March 31, 2008

How Long for an Industry to Collapse?

Always changing
How to Make it Happen in 2008
We believe that a lot of things will not change between today and tomorrow. We expect predictably - the sun will rise, you will get out of bed, eat breakfast and go to work. Usually the predictably is there but not always. Change happens!

If you are in denial about change – get over it. It will happen and it will happen to you. Consider the story of Kent and Mysti Cope, who were till recently six-figure earners in the subprime industry. The industry disappeared overnight and now the Cope’s are just trying to get by.

"We're still both in shock that it could go from something so good to so bad so quick," said Kent, 59. "New Century in 60 days went from top of the heap to out of business."
CNNMoney - Careers vanish after subprime 'free fall'

The risks of your industry collapsing this rapidly are remote. Usually it takes time for industries to disappear – think about the slow decline in the US auto industry, the decimation of manufacturing and the slow but steady migration of IT jobs offshore.

You can’t stop change from happening but you can prepare yourself for the inevitable. Preparation involves investing in transferable skills like people management, project management, coordination, administration and finance. Seek a second career, along with the first. Part-time investment in starting a side business, an online venture or consulting can provide a backup plan. And finally, be aware of what is happening in your team, your company and your industry. If the writing is on the wall – move or you risk becoming a case study.

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