In an economy such as this, I may be beating a dead horse in discussing job security but for those who hang on to certain notions of this myth, my goal is to rewire thinking.  The millenial generation (we’ll call them genYers) is developing far different thought processes than their baby boomer parents and older generations.  During the first half of the 20th century, the key to the good life was putting in 30+ years at a company and retiring with the gold watch and a pension.  As Donna Fenn puts it in her book “Upstarts”, entrepreneurship was compared to hocking watches on a street corner, essentially, looked down upon.  One of the biggest arguments put forth is regarding job security.  Ideas such as “better safe than sorry” permeate the discussions.  A big strong company will take care of you and the whims of the market can’t take down the big boys like they can a small business.  Being self employed is dangerous and risky.  As the market has marched on, the truth has been quite different.  Not that the small businesses are surviving any more than others but simply that the big boys can and do fail, leaving many unemployed.  Even if complete failure isn’t the issue, cutbacks and downsizing lead equally to lost jobs.  What I find very interesting is the fact that job security is basically lost when it is needed most.  You might work for a large company for years with all this great security.  Suddenly, the economy takes a turn for the worst and the word at the water cooler is big downsizing and your position is on the chopping block!  The fact is, when you actually had job security is when everyone is doing well, including the small “risky” business.

Entrepreneurs have True Job Security

Job security ultimately is found within you alone.  No one can give it to you since each company and individual must keep their own interests in the forefront.  That is, the company will not sacrifice itself to make sure you have a job, especially since that is a self-defeating notion. You stay on longer and the company is forced out of business, leaving you jobless anyway. Its not a matter of “heartless” business practice either, simply economic realities.  One of the beauties of entrepreneurship is the agility required to be successful.  If you experience success as a small business owner, you’ve likely had to navigate through various obstacles that leave you more agile in varying business environments.  What does this mean?  It means if times are tough, you will be more comfortable making the necessary changes to survive.  Also, you are at the top of your mini-”corporate” food chain.  That means you are the last to go, not the first.  Being the last to go is the best job security you can ask for.  Combine that with entrepreneurial agility to potentially start something new and voila!

My Own Recent Shifts

One of the ventures I have worked on recently experienced this level of adjustment.  Throughout 2007 and most of 2008, a company I work with provided funding and credit services to small businesses.  As the landscape has changed regarding lending, we began to see less interest in, or even ability to get, funding for their ventures.  As the markets tightened, a new opportunity arose.  We saw many of these same business owners fall on difficult times with failed investments, real estate suffocating them financially, and other leverage that became a burden, crippling their businesses.  With our experience in the credit industry, including one of the partners experiencing the same challenges, we shifted gears and began offering strategic relief planning for debt-ridden individuals.  The goal was to allow these business owners to continue operating without the crushing blows of creditors.  This would allow them to work something more favorable with the various creditors while protecting their positions.  That market continues to grow and the business has only seen the tip of the iceberg.  Sure, it faces its own set of challenges, but ultimately offers an opportunity that keeps us “employed” while many are losing their jobs with other companies.  We had to reinvent the business but the agility and willingness to do so saved it.

The realization

It is true that some positions are more “secure” than others in the business landscape of today.  This does not mean, however, that we are have full job security.  Risk exists in business and that is something all ought to realize.  The key is to understand that as a possibility and simply plan for it.  Don’t get too comfortable.  You might even decide to quit before you are fired instead of remaining on the sinking ship to the very end.  This is a common challenge with long-term positions and the danger of becoming comfortable.  As Seth Godin states in The Dip, “coping is a lousy alternative to quitting.”  If you are already an entrepreneur, recognize the blessing of being in control, remain agile and open to change, don’t forget the previous concept of quitting, and don’t doubt your own ability, then you will have job security.

What are your thoughts on job security?