Finding Your Calling

Nearly everyone wants a career that is emotionally, spiritually, and financially rewarding. But unfortunately, a lot of people never find that professional sweet spot—either because their passion

doesn’t happen to pay well, or because they feel stuck at a job they dislike for the sake of a steady paycheque.

To achieve a fulfilling career, think about how you can find synergy between your professional endeavours and your personal affinities, values, and strengths.

Let your character and values be your compass.

 

Consider your basic personality traits. Are you typically organized or disorganized? Are you patient and deliberate, or do you prefer to see results quickly? Extroverted, or introverted? Analytical, or intuitive?

Most importantly, what are the principles you believe in most strongly?

We can all imagine blatant examples of career mismatches: people who are vegetarians and vegans for ethical reasons shouldn’t become butchers; innumerate individuals are unlikely to thrive as accountants.

But there are many more subtle instances of career misalignment as well. If you like to keep moving and spend much of your time outdoors, a sedentary office job may wear you down. And if you have an artistic flair, you may desire significant creative autonomy, and feel frustrated if your career path doesn’t offer that.

Perseverance and resiliency are essential.

The main difference between a dream and a goal, is that a goal revolves around a concrete and achievable plan. But there is another important distinction: dreams occupy the realm of fantasy, while goals must contend with reality. In dreams, you can envision your own triumphs, but not necessarily the barriers that stand in the way.

In the real world, meaningful success rarely happens overnight—in fact, it often requires years, if not decades. You might have an extraordinary passion for something, but you’ll also be competing against many other individuals and organizations that share your enthusiasm. Almost invariably, you will encounter a great deal of rejection and shortfalls before you experience the thrill of victory. To bring your vision to fruition, you’ll need to remain committed to your goals through thick and thin.

An alternative mental approach to failure or rejection is to remember that your disappointments needn’t define you or even necessarily set you back. You can instead look at them as stepping stones that bring your closer to your final goal by affording you valuable lessons and experience.

Instead of “work-life balance”, think about your life’s work.

Of course, human beings are social animals, and it’s important to make time for family and friends outside of work hours. Your physical and mental health also depend on a healthy diet and regular exercise.

However, the optimal career path for you should bring you enough satisfaction that you believe your time on the job is beneficial to you, and that your work is fully integrated into the life you want. This is one reason why the concept of “work-life balance” is flawed: it implies that a firewall should separate your profession from the rest of your existence, and not that your career endeavours are a vital component of your life.

Instead of trying to achieve equilibrium between work and “life”, consider instead what you’d like to accomplish during your lifetime, and why. If you can’t identify how your current professional trajectory is helping you achieve the long-term goals you’ve set for yourself, then it’s time to contemplate a career change.

The High Cost of Free Labor

When I was in college there was a word that floated around the halls in whispers. It drew people in, it had a story attached to it, and it caught the attention of anyone who heard it – it was the word “internship”.

What Belongs to History

Once upon a time, internships were seen as being set aside for, and granted only to, the most exemplary individuals. The way to get an internship took time, effort, and the ability to connect with the people who could get you to where you wanted to go. It carried an uncommon caché that lauded the intern as the bright eyed next generation. It was a springboard for worthy candidates to help them gain real world experience and prepare to enter the workforce while building on the knowledge they were gaining by investing in their education. In sum, not too long ago, internships were both a rare and effective way to kick-start one’s career.

In principle, an internship is a great idea: A company hires an enthusiastic individual looking to build a career in that field and nurtures them, at little or no cost, into eventually becoming a fully functioning member of their workforce. Internships were once a sort of farm team where a company might have been looking to create a position and would tell the candidate, “Tough it out over the summer and when you graduate you’ll be on the team – we have high hopes for you”.

Times Change

It didn’t take too long for people to learn that the path to a better job and a better life went through the area designated for the intern and the volunteer. So when the cat got out of the bag, everybody was out looking for a chance to get some experience that would often serve as nothing more than a way to fill out one’s resume. In no short amount of time, people who had worked as interns were becoming less and less likely to be taken on by the company they worked for, or would parlay their internship experience to go and work for another, sometimes rival, company. Suddenly companies started experimenting with what kind of tasks they could get away with delegating to their interns, and just as suddenly some companies began to realize that branding a job as an internship could be a quick and easy way to get cheap, even free, labor.

The Rise and Fall of the Volunteer

Not all that long ago, seemingly well-intentioned projects would hire volunteers who would trade their labor in exchange for a meaningful experience, usually overseas, that could change lives. It was a direct exchange of labor for experience, straight up. Because of the rising number of volunteers looking for experience to once again, fill out one’s resume, the opportunities became more numerous and the exchange is no longer so direct. Nowadays, aside from the smallest community volunteer group, all volunteers are pay volunteers as in they pay to volunteer. The volunteer experience of working for free has become an actual commodity that people pay for, and is now a business in its own right.

