your hobbies? What have you gotten positive feedback on from co-workers and friends?
“When others say your goal is too risky, rise above the negativity.”
Many people who are well-meaning, wanting to make sure that you protect yourself from possible failure. The key is to surround yourself with other entrepreneurial types who will support your new direction. Consider joining a business networking group or your local Chamber of Commerce, so that you can rub shoulders with others who of a like mind.
“Consider your key skills and how they’re transferable to a new job.”
Once you pay attention to your passions and interests, ask yourself how you can combine them with key skills that you have developed over the course of your previous jobs.
Disclosure: I am sourcing Reader’s Digest for their great write-up on real life people who took advantage of the opportunity that recession brought to them in the disguises of layoffs, tough business environments, and economic challenges.
Also, I must mention Pat Flynn from the Smart Passive Income Blog, and his fantastic write-up of how he has taken off in his career as an internet marketer one year. The title of that article is One Year After Getting Laid Off – My Annual Passive Income Report One Year After Getting Laid Off – My Annual Passive Income Report.
Which of these key success factors will you incorporate into your current situation? Whether you are now unemployed, in a tenuous job situation, or even if you are doing fine in your job, you will want to carefully consider and apply these success factors to keep you resilient and resourceful during the current recession, and beyond.
photo credit: Pierre Poliquin
I welcome your comments below. Also, I would be honored if you would Tweet, Stumble, Digg, and otherwise share my article using the Share feature below 
About Stephen Borgman
Hey Steven,
In Belgium, we have a superior social security system and a great salary indexation system, so we are relatively save. Recession has not really hit us, but I’m fully aware that the only thing you can be sure for is that nothing is sure for ever. The world wide recession has colored many news stories for some time now.
My real objective is living more purposeful and that personal process is becoming more and more important for me. Being on this path, I realize that the most determining success factor in life is living purposefully.
I notice in your stories, that living purposefully is a constant success factor for every one, especially in difficult life situations.
Thanks for sharing !
marc van der Linden recently posted..Do you have a matcher or/and mismatcher attitude?
Marc, it’s great to hear that Belgium is ahead of the curve. Perhaps we will need some delegates to come and teach our US politicians how to run things
It’s great to hear that you are living life “on purpose” and “with purpose”. What have been some of your key strategies for getting to this point?
I would not say that our current politicians are the best we have The social security system already exist for some decades. I can only hope it survives the current recession …
I would not say I’m already living full on purpose. It is only some years ago what I for the first time learnt what it actually means to live on purpose. The nice thing I discovered that there is no need of dramatically change the way of living,: There was only a dramatically change in :
1) thinking and
2) acting on thinking.
My key strategies are:
1) having:
a) a written purpose statement,
b) ‘love list’ – list with what I love to be, do and have in 7 area’s of life
c) short list of daily affirmations and long list with monthly affirmations
2) habit of :
a) doing daily affirmations every morning
b) working with 7 daily priority list
c) keep learning every day new things and link them with my love list
d) updating my love list/affirmations/purpose every 3/6/9/12 months
3) professionally
a) No quitting of my job, neither complaining that it is not my purpose on earth
b) linking my activities with my activities on my love list
c) focus on what I can learn “on purpose”
4) Start new activities which bring me closer to my purpose
a) Blogging
b) conscious choose my friends
c) Conscious attention to my relationship
5) Learning through
a) reading best books ever
b) reading best blogs
c) following world class seminars
This list is not complete, but it comes pretty close
Thanks for challenging me
marc van der Linden recently posted..Do you have a matcher or/and mismatcher attitude?
Marc, that’s quite an incredible list! Having a Love List is a great way to frame goals: rather than something to work hard to achieve, you realize your goals are in line with what you really want to do. Thanks for honoring me with your presence here. I’m sure I’ll be learning a lot from you!
Twitter: RetireWithCarla
says:
Steven, I love Rose’s story! She definitely had to get comfortable with being uncomfortable.
I am personally in a similar situation and having to make that decision to “Jump”.
My business is just at the tipping point, not quite enough income to quit the day job. However I need to invest more time in the business to really “ramp it up”! So I too am getting comfortable with being uncomfortable these days. Thank goodness I found a really great outsourcing solution.
Wow, Carla! What a great point to be at! Obviously, you’ve been doing something right with your business. Yes, we truly have to continue to be comfortable with discomfort in order to stretch beyond our current levels!
Twitter: prfuller
says:
Hey Steve
Those are great examples where people reacted to their circumstances rather than complaining about them and doing nothing.
Who says we cannot take a 360 when changing careers.
The people who will do well are those that can adapt to the changing environment, rather than being scared of it.
Peter
Peter Fuller MBA recently posted..How To Hit Your Business Sweet Spot
Peter, you do a great service to those who are willing to learn new ways of thinking. I’ve personally truly enjoyed your series on new opportunities and cashflow mindset
Twitter: paulreimers
says:
It’s important to figure out strategies to thrive in all times, not just the ideal ones.
When things shift and become uncertain it can be a huge benefit because it can cause us to tap into resources that we have never tapped into before, like your example in the Getting Creative part of your post.
It’s the times of uncertainty that test us like no other times, and those same times offer the greatest opportunities if we can see it and take action on it.
