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Starting A Business in A Challenging Economic Climate, Part One (Why Now?)

Starting A Business in A Challenging Economic Climate, Part One (Why Now?)

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    Starting a business during a recession seems counterintuitive, doesn’t it? If the economy isn’t doing well and people aren’t spending money, doesn’t that mean a new business is likely to fail? Actually, the answer may surprise you.

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    Fears about starting a business in this economy are common and understandable. But in this two-part series, I’m going to show you why this economic climate is a fantastic time to start a business, how you can limit your risk, and where you can get help.

    Part One: Why Now Is A Great Time To Start A Business

    History shows us that the economy may not have as much of an impact on startups as you might think. Many of the companies you know and trust were started in economic conditions much like the ones we’re experiencing today. Disney, Johnson & Johnson, and Microsoft were all started during recessions, and I think we can all agree that the economic conditions in which they were started didn’t doom them to failure. You can operate out of a sense of scarcity and fear, perpetuated by the media, or you can rely on history to show you the way.

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    Your corporate job may not be as safe as you think. So many businesses are making cutbacks these days that one thing is clear: nobody is completely safe from layoffs. You may not be privy to what’s going on behind the scenes at your corporate job or what’s happening in their books. So you may not know if your job is safe, if it’s safe “for now,” or if you’re next on the chopping block. Even if your company is trying to protect its employees, in the long run, many companies may not be able to keep everyone on. Now is the perfect time to build your “failsafe” or “backup plan” so you’re prepared if your employer can’t carry you through. Better to start now and have something in place, already growing, and if you don’t need it, you’ll have some nice extra income on the side.

    Experts don’t know what’s going to happen. Some financial experts are saying they’re already seeing signs that the economy is improving, but others caution that we could be heading into a depression and that it may be a long time before we see true prosperity in our economy again. It’s hard to imagine that this economic climate is permanent, but without a clear idea of how long this is going to go on, and without knowing for sure that your corporate job is safe, having your business up and running and gaining momentum now, even in your spare time, just makes good sense.

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    Labor and outsourcing are cheaper than ever. Because everybody’s looking for clients, products and services that you need for your business are more affordable than ever. Thus, your startup costs for virtually any business will be less expensive and you’ll find fantastic values out there.  That means you’ll be much more likely to be able to outsource mundane tasks to focus on the aspects of your business that really need you. Plus, instead of making the mistake that many new and inexperienced entrepreneurs make and trying to design your own logo and web site (almost always a mistake, in my opinion), you’ll be able to hire talented professionals at reasonable rates.

    You’ll be more invested in your own success. In an economy where everyone is flourishing, many business owners think they don’t have to work as hard. Clients are easier to come by, and if your business doesn’t succeed as quickly as you anticipate, it’s not a big deal to get a temporary job until things pick up. In contrast, in an economy like this, many business owners exhibit a much stronger work ethic, where, even if there are jobs out there, they work like crazy to make their businesses succeed as soon as possible.

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    It’s so easy to give into the fear in challenging economic times like this. It’s easy to believe that now is the time to stash your cash in an emergency account and hang in there for the long haul. But the wisest course of action just might be the opposite action, to invest in small business ownership. In the second part of this series, I’ll share what you need to know to start a business and limit your risk so you still have that emergency fund intact.

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    Susan Baroncini-Moe

    Susan Baroncini-Moe is an executive coach and business leader with over sixteen years’ experience.

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    Published on August 4, 2020

    36 Important Resume Skills (For All Types of Jobs)

    36 Important Resume Skills (For All Types of Jobs)

    Most jobs require specialized skills. At the same time, there are a lot of resume skills that apply across the board.

    If you’re on the hunt for a new job, give your resume a refresh. Employers want to know: Can you communicate effectively? Are you easy to get along with? Can you manage your time effectively?

    Remember, you may not get a second look. Use your resume to make a great first impression.

    Holistic ability is what employers want to see when hiring. These resume skills can make you a top pick regardless of what role you’re applying for.

    Communication

    Being properly understood is critical. On any team, you must be able to relay and interpret messages with speed and precision. How you describe yourself, the concision of your phrasings, and the layout of your resume are great ways to showcase these skills.

