There are ways you can position yourself to build security into your life. Stay close to these things and you be able to ride the downturns and emerge stronger.
In New Zealand, we weren't hit as badly, but there were certainly repercussions.
I would think about those executives who have children in private schools, and huge mortgages to pay. What would they have told their families? What changes would they have made?
I've never thought about where to position yourself. And now with AI, what changes would you need to make or how would you need to pivot in order to be an asset, like your team were, and not be expendable.
I can relate to your situation very well. For me, a similar thing happened in 2002. I was working for one of the consulting companies on a project where we had about 50% of the work. Still, we owned another 25% of the work, which other companies involved could not able to do since the Partner involved wanted to get the money at all costs and did not want the project to stop. I still remember when we asked him to give us a few resources since now we have additional work. The answer was you know the economy is terrible, and if you don’t do it with what you have, we will find someone else to do it. The day became prolonged, and the week became 70-80 hours. Even though we were able to complete the project on time, the lesson was to stay billable and be ready to work as long as it is needed when the economy is going through a downturn.
When Covid struck, I was about a year into my career. Good people got laid off. As a result, I learned not to trust corporations to give me an income. I think it's helpful for young people to experience economic disruptions so they can be prepared for the future.
And about being close to money, that's something I need to figure out. My services and the skills I teach are useful but not immediately considered as essential. You've prompted me to think deeper about the importance and necessity of my skillset.
In New Zealand, we weren't hit as badly, but there were certainly repercussions.
I would think about those executives who have children in private schools, and huge mortgages to pay. What would they have told their families? What changes would they have made?
I've never thought about where to position yourself. And now with AI, what changes would you need to make or how would you need to pivot in order to be an asset, like your team were, and not be expendable.
Thanks Martin.
Helping other people is always close to the money. And sooo many people need help. 🙏
Thanks for the insight Martin
Great piece that was so honest and open, thank you.
Great post! 👏
I can’t imagine anyone reading this doesn’t love a spreadsheet! 😂
I certainly do, and the more colour-coding the better! 🤓
I can relate to your situation very well. For me, a similar thing happened in 2002. I was working for one of the consulting companies on a project where we had about 50% of the work. Still, we owned another 25% of the work, which other companies involved could not able to do since the Partner involved wanted to get the money at all costs and did not want the project to stop. I still remember when we asked him to give us a few resources since now we have additional work. The answer was you know the economy is terrible, and if you don’t do it with what you have, we will find someone else to do it. The day became prolonged, and the week became 70-80 hours. Even though we were able to complete the project on time, the lesson was to stay billable and be ready to work as long as it is needed when the economy is going through a downturn.
When Covid struck, I was about a year into my career. Good people got laid off. As a result, I learned not to trust corporations to give me an income. I think it's helpful for young people to experience economic disruptions so they can be prepared for the future.
And about being close to money, that's something I need to figure out. My services and the skills I teach are useful but not immediately considered as essential. You've prompted me to think deeper about the importance and necessity of my skillset.
Thanks for the newsletter!