Paul Remers@ Visionary Network Marketing recently posted..How to Ride a Purple Cow and Stand Out from the Competition
Twitter: rgoutal
says:
Over the years I have jumped around a bit. I taught high school for 15 years. Decided to do things my way and left to start my own school. I ran out of money and wasn’t sure if I could make it work for the third year so I went to work in a semiconductor equipment manufacturing company where I was quickly appointed Training Manager. Eight years later I was laid off, and took my knowledge and connections on the road to consult and teach other companies the best way to do equipment training. The beginning of the Great Recession reduced my income that I began to explore other options. I am now reinventing myself again, as a marketing trainer for online marketers, focusing on collaborative marketing endeavors. Risky behavior but it has been an interesting life, still looking to learn and grow. Just my story (or a birdseye view of it).
Richard Goutal recently posted..In Life Coaching Business? Collaborative Marketing Works for You Too
Twitter: steveborgman
says:
Wow, Richard! I believe you are such a great example to the rest of us as we make our way through uncertain times. I’ve really learned quite a bit from you and your writing, so it’s an honor to be associated with you as we make our way together through the maze of change
Steve-Personal Success Factors recently posted..Bruce Lee Can Help You Score a Goal at the World Cup!
Twitter: martyinmaui
says:
Wonderful article Stephen … I just love stories like this! There are so many people suffering these days because of the crazy economy, and even more who are risking health problems because they’re feeling so stressed about the “unknown.” For those willing to take a chance, stories about hope can make all the difference in the world!
marquita herald recently posted..People Helping People
Twitter: hollyfulfordjef
says:
I must say that I am not sure which option I would want to jump into… Being passionate about something and sharing it with others would be my most likely option! It is so good to hear of people making it when the time is necessary. Often we stay in our meager life doing whatever happens than choose to branch out and do what makes our heart sing. Great post!
Holly recently posted..More and More People Have Food Sensitivities. Why Is That?
Twitter: steveborgman
says:
Holly, I would agree with you: finding what we’re passionate about and sharing it with others is such a great way to create our own economy.
Steve-Personal Success Factors recently posted..You Don’t Have To Be Steve Jobs To Change The World
Twitter: ilocalsearch
says:
Hello Stephen,
Fabulous post. Right on the mark to achieve everything we want to achieve we must push ourselves and that means stepping out of our comfort zone and being brave. Things may not always turn out as he had hoped or anticipated but imaging if that stopped us from trying new things… life would be quite dull! Wishing you a fantastic weekend from France
Sadie-Michaela Harris recently posted..By: Sadie
Twitter: steveborgman
says:
I agree with you, Sadie. The only thing I would say is that we need to have a certain amount of careful research and preparation before we launch. But we cannot stay in the research and preparation stage forever
Steve-Personal Success Factors recently posted..Live Like A Marathon Runner!
Sad to say that our country is facing a deep economy crisis these days and we all think of ways on how to make money for living. A lot of people are now unemployed and now thinking of ways to make money. And thanks for sharing us your ideas. I’m pretty sure, lots of people will come across to read your post. Keep sharing!!!
Tony Tate recently posted..Why Is It Not Okay To Labor in Vain?
Thank you, Tony. I’m glad to be in the company of other positive, faith filled people like yourself here online.
Twitter: rachellavern
says:
Great ;post!
One of the factors that I really had to work on was facing my fears. One strategy that is a mantra that helped me to develop a successful business is being willing to face my fears and go for it anyway! (I have this written on my wall!)
Rachel Lavern@Life for Succss recently posted..Recipe for a Successful Leader
Rachel, thanks for the comment. I’m glad you faced your fears, because I’m benefiting from meeting you and reading your great materials at your blog
This is a very appropriate post for me to read today since my adult son got laid off last week. He’s too dazed to think real clearly, but we’ve been brainstorming together to see how he can use his skills in different types of jobs or even to start his own business. Its always hard to lose your job, even if you don’t like your job, but he LOVED his job.
I read Pat Flynn’s post and frankly found it discouraging! I’ve been an internet marketer for a year and have made about 1/10th of what Pat has made and I’ve worked very, very hard. Apparently not at the right things. Oh, well, there is always next year…
Rufus, thanks for stopping by. Remember, Pat Flynn is an exceptional guy. Even though he says he’s just a regular guy, he’s very smart. It helps to associate and get coaching from people you trust as well. Only you can determine who those trusted mentors will be. And we have to be willing to do, fail, and learn quickly, over and over, because that’s how we become better and better.
Twitter: lizkimeria
says:
Hi Steve:
Love this post. What a great story. What if, could have, should have and all the rest of them in that family can totally paralyze someone if they are not strong enough to step outside the box, stop complaining about the economy and do something about it. I love that Rose had the guts and the courage to give her farming dream a chance and did not let fear hold her back. If we can all have just a little courage, feel the fear but do it anyway, we can stop bad situation from getting worse, and make a complete shift.
Liz, thanks for the comment. I saw a quote the other day: if we focus on what we can change, versus what is going ‘wrong’ in our lives, we will be a lot more empowered.
Twitter: JupiterJimFLA
says:
One thing that really saddens me is that every so often on television the news or some special report shows people that have spent 2 years of their life looking to find a job after being laid off in the U.S. So now after two years they have absolutely Nothing to show for their efforts. No Job. And certainly no new skills, no new additional source of income. I always think to myself, what if that unemployed person has spent 20 or 30 or 40 hours a weeks learning to and then running their money making blog or network marketing business? They would have met so many people, learned new skills and had something to show for it. Please do not depend on corporate America for your financial stability! It ain’t gonna happen. Read blog posts like this and be inspired. Face your Fear and do it anyway!!!
Thanks,
Jupiter Jim
Jupiter Jim@Thesis Tutorial, Thesis Theme, WordPress Tutorial recently posted..WordPress Tutorial: How to Update to WordPress 3.2 or WordPress 3.2.1