We live in a world of capitalistic creative destruction. The very nature of capitalism relies on competition and coming up with the latest, greatest, best product and or service going. Or that which makes previous products and services obsolete.
How long has this been going on? Much longer than the title of this article implies.
Let’s go back to 1870 when Rockefeller’s Standard Oil was established. As many know, he dominated the oil refinery business for kerosene in the later part of the 19 th century. However, with the invention of the light bulb and its mass distribution within a decade Rockefeller saw his business almost become obsolete. If it wasn’t for the mass distribution of cars in the later portion of the 19 th century, Rockefeller, our first billionaire, could have gone the way of the kerosene lamp.
And this is the nature of capitalism. So if you are ever shocked or surprised by a company, industry, or economic sector disappearing, and in the process you lose a job or career, it is time to wake up and smell the creative capitalism in the air.
According to Allan Greenspan, author of The Age of Turbulence (2008), things have only gotten worse in regards to lack of job or career security, but at the same time this “new world” holds great promise and hope: “We are living in a new world-the world of a global capitalist economy that is vastly more flexible, resilient, open, self-correcting, and fast-changing than it was even a quarter of a century earlier.”
With the fall of communism in East Germany and Russia, along with the slow eroding of the same in such countries as China, we certainly live in a new age, one that we would be remiss in ignoring as regards our financial well-being. Never before has it been so important to be critically aware of the need to not only educate but re-educate or continue to educate oneself for as long as the need to create income survives.
The very nature of capitalism requires destruction of the status quo. But with more and more players coming into the game the field has grown considerably in size. And it is critical to not only keep abreast of what is happening in the outside world but the inside as well. Never before has it been so important to know of what one’s abilities, desires, talents, and gifts are so that they may be exploited to optimum utility.
But it’s also more than that. One must also consider the field one is getting into and its potential longevity. If you’re in the computer field, you better be nimble and quick to learn and upgrade your skills on a yearly if not monthly basis, as ridiculous as that seams. However, there are fields that are more stable.
Take for instance mortician, doctor, coach, or psychiatrist. These are fields that may change in their technology used or techniques acquired, but people will always be in need of these professionals.
Another thing to consider is that in today’s rapid changing world a single source of income, or job, may be suicidal. With such rapid change occurring it is becoming critical, essential that everyone has multiple sources of income.
What does that mean?
It means that you need to diversify: business and investing. Today with the Internet and its ease of use, low overhead, and ability to reach around the world, more and more people are becoming business owners in some capacity, even part time. There are some who use it to bring in a couple hundred to a couple thousand a month, all the way up to those who are achieving six- and seven figure incomes. Today, one out of six people are business owners. And considering that upwards of 70% of jobs come from small business, you can see that a great number have come to the realization that they can’t rely on a job, a limited income, a company, or even the government to provide for basic living into retirement needs.
Another way to provide for oneself is through investing. This is a topic that is diverse, complex, and far reaching, but needs to be looked in to by everybody in the workforce today. And I’m not talking about 401k’s or CD’s. A couple of the lowest yielding and unstable forms of investment going. But all this is for another article.
Bottom line, you need to know yourself, first and foremost, and then take action so that your future is on much more stable ground.
Today, coaching in the areas of success and career are no longer for the privileged. And with affordable payment plans and relatively low costs most programs are more than reasonable. But even more important is how the few dollars you invest today will compensate 100′s of times over for less stress and strain in your life as well as a razor sharp understanding of not only who you are but an ability to put into place a plan that will enable achievement at its highest level. In today’s competitive, quickly shifting world having such is critical.
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