According to a recent US Labor Department report, the unemployment rate has jumped from 6.2% to 9.7 % in the past year, a 26-year high. The underemployment rate- those who work part-time jobs but want a full-time job or those who wish to work but cannot hold a steady position- has risen to 16.8%. Although the rate of joblessness has slowed, expanding the economy may take some time.
Those in the 30-34 age range are the hardest hit. The unemployment rate for people between the ages of 30 and 34 has nearly doubled in the past 12 months, from 5.1 % to 9.1 % last month. Lay-offs for these middle-career professionals are not performance-based, but structurally-based.
Many laid-off professionals in their early 30s, who have already paid their dues over the past decade, find themselves out of work and overqualified for entry-level openings. To cope, many have been adapting their skill sets to a changing economy. Thus, necessity-based entrepreneurship looks to be a byproduct of the recession among people in their 30s.
Necessity-based entrepreneurship is typically associated with developing nations. However, in these hard times, the US has seen its share of the unemployed turning to self-employment. These types of entrepreneurs have little choice but to start their own business, given the lack of alternative possibilities for employment. And, with the advent of the internet, where one has instant access to billions of consumers and endless forums to become a vendor, self-employment has never been so easy, or so competitive.
Professionals in the 30-34 age demographic are tweaking their skill sets to innovatively solve their own joblessness. These professionals are starting their own web-based consulting companies, exploring opportunities in the freelance market, or selling their own products on websites like etsy.com.
If there is a silver lining to the current state of the economy, it’s that many people with valuable skills (that would otherwise be underutilized) are able to put their creativity and talents to work in new and different ways to make a much-needed buck.
Making the right decision takes much forethought. Business Management Counseling Services can assist any start up company with the right course of action, from financing, registering, through successful operations. If you, or someone you know, is considering starting a business, give me a call at 502/599-8313. There is no cost or obligation for an initial review and we can assist if owning and operating your own business is right for you!
Please visit our web-site for more information.
http://businessmanagementcounselingservices.yolasite.com/
Steve
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