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by Joseph Lee
Good for you if you currently have a job. But NEVER take it for
granted that you’ll have a job forever!
You could lose this job
because you have lost favour with your boss or your boss’ boss.
You could lose your job because the company you work for is filing
for bankruptcy. You could lose it because the company has been
bought over by a competitor and your position has been taken over by
someone else from the acquiring company. Fire, flood, changes in
government regulations and many other reasons and circumstances
could cost you your job.
This article highlights 6 fatal mistakes most people make while
they still have a job and why they should avoid them.
FATAL MISTAKE 1 – Did Not Lock-In Credit Cards and Loans
Martinez was frustrated and fuming. The bank officer had just
informed him that his loan application was rejected. He was counting
on this loan to pay for much-needed equipment to start his new
venture. Worse still…he was told that his new credit card
application was also rejected. Reason: He did not have a job. So he
was considered a credit-risk based on the bank’s credit policies.
Only two months ago Martinez had left the company he had worked
as a Warehouse Manager for six years. He used to receive mail from
banks inviting him to apply for one of their credit cards. Even
pre-approved card applications…all he had to do was to agree!
IF ONLY he had applied for the loan and the credit card before he
resigned.
Don’t make the same mistake. A loan, a credit card and a line
of credit will always be handy when you start or run a business -
especially on those low or no cash inflow days.
FATAL MISTAKE 2 – Did Not ‘Improve Self’
Have you tried cutting a piece of wood with a blunt saw? If you
have you’ll understand what Stephen Covey the author of “7
Habits of Highly Effective People” meant when he used the phrase
‘Sharpen the Saw’.
What a difference a sharp saw makes in the results. Not only is
the sawing effort much easier, but also the sawn pieces look
smoother and cleaner. Just like a saw, a skill is just a tool.
Whether it’s in basic writing or public speaking or photography…
alternative nutrition…computer repair…carpentry…or another
skill, sharpening a skill produces better results.
You can sharpen a skill by taking a course, reading a couple of
books, learning from a mentor or from years of doing it.
Soon…you’ll be an expert in that skill. With some imagination
and guidance, you’ll be able to make some money with this skill.
Sharpening the saw is not limited to sharpening a skill. It
includes other areas of self-improvement such as: * becoming a
member of a professional body (example: if you’re a manager in
your company, apply to be a member of the Institute of Management).
* completing the last couple of examinations and projects to get
that degree (which you’ve been procrastinating for too long). *
learning a new skill from scratch (in an area that you’ve always
dreamed about).
While you have a job, you have opportunities to use your skills
and sharpening them. For example, to sharpen your writing skills,
you could volunteer to be the editor of your organization’s
monthly newsletter. Or to improve your computer repair skills, you
could come to the office on a weekend to repair some of your
company’s damaged computers.
It would also be almost certain that you’ll be admitted as a
member of your professional institute if you’re currently working
in a related position. For example if you’re working as a Cost
Accountant, don’t you think the Association of Cost Accountants
will easily admit you as a member when you’ve clearly stated your
position and job functions in your application? You’ll most likely
be rejected or at best appeal to be a member if you do not have a
job.
When you’re out in the ‘real world’ (my meaning of this is
the world outside the ‘comfort zone’ of a job) and perhaps
starting or building a business, you will be so pressed for time in
the race to make your first buck to stop the leaking money bucket of
limited savings…that it is unlikely that you’ll be in the state
of mind to sharpen your saw. At that time…talking to customers,
meeting a supplier or simply checking your inventory will most
probably be a higher priority than attending a class on auto repair
techniques (for example).
You’ll be saying to yourself: “If only I did it….” while
had a job.
FATAL MISTAKE 3 – Did Not Put Money Aside for a ‘Rainy Day’
My beloved mum always reminded me that if I spend one dollar and
five cents for every dollar I earn, I’ll end up broke…But if I
spend ninety five cents and saved five cents for every dollar
earned, then I’ll have money in reserve when a need (‘a rainy
day’) arises.
How true it is because there will always be rainy days in your
lifetime. And the bigger rainy days will be the months after you
quit or lost your job. Then you’ll begin to feel the financial
pinch on expenses that you never used to think about while you were
working for someone else and they were paying the bills.
