Guest Post by Al Weatherhead
With the national unemployment rate stubbornly hovering at 9% and in some parts of the country approaching double digits, and the media’s constant proclamations of gloom and doom, it might seem like we’re making little progress on the road to economic recovery. However, I believe that seeming lack of progress is an illusion – one akin to driving 80 miles an hour across Nebraska and thinking you’re not getting anywhere because your eyes are fixed on the horizon.
Nevertheless, politicians, business leaders and informed citizens can hurry the process along and put America back at the top of its economic game by understanding the value of:
Time and Patience
Let’s start by looking at the flip side of the equation: if, say, approximately 9 percent are unemployed, that means that 91% of the workforce does have a job, so certainly we are progressing to better economic times. What we need to understand is that it’s going to take time and patience to see things through to our national recovery.
It’s true that historically most recessions have lasted only an average of eleven months, and that this recovery has been extremely drawn out and shallow. Nonetheless, business investment has stabilized and is ever increasing. This means that eventually businesses will start growing and hiring again.
Now I know this may be scant solace to an individual who’s been out of work and looking for a job a long time. But as the saying goes, “time heals all wounds…”
Understanding and using time to overcome life’s challenges is a topic I cover extensively in my book, THE POWER OF ADVERSITY: Tough Times Can Make You Stronger, Wiser, and Better. Transforming time from an adversary into an ally has helped me develop the positive mindset to be able to dust myself off from my own early business failures and build my company, Weatherchem, into the leader in my industry.
Bottom line, the American economy is multi-faceted, robust and resilient. Nothing has ever been able to keep it down for long, and nothing ever will, if we are patient and allow our economy the time to heal itself through the virtues of the free-market system and:
Deregulation
It’s no secret that businesses across the country are drowning in a Sargasso Sea of onerous state and federal regulations. As a successful industrialist, I know from personal experience that business succeeds when government (no matter how well meaning) gets out of the way and lets American ingenuity go to work.
The government is responsible for the military and foreign relations. In a capitalist democracy, government should not be involved with what we in the private sector do, which is managing time to manage money. (As I further explain in my book, whether you’re in a corner office… on the factory floor… at a computer in a cube… or perusing the Help Wanted listings, your management of your time will directly relate to your mastery of the power of adversity.)
While we’re on the subject of government’s role in our lives, I also believe we must banish “Too Big to Fail” from our vocabularies, stop the bailouts and if necessary endure the short term pain of scattered industry failures in order to come back leaner, meaner and stronger than ever.
In tough times like these, the seeming allure of the cosseting “Nanny-State” can indeed appear seductive. But as the 19th Century French Economist Claude Frédéric Bastiat said, “Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.”
Nannies are for children – not free men and women who want to prosper in the American way by rolling up their sleeves, working hard and keeping what they earn through:
Entrepreneurship
You needn’t work for yourself – or even be working at all – to be an entrepreneur. All it takes is the desire to be innovative and creative in tackling a problem. The lifeblood of creative entrepreneurship is collaborative communication with those around you: your colleagues, employees, customers, friends and family.
In my book I make the point that all forms of adversity build walls that you must tear down through communication with others. This is especially true for economic adversity. It is only through the sharing of ideas, hopes and fears – by talking with each other as opposed to at each other – that we as a nation and individually will maintain or regain prosperity.
If you’re a business owner or executive and your business is currently suffering, walk around and talk to all your employees. Ask: How can we improve this place? What’s wrong here? Discover what’s running through their minds, and be sure to let them know what you’re thinking, and that you want their help because you’re all in the same boat.
You also should collaboratively communicate with your customers. Chances are many of your customers are going through the same economic turmoil. Your timely customer service visit, telephone call or email might be just the ticket to let your customers know how much they mean to you and get them thinking they would be better off reducing – or eliminating – the business they do with some other company, as opposed to yours.
If you’re an employee, you can put the entrepreneurial mindset to work by talking to your colleagues in order to spark and nurture ideas. If you’re currently looking for work, demonstrate entrepreneurial creative enterprise by reaching out to friends and family to discover new opportunities – perhaps through volunteerism — to rejoin the workforce.
I was on a radio program the other day when a call came in from a woman who had immigrated to United States and become a citizen. Her voice was bursting with pride to be here and to be contemplating her bright future.
Despite all the talk about the competitiveness of the global economy, the fact remains that for almost every rational human being on the planet, America remains the envy of the world and the land of opportunity. This has been true in the past, is true today, and will be true in the future – if we remain patient, independent and creatively entrepreneurial in pursuit of the American Dream.
About the Author
Al Weatherhead is the author of The Power Of Adversity and chairman and CEO of Weatherchem, a private manufacturer of plastic closures for food, spice, pharmaceutical and nutraceutical products. Please visit www.powerofadversity.net or www.weatherchem.com for more information.