    1. Writing

    Whether it’s emails or official documents, writing skills are essential for candidates in any industry. Clear, concise phrasings minimize misunderstandings and save the recipient time. This is probably one of the most important resume skills.

    2. Verbal Communication

    Speaking clearly and eloquently is one of the first things a hiring manager will note in an interview. Communicating over the phone is commonplace in business. Outline this skill on your resume, and they’ll invite you in to listen for themselves. This is easily one of the most important resume skills in most industries.

    3. Presentation

    Sales pitches and company meetings may include presentations, which require special communication skills. Being able to spearhead and properly carry out a presentation shows organization and resolve.

    4. Multilingualism

    Knowing more than one language can open doors for you and the business you represent.[1] Being able to speak another language allows your company to serve a whole new demographic.

    5. Reading Comprehension

    At any job, employee handbooks, company newsletters, and emails will come your way. Being able to decipher them quickly and effectively is an important resume skill. This goes hand in hand with having excellent writing skills.

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    Tech Savvy

    Technology is evolving rapidly, especially in the business world. Be sure to mention the technologies you’re familiar with on your resume, even if you don’t expect to use them daily.

    6. Social Media

    Almost everyone has some form of social media these days. Companies use platforms like LinkedIn and Facebook to reach new audiences, provide customer service, and build brand loyalty.

    7. Operating Systems

    Can you use a Mac? What about a PC? Most jobs today require the use of a computer. Prior experience navigating common operating systems will help you acclimate much more quickly. This has become an important resume skill ever since the start of the information age.

    8. Microsoft Office

    Of all the software in the world, Microsoft’s Office suite might be the most popular. Word, Excel, Powerpoint, and Outlook are widely used in the business world. Having this as part of your resume skills is very helpful especially in certain industries.

    9. Job-Specific Programs

    Did you get the hang of HubSpot in your last role? Is Slack something you’ve mastered? Be sure to mention them on your list of resume skills. These demonstrate that you can pick up new tools quickly.

    Interpersonal Skills

    Despite the rise in technology, businesses are run by people. Working with and for people means you need to be able to handle yourself with poise in different social settings. Highlight roles and situations on your resume that involved tricky conversations.

    10. Customer Service

    No company can succeed without its customers. Being able to treat customers with respect and attention is an absolute must for any applicant. Specific industries regard this as the most important resume skill their prospective employees should have.

    11. Active Listening

    Listening is an underrated skill, especially for leaders.[2] If you can’t listen to other people, you’ll struggle to work as part of a team.

    12. Sense of Humor

    You might wonder why having a sense of humor is a part of your resume skills. Humor is important for building rapport, but getting it right in the workplace can be tough. Everyone loves someone who is entertaining and can lighten the mood. On the other hand, people are turned off by immaturity and inappropriate jokes.

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    13. Conflict Resolution

    A customer stomps up to your desk and starts yelling about a problem he or she is having – how do you handle this situation? The right approach is to work to resolve the situation, not to escalate or avoid it.

    Teamwork

    One of the best parts of any job is the bonds you build with your co-workers. Fostering healthy relationships can make the workspace more enjoyable for everyone.

    14. Collaboration

    Whatever your line of work, chances are good that you’ll be working with others. Being able to collaborate effectively with them is critical if the whole team is to hit its goals. You can use various apps and tools available to help you collaborate with your team.

    15. Leadership

    Even if the title of the job you’re applying to isn’t “manager” or “executive,” there will still be moments when it’s your turn to lead. Prove that you’re up to the challenge, and you’ll be looked at as a long-term asset. Listing this as one of your resume skills is certainly an eye-catcher for most.

    16. Reliability

    Work isn’t always easy or fun. You have to be willing to pull your weight, even when times are hard. Otherwise, your co-workers won’t feel as if they can count on you. Reliability is important in maintaining the cohesion of a team. You should let people know that they can rely on you.

    17. Transparency

    To work as a team, members must be willing to share information with each other. Are you willing to own up to your mistakes, share your challenges, and accept consequences like an adult? Let them know that you’re transparent and reliable.

