Published Work

There's Hope for Chicago Businesses

"It's Sunday morning and I'm scanning the classifieds. There are two types of jobs in here: jobs I'm not qualified for and jobs I don't want. I am considering both. There are pages and pages of jobs I will never get. Must be experienced in this for at least six years and be fluent in Chinese and must be able to fly a jet through anti-aircraft fire and have six years of experience in open heart surgery. Starting salary is $32,000."

~ From "A Working Stiff's Manifesto" by Iain Levison

This is the way the world seems these days. Who could have predicted that three years after the peak of the Nasdaq we would be muddled in a jobless recovery with our troops battling in two different countries and the nation on high terrorism alert?

By any measure, these are difficult times for American businesses. What I wouldn't give right now for Alan Greenspan's "irrational exuberance!"

These last few years have brought the first real failures for many people under age 30 after some very financially successful post-college years. The bottom fell out just as we were starting to take prosperity for granted.

Ira Glass at WBEZ Chicago Public Radio says that while many of us had a plan "A" and a plan "B" when we left college, we are now forced to look for plan "C," "D" and "E". In the tech sector, employee pay seems to be down 35 percent and we are all being forced to "right-size" our expectations.

People no longer have great job titles like "chief development officer" (we now just call them "sales reps"). My stock portfolio and 401K have shrunk so much these past two years that I am often afraid to open up the statements when they arrive in the mail.

Still, as I look at Chicago businesses, I see many signs of hope and the seeds of prosperity.

At the ages of 23, I see hope in Zach Kaplan and Keith Schacht. Their second company, Inventables, helps product designers constantly innovate and learn about new materials and technologies. I see hope in AccelChip, which spun out from Northwestern University and now has been funded by Prairie Angels and other local investors.

I see hope in the 15 women who already run successful companies presenting at Springboard this week to the Midwest's top venture capitalists. I see hope in the vibrant organizations that the Chicago Software Association and the Technology Executives Club continue to build.

During tough times, it is important to celebrate even the smallest victories that happen around you. I see it every day in some of the companies I touch.

SGS Net launched a new client site last month called Wilton Industries. Pennant is thriving and now hosts many Fortune 500 clients. Where2getit's growing customer list has made it one of the more highly visited sites on the Web. Vickilew's children?s product was one of the best-selling videos at Wal-Mart this past month.

What can we all do to survive and thrive during these difficult times? Is there any good that can come from going through bad economic times? Tough times balance the business person.

These are also good times to start thinking about being an entrepreneur (if the lifestyle is part of your passion). With opportunity costs so low and many people in your same boat, you can easily find others to share your madness. Since hardly anyone has the resources to do it alone any more, you are forced to form new partnerships if you want to achieve results.

People do pull together during bad times. This is one of the reasons Chicago will host 50 angel groups at the National Angel Organization summit next week and share best practices for early stage investing.

The arrogance of the 1990s is gone. These last few years, we all learned the business lesson of humility. From talking with other people, you will realize that your experience does have value.

Generously offer your time to help with whatever skills or contacts you have. Barter your services with others. We all have something to trade. I have traded for everything from computer hardware to cooking lessons! You will be amazed how many people are willing to help you.

Network at local events. Make contact with everyone who will take your card. Be a connector and introduce people to one other even if there is no immediate gain for you. With demand low and people having so many products and services to choose from, the old adage of "who you know" is critically important. Tough times demand that you build your relationship capital.

Finally, these are good times to reconnect with your family and friends. They are the force that ground you in everyday life. When times get better--and they will--we will all appreciate the prosperous times even more.

Laissez les bon temps rouler! (Let the good times roll!)