Comments on: How many Lehman employees do you think have backup plans?

By: Alice DeMaid

Alice DeMaid — Tue, 21 Oct 2008 11:22:58 +0000

Being your own boss is not for everyone. I wonder how many of Lehman Brothers employees had quietly dreamed of owning their own business. Perhaps it was a charter fishing boat moored in Key West, or a Dairy Queen in a sandy sea shore town. Maybe one of them wanted to own a residential cleaning service in Tampa Bay, Florida (Hint, Hint)!

I can think of many reasons to own a residential cleaning business. There is demand for residential cleaning. Residential cleaning is a cash business…no acccounts receivable. Residential cleaning franchises don’t require a great investment in equipment. The list goes on…

By: brent

brent — Sat, 18 Oct 2008 16:50:11 +0000

Good post — thought you might enjoy the following:

http://www.expertclick.com/NewsReleaseWire/default.cfm?Action=ReleaseDetail&ID=23231

Although the loss of income and security is dealing an undoubtedly major blow to these former employees, your overarching message is critical: Opportunity can be hidden behind the face of danger and catastrophe. Many of these displaced financial experts surely possess skills that have prepared them well to exploit niche markets as entrepreneurs.

By: Robin Ogden

Robin Ogden — Thu, 09 Oct 2008 02:29:18 +0000

The photo you posted here brings back memories of my own – working for a company that went bankrupt. It was so instant…right down to the bank coming and putting a chain on the door so that employees could not get back in to get their belongings.

Really horrible, shocking and eye opening. Hundreds of broken hearts – and bank accounts! (Of all things, it happened on payday or should I say the ‘un’ payday).

Robin
http://www.firedupcareers.com

By: Living Off Dividends & Passive Income

Living Off Dividends & Passive Income — Thu, 02 Oct 2008 06:10:14 +0000

I quit my job to go back to school – luckily I had income from investments, blogs and ebay affiliate sites.

while I’m not the next internet millionaire, knowing I can afford to pay rent, eat and pay for my frugal student lifestyle without incurring any debt is awesome.

employees without a side-income will eventually get shafted.

By: Nicky

Nicky — Thu, 02 Oct 2008 02:02:36 +0000

This is an excellent article. I live in Canada but am from the UK.

I work in banking but last year set up my side business as a copywriter and marketing consultant. I do it evenings and weekends. Ladies – I joined a group called Ladies Who Launch which gave me confidence to actually start marketing myself… and I have a plan and deadline for going either part-time or better still full time f/lance. I also have clients. I’ve published a special report, built a mailing list, got a business coach set up a blog and my website, registered my business, got an accountant. I’m writing a business plan. I do none of this at my day job. I cannot describe how doing this takes away any worry of the longevity or – lack thereof – of my day job. As someone who’s been made redundant before I know first hand that the only job security is that which you create yourself. Job security is an illusion and health bens the golden handcuffs to keep people trapped where they are. I see people every day, worrying. I hear of 1,000’s losing their jobs in the UK and US. Just like that.

Yes, I get very good benefits with my company for which I am grateful, but I will go under my husbands HI. So, I’m pretty busy, but the happenings of recent have convinced me that I am doing the right thing. If my job was to go tomorrow, I know exactly what I’d do. I’d be free from cubicle nation!! My productivity would soar.
I encourage anyone thinking of launching a business, to just do it while you are employed. Create passive income if only to build a side income. Get support – it is out there.
Thanks again for this article and the very interesting discussion.

By: Rich Occhionero

Rich Occhionero — Fri, 26 Sep 2008 03:45:02 +0000

These days, we truly do have to begin to realize that the times they have-a-changed at the workplace. As a Gen Exer I’ve seen my grandparents work for the same company and retire pretty well-off with a pension and no mortgage, etc. I subsequently watched my baby boomer parents head down that same road until things started to unravel in the ’80s…neither one of them work for the same company they began their careers with and had spent 15 years at by the mid-80s. Today they have no retirement savings to speak of, haven’t planned for much and will consequently be working for a while longer. My generation is realizing this and is pretty much breaking new ground out there learning from what we’ve seen. And now,those same boomers are asking us for 700B to bail them out. It’s actually pretty ludicrous. I’m not complaining…mostly I’m rambling but…I agree with Pamela, more than ever we have to create more and more value for ourselves so we can constantly adapt to changing market and social needs in the world. I would recommend the book The Long Tale…it’s basically about the future economy being about selling less of more (niche products) rather than more of less.

Great site, Pamela…I just found you…I’ll be visiting often.

By: Leadership Training Program

Leadership Training Program — Thu, 25 Sep 2008 16:01:04 +0000

It seems to me that a wise employee doesn’t just show up to work and separate his job from his life. He builds all aspects of his life on the principles he has learned from his hard work and he does not just incorporate them in his one place of employment. He branches out and uses that principle in multiple places where he will build investments and find multiple fountains of income.

By: Scott M

Scott M — Mon, 22 Sep 2008 18:22:21 +0000

Hey, thanks for your response to my rather rude rant. I have my performance review today and I’m a bit on edge.

By: Scott M

Scott M — Mon, 22 Sep 2008 16:28:19 +0000

Look, not everyone is cut out to start their own business. In fact, I would hazard a guess that MOST people are not cut out to start their own business.
Most of us do one thing and we do it very well. I myself am a computer programmer. I’m very good at it.
However, if I were to start my own business I would also need to have the following skill: financing, human resources, management, purchasing, marketing, tax law, etc.
Most people don’t want to deal with that. Most people CAN’T deal with that.
Yes, the people who are really going to strike it rich in life are going to own their own business. But most of us aren’t, and I think you need to get rid of this idea that starting your own business is the only way to make a living.

—

Hi Scott:

Hear hear! I totally respect your point. I absolutely do not think that everyone is cut out to have their own business. We need people in large corporations just as much as people on the outside creating small businesses.

My point with this article is that I think it is a good idea for all of us to think about multiple sources of income, and not to get too stuck in the mentality that your one employer will provide everything. If, in the case of Lehman and many other companies, layoffs occur, I always want employees to have other strategies in mind.

If you like being an employee, the one strategy I would suggest is to be really connected with peers/experts in your field in other companies. That way, if your ship sinks, you can jump to another.

All the best,

-Pam

By: Laurie/Halo Secretarial

Laurie/Halo Secretarial — Mon, 22 Sep 2008 00:25:28 +0000

Wow, another day I’m glad to have the Canadian healthcare system available to me! I think though that there are often ways to start a business slowly and work up to where you realize you can afford private health insurance (even if super expensive) and that your health may even benefit from your self-employment! Good luck to us all as we make our own backup plans.