Don’t Ignore the Signs
Many motorists allow themselves to get distracted long enough to miss an exit or a merge lane or, even worse, brake lights for a sudden stop.
There are warning signs available. Be sure to read them.
When I was trying to sell real estate past-time in 2008 and my clients were having trouble getting mortgage loans, that was a sign that something bad was about to happen. “Over 8 million people lost their jobs, according to the government. Of those job losses 700,000 stem from layoffs at just 25 companies…” This quote was from The Layoff Kings (August 2010) by Douglas McIntyre.
The recent layoff announcements from major tech companies reflect a different story than a mortgage fiasco as in 2008. The recent layoffs at major technology companies come from the effects of AI, artificial intelligence.
The landscape of job opportunities is changing and too rapid for most.
Big companies are trying to use AI to eliminate non-productive jobs, which do repetitive tasks. Yes, some robotics are involved. But most of these changes will come from streamlining functions. The elimination of redundancies.
You might look at how your job fits into the big picture of the company you work for. Do you add to the profitability of the company or are you a potential cost to cut?
Don’t ignore the signs!
What Are Your Options?
A company exists as an entity, a legal entity, usually to make a profit as a return for its investors.
When you work for a company, you perform the functions you were hired to do.
If those functions change, you might be laid off, unless you have skills they can use in another position.
This blog is based on helping you find a way to build a better mindset for money, which includes debt-free living and building assets toward financial freedom. However, you need a job or other forms of income to make that happen.
Before I add a bigger picture look at your options, I will note some immediate considerations:
- Education: What base of certified knowledge would make you more valuable as an employee? Computer knowledge-software or hardware? Specific job knowledge.
- Skills: Some software skills, like Excel, Word, and PowerPoint are valuable to most companies. Have you learned to use them? Skills like teaching, interviewing, counseling, or marketing can be valuable to have. Have you learned any of these skills?
- Management: Leadership requires the ability to make decisions about time and people and functions and the costs to accomplish something. How are your management skills?
Unless you have skills that your employer needs beyond AI, you may find yourself unemployed, sooner than later.
Read the signs. Learn what you can. And look for options away from your current job.
Inc. Yourself
Inc. Yourself is a book by Judith H. McQuown. She notes that one option is to become the company.
That is, instead of waiting for an interview due to AI resume reviews, you could become the employer.
Besides the tax advantages built in to having your own company, you can build a base for unlimited income, rather than waiting for raises.
As Jim Rohn was known to promote, “Profits are better than wages!” Most of the millionaires and billionaires you read about came from profits, not wages.
Therefore, as part of your defense against the effect of AI, I will review what Judith covers in her book, Inc. Yourself.
Open Yourself to Success
While opening a business sounds exciting, it will only be a dream unless you work hard on yourself.
Why do I say that? Because your business success will depend on you and your acquired skills.
I say acquired because even if you lack them you can acquire them, even if it means hiring someone with the skills you need to succeed. Most millionaires will tell you that they surround themselves with people who know more than they do. No excuses, you can do this!
Judith notes in her Preface, “affordable portable office technology has made it possible for many entrepreneurs to work at home.”
Many successful businesses started from an office at home.
Overcoming Reasons to Fail
Back to fixing you to find success for your business.
The author notes several surveys and quizzes to help you analyze what you need to learn and skills to work on to improve your chances for success.
For instance, the following are the top four reasons for failing in business:
- Lack of organizational skills.
- Poor attitude.
- Poor sales and marketing skills.
- Poor people skills.
These are all acquired skills. You can learn these skills. If you do focus on learning these skills, you could greatly improve your chances for success!
Decisions to Make
Inc. Yourself is a book about the decisions you need to make to form your company, to become the employer. Just breathe, not all the decisions have to be made at the same time.
However, like your paycheck job, there are details that must be performed. Therefore, think of the process as a job you volunteered for to earn a bonus at the end of the year!
How is that for motivation!
Of course, this process is best done while you have a paycheck job. Starting your business part-time will help you learn from mistakes and not cause your kids to go hungry.
Being able to enjoy the work you do while making a living is a great position to be in. So, try to find a purpose for your business that includes something you enjoy doing.
Next on your list of decisions is to determine primary and secondary ways to generate income with what you have decided to do. Then, build a plan to market your business.
If you feel lost at this point, take time to work on those core business skills again—organizational skills, attitude, sales and marketing skills, and people skills. Are you scheduling time to read books on these skills?
You can launch your business after you decide on a name or just use your name to start your business. You can keep your contacts and make your business name more official when you make it a legal entity.
Once you get some income from your business concept, you can confer with a tax professional about deductions, some of which is covered in the book.
You must be more formal in your bookkeeping and cash deposits. You must keep your company funds separate from personal funds for tax purposes. If not, an audit will become a nightmare!
Keep it simple as you grow your business. Most small businesses use sub-contractors instead of employees. Employees require more commitment and more taxes!
Being the employer, as a small business, may make you more sympathetic to the decisions being made by your paycheck employer. Or you may see that you can make better decisions for yourself!
Whatever preparations you may consider as a defense for the effects of AI, I have found this book to be a great help for my potential for success beyond just being an employee!
Maybe you can Inc. Yourself as part of your plan to build AI into your future!