In the May 23, 2011 Ask The Headhunter Newsletter, a reader asks how “starting a business” can be the path from long-term unemployment to a new job.
Do you have any advice for the long-term unemployed? Since I’m not getting anywhere by job hunting, I’m considering starting a business, if only to keep myself busy! Then I remembered: You wrote somewhere that, in this economy, starting a business might be the best way to get hired. This sounds like a mental puzzle. Can you explain?
Here’s the short version of my advice: (For the entire column, you need to subscribe to the free weekly newsletter. Don’t miss another edition!)
You say this sounds like a mental puzzle, but it really isn’t. You’ve been brainwashed to believe that your objective is to find a job. It’s not. Your objective is to make money and to earn a living. Shift your focus, and you’ll save yourself a lot of agony…
What does it take to start a business? You need a concept, a business plan, the right talent, and evidence that it will work. Ask any venture capitalist: That’s what she looks for before investing.
…To get a business started, you need to demonstrate that it will produce profit. Otherwise, who will give you money? Not investors and not customers. (Whether they realize it or not, this is why employers don’t give out job offers, either. They don’t see the profit.) So, you must bust your buns to produce a sound plan. That’s really what this is all about.
…In the process of producing a plan to start a business, you’ll show how you’d “do the job.” In courting investors and prospective customers, you’ll have proved your concept and yourself. You will have gone a hundred miles beyond the typical job candidate, who sits and answers canned questions with clever answers culled from some book that lists thousands of them.
What’s this got to do with ending long-term unemployment, and getting a job?
The plan is the job. When you deliver your business plan to a savvy prospective customer, to a potential business partner, to an an investor, to a supplier, or even to a competitor, you will find that some of these folks will want to hire you to work for them.
This is how I once landed a job. I shared my plans to start a business with the president of a company that would have been my competitor. (Don’t be surprised—such discussions happen all the time. Smart executives are always glad to meet with up-and-comers. It’s their way of defending their turf.) When he saw how good my plan was, he realized I would be serious competition. Since I’d “figured out the business,” that made me worth hiring. There was no job interview, just the discussion of my business plan. I planned this from the start, but the company president never figured that out. I made a lot of money for that guy—and for myself.
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(Don’t wrinkle your nose or shake your head, just because this suggestion is foreign to your notions of what job hunting is. Remember? They’re not giving out jobs. So, why worry whether this is “proper job hunting?”)
People wind up long-term unemployed in this economy for many reasons. One step out of this quandary is realizing that you must be able to show how you’ll make money and profit — so, get to work starting a business. Formulate a plan — it can be a very simple one — and shop it around. Do you really think a resume would be more impressive?
Tired of being unemployed? Hire yourself. Or threaten to. A competitor might hire you first. Can a business plan really get you hired?