Just a few minutes ago I turned on my TV to watch a bit of news and sure enough, there was a mention about the unemployment rate being at over 7%, and how that spelled disaster for the economy, and so on, and so forth. Now I'm not saying that this stuff is not newsworthy, not am I saying that it's not unfortunate (people are losing everything they own in the process), but at the same time, a little bit of perspective never hurts.
What happens in tough times such as now, where everyone tightens their belts? Businesses make less money and are usually forced to reduce their workforce, sending waves of people into unemployment. But at the same time, they also take a good look at their business practices to see where they can save money and be more efficient. As a result, a leaner business is more productive and offers its production to its customers at a lower cost. And it so happens that in such an environment, customers are more attracted than ever to low prices.
Another overlooked aspect of competition is that which can exist within the workforce. The first image that comes to mind when the word competition is mentioned is businesses vying for the same customers, but it can also mean workers vying to get jobs or to keep them. Employees try and bring that little extra to the table to either cut costs or increase revenue, and the businesses' financial structures get more sound as a result. I even read that in one case employees are working for free in a bid to save the business.
Given the constant coverage that is bestowed upon the current unemployment rate in the country, you might think that ours is higher that that of other countries of comparable economic stature. Not so! In several of the most developed European Union countries, the unemployment rate has been at or around 8% for many years. The United States probably has come to a point where as a country it must realize that the past ultra-low unemployment rate (known as full employment) was exceptional and move on to less glamorous statistics.
All this is merely a prelude to my main point, which is the following. While the country's average unemployment rate is 7.2%, Michigan has the highest rate at a little over 10%, and Wyoming has the lowest rate, at a little over 3%. Why the difference? Michigan's source of employment is primarily manufacturing and big factories. Wyoming is mostly a state of self-employed dairy farmers. The solution to our current economic crisis will probably come through the realization that self-employment is something we should get back into our collective minds as a viable option.
The most serious financial crisis in 75 years requires us to go back to our roots. As recently as a century or 2 ago, most people were self-employed. We might not have to get back to that point, but everyone should have their personal business, whether or not they derive a full-time income out of it. Wyoming's unemployment performance is made possible by the fact that it's hard to lose your job when you're the boss. Look into your talents and abilities to see if there's a potential money-maker, take advantage of a global economy and the power of the Internet to launch your very own personal venture. It's probably the best time to do that.
What happens in tough times such as now, where everyone tightens their belts? Businesses make less money and are usually forced to reduce their workforce, sending waves of people into unemployment. But at the same time, they also take a good look at their business practices to see where they can save money and be more efficient. As a result, a leaner business is more productive and offers its production to its customers at a lower cost. And it so happens that in such an environment, customers are more attracted than ever to low prices.
Another overlooked aspect of competition is that which can exist within the workforce. The first image that comes to mind when the word competition is mentioned is businesses vying for the same customers, but it can also mean workers vying to get jobs or to keep them. Employees try and bring that little extra to the table to either cut costs or increase revenue, and the businesses' financial structures get more sound as a result. I even read that in one case employees are working for free in a bid to save the business.
Given the constant coverage that is bestowed upon the current unemployment rate in the country, you might think that ours is higher that that of other countries of comparable economic stature. Not so! In several of the most developed European Union countries, the unemployment rate has been at or around 8% for many years. The United States probably has come to a point where as a country it must realize that the past ultra-low unemployment rate (known as full employment) was exceptional and move on to less glamorous statistics.
All this is merely a prelude to my main point, which is the following. While the country's average unemployment rate is 7.2%, Michigan has the highest rate at a little over 10%, and Wyoming has the lowest rate, at a little over 3%. Why the difference? Michigan's source of employment is primarily manufacturing and big factories. Wyoming is mostly a state of self-employed dairy farmers. The solution to our current economic crisis will probably come through the realization that self-employment is something we should get back into our collective minds as a viable option.
The most serious financial crisis in 75 years requires us to go back to our roots. As recently as a century or 2 ago, most people were self-employed. We might not have to get back to that point, but everyone should have their personal business, whether or not they derive a full-time income out of it. Wyoming's unemployment performance is made possible by the fact that it's hard to lose your job when you're the boss. Look into your talents and abilities to see if there's a potential money-maker, take advantage of a global economy and the power of the Internet to launch your very own personal venture. It's probably the best time to do that.
About the Author:
Before embarking on your self-employment journey, make sure you read up on filing for unemployment insurance benefits insurance benefits by visiting my financial blog.
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