Most people make calls from their work phone, use company
equipment (such as the company photocopier, laser printer, mobile
phone, comb binder and computer) for personal purposes and the even
‘luckier’ ones get petrol and parking reimbursements.
When you no longer have these benefits, then you’ll begin to
realized how much money comes out of your pocket when you’ve to
pay for them.
Put aside money while you’re still receiving a paycheck.
Don’t wait until it’s too late. It’s much easier and less
stressful to quit your job and to start something when you’ve
adequate money in reserve.
FATAL MISTAKE 4 – Did Not Have a Systematic Strategy for
Developing ‘People Assets’
‘People Assets’ are defined here as your valuable contacts
and relationships that can be leveraged to generate income.
A good source of valuable contacts is your job. Besides office
colleagues, you’ll get to meet customers, suppliers and service
providers. Depending on your position in your organization, you may
have the opportunity to attend seminars, travel overseas and
participate in trade shows – with more exposure to all kinds of
people.
Outside your job, you’ll also have many opportunities to meet
people. In your neighborhood, religious organization, social club,
PTA, your mechanic, hairdresser, plumber, former classmates, etc.
etc.
Therefore it’s not the lack of exposure that causes most people
to fail to develop people assets….BUT most people fail to develop
‘people assets’ due to some of these reasons:
* Sloppy with gathering and recording details of all the people
met. (Details should include much more than just the person’s
name, contact details and company name. It should also include the
contact’s interests, spouse and children’s names, favourite
food, car he/she drives, etc. etc. Gathering these information is an
ongoing process and requires a contact management tool).
* Did not develop relationships due to unwillingness to invest
time on new contacts (by having activities together like playing
games, going for family outings, trips, get-togethers, drinks).
* Did not take the opportunity to go the extra mile to help
others while you had a job (and you were in a position to do so).
The good feelings and goodwill that are generated from your acts of
service are assets that you could ‘cash in’ as returned favours
long after you’re no longer in the company.
Your strategy is to convert as many of these contacts to
‘people assets’ as possible from a casual (“Hi” and
“Bye”) level to the F-Level (that is, the Friendship level)
where both parties can mutually call upon each other at anytime for
a conversation. From the F-Level nurture these ‘people assets’
to the Relationship level (or R-Level). At this level people will go
out of their way to help each other. Finally, the highest level is
the P-Level where people become business, social or life Partners
with one another.
FATAL MISTAKE 5 – Wasted Too Much Time on Unproductive
Activities
When you have a good job especially one that pays you more than
your total monthly expenses, it is very human to feel a sense of
security. There is no urgency in your money situation. You tend to
‘enjoy life’- indulging in all kinds of activities many of which
are unproductive as far as money is concerned. These unproductive
activities include such time wasters as…
* frequently hanging around entertainment joints (like pubs,
night clubs, discotheques);
* indulging in unhealthy vices (such as gambling);
* talking, talking, talking with the same group of friends during
working hours;
* going for lunch with the usual clique instead of with different
people to nurture new relationships. (Imagine going for lunch say 3
days a week for four years with the same people. This equates to
over six hundred lunches. How many other people could you have spent
those time with?);
* talking on the phone for too long;
* internet chat, net surfing, etc.;
* behaving like you’ve made it and you’re on holiday during
company-paid trips - instead of learning about the local market,
meeting local business people, gathering local business information.
The key word here is ‘moderation’. You are not expected to
forego every little joy of life completely or to indulge only in
actions with an ulterior motive. Life would be rather boring then.
Just remind yourself that time is limited and precious. Every
person has 168 hours a week. What you do with these hours while you
still have a job could impact your life when you don’t have a job.
FATAL MISTAKE 6 – Did Not Start and Develop a Parallel Career
A parallel career is here defined as something you do while you
still have a job with the end goal of working for yourself. It's not
merely a sideline, second income or part-time job. If you take on a
sideline or a second job just to supplement your primary income and
your end goal is NOT to change career...NOT to work for
yourself…then this sideline or second job is NOT a parallel
career. Many people who had left or lost their jobs look back with
regret. They missed opportunities and made mistakes. How they wished
they did not bask in the sunshine of a false sense of security with
a job. They should have started and developed a parallel career
while they still had a job. Their career change transition from
employee to entrepreneur would have been a less stressful one
because they had the ‘comfort’ of a paycheck.
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