    Personal Traits

    Your resume is about selling yourself, not just your education and work history. The good news is, your “soft” skills are a great opportunity to differentiate yourself. Use bullets beneath your past experiences to prove you have them.

    18. Adaptability

    In any role, you’ll need to adjust to new procedures, rules, and work environments. Remember, these are always subject to change. Being able to adapt ensures every transition goes smoothly.

    19. Proactivity

    An autonomous employee can get work done without being instructed every step of the way. Orientation is one thing; taking on challenges of your own accord is another. Being proactive is an essential resume skill, especially if you’re eyeing for managerial roles in the future.

    20. Problem-Solving

    When problems arise, can you come up with appropriate solutions? Being able to address your own problems makes your manager’s life easier and minimizes micro-management. Problem-solving is an important yet often overlooked resume skill.

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    21. Creativity

    Can you think outside of the box? Even roles that aren’t “creative,” strictly speaking, require creative thinking. Creativity also helps in your ability to solve problems.

    22. Organization

    Staying organized makes you more efficient and reduces the risk of mistakes. Organization skills make life easier not just for you, but also for other members of your team. This makes it an important skill to put in your list of resume skills.

    23. Work Ethic

    Every company wants hard workers on its team. You’re applying for employment after all, not a place to lounge around. Putting this on your list of resume skills is just as important as actually exhibiting it in the workplace once you’re hired.

    24. Stress Management

    How well do you work under stress? If you’ll be required to meet tight deadlines, you’ll have to prove you can handle the heat.

    25. Attention Management

    Whether you’re developing a partnership or writing a blog post, attention to detail makes all the difference. People who sweat the details do better work and tend to spot problems before they arise. Use Maura Thomas’s 4 Quadrants of Attention Management as a guide to managing attention.[3]

    26. Time Management

    Time is money. The better you are at using company time, the more valuable you’ll be. Show that you can make every second count. Managing your time also means being punctual. No employer wants to deal with a team member who’s constantly tardy. This is commonly included in most people’s resume skills, but not everyone lives up to it.

    27. Patience

    Things won’t always go your way. Can you calmly work through tough situations? If not, you’ll struggle with everything from sales to customer service to engineering.

    28. Gratitude

    When things do go your way, are you gracious? Simply being grateful can help you build real relationships.[4] This also helps foster a better team atmosphere.

    29. Learning

    Employers want to invest in people who are looking to grow. Whether you love to take online courses, read, or experiment with hobbies, make sure you show you’re willing to try new things.

    30. Physical Capability

    Many job postings have the classic line, “must be able to lift X amount of pounds” or “must be able to stand for X hours per day.” Play up past positions that required you to do physical labor.

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    31. Research

    How easily can you dig up new details about a concept? Research skills are critical for marketing, business analysis, writing, account management, and more.

    32. Money Handling

    Being able to count bills quickly and accurately is important at any company with a brick-and-mortar storefront. Integrity and honesty are key when you’re running the cash register or reconciling bank statements.

    Commitment

    To employers, every new hire represents an investment. Are you worth investing in? Prove it. Employers need to see signs of commitment before they bring you on board.

    33. Longevity

    Hiring managers love to see long tenures on your resume. This suggests that you’re in it for the long haul, not just passing through for a quick buck.

    34. Fidelity

    For an employer-employee relationship to work, there has to be trust. Employers tend to find out when someone is hiding side gig or sharing information they shouldn’t be. References from past employers can prove that you’re loyal to companies that hire you.

    35. Obedience

    You won’t agree with every choice your employer makes. With that said, you have to respect your role as an employee. Obedience is about doing what your leader decides is best, even if you have a different perspective.

    36. Flexibility

    Life is full of surprises. A month into your new job, your role could change entirely. Flexible people can roll with the punches.

    Final Words

    Perform a self-audit: Which of these skills will your potential employer want to see? Add them to your resume strategically, and you’ll be that much closer to your dream job.

    Tips on How to Create a Great Resume

    Featured photo credit: Van Tay Media via unsplash.com

    Reference

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