Where We Are

The net effect of intern-volunteer inflation has been to render their titles virtually meaningless. Tales of internship woe among the young are ubiquitous as they are being charged with doing real work, involving long hours for no pay, and coming away from their experience disillusioned and with little to show for it. Within many companies the intern has become a position like any other usually connoting that they are responsible for all tasks deemed beneath that of the full-time staff. Once reserved for individuals who were otherwise green in the workforce, it is now not uncommon to find college graduates, and individuals with several years of relevant work experience, settling for the role of intern by virtue of the fact that internship positions continually replace what were once legitimate full-time jobs.

What Can We Do?

I wish there were clear answers. The truth is, the following are just suggestions: 

• Always try to create full-time employment.
• Make it a policy to pay every employee better than the minimum wage.
• Let your full-time staff share the load of the less desirable, no less important, duties of the company – don’t create a position specifically for them.
• Recognize that interns are there to learn, so you are the teacher and your company is the classroom – so offer them an educational experience.
• If you are someone looking for experience, instead of dropping the big bucks to essentially just travel, find the most local grassroots organization that you can and just say, “I want to help”. The rewards from that kind of community involvement are far more gratifying in the long run.

Starting a Business on the Side

You’ve had the entrepreneur itch for a long time but haven't acted on it yet. Starting a business is never easy... especially when you’re a full-time employee, have bills to pay and a family to feed. With that pressure, it’s no surprise that many people don’t want to lose their safety net instead of being a business owner. Other than saving a small part of your paycheck every week until you have enough money saved to quit your job, the other option would be to become a part-time entrepreneur.

Trying to balance a career while running a business is a challenge. Here are some ways to make it a success:

 Ask for help.  Recruit family members into your business.  Ask for help in answering the phone, shipping orders, or even managing your company social media accounts. Having your family members involved makes your bond stronger. However, there’s a caveat – be very wary of hiring your friends as it could have a negative affect on your relationship.

Get ready to sacrifice some “me” time.  Once you make your decision to start a part-time business, your time is limited. You won’t be have time to relax and have any downtime to pursue your hobbies… but remember, the sacrifice is only temporary until your business gets  on its feet. 

Focus on one thing at a time.  Schedule your time for your business in the evening and weekends. So, when you're at your full-time job, focus on your work.  Focus on your business on your personal time only so you don't jeopardize your current employment.

Make every minute count. Your time is precious. Prioritize your time for important activities – use your lunch hour for touching base with clients. Get up early or burn the midnight oil to deal with paperwork.  Use your time wisely without affecting your full-time career. 

Be global.  With today’s technologies such as cloud services and outsourcing, you can run literally run your business with just your smartphone. Use technologies that you’re your life efficient and automate repetitive tasks. Take advantage of different time zones and outsource various activities at the fraction of the cost than that of an employee locally. 

Be patient.  Running a business while juggling a full time career requires you to take your time with your financial goals. You don’t want to run before you walk, otherwise you’ll be overwhelmed with work and your performance will suffer.  Find the right pace for you so you can see progress without completely wearing yourself out. As long as you keep moving forward each day, don’t worry too much on how fast you’re moving towards your goals.

Why people become entrepreneurs

You’re frustrated, tired and stressed. You’ve realized that your boss is only interested in squeezing more work out of you and that your career prospects in the company are almost nil. You have always dreamed about making it on your own and taking control of your destiny – your own success and failure.

You’re not alone! There are thousands of others who have decided to take the plunge towards entrepreneurship, and in these times of uncertainty more and more people have also decided to take matters in their own hands.

Here are a few more reasons why people decide to become business owners:

1. Becoming financially independent

Although a majority of new businesses fail within the first three years, those that succeed can become very profitable. Starting your business is the first step towards gaining financial independence and achieving the security that you want. Being an entrepreneur allows you to get an income stream that is dependent on your efforts and not on the whims of others.

2. Better career prospects

Sometimes people become frustrated as they feel that their career path is not going the way they want. By starting their own business they’ve decided to take control of their personal and career goals. Alternatively, sometimes entrepreneurs see a better way of doing things in their industry and act on it, providing much needed innovation that is lacking.

3. Looking for personal achievement

There are those who are interested in setting big challenges and striving towards it. These entrepreneurs are goal-oriented and gain satisfaction from accomplishing big things. This is a common trait amongst many entrepreneurs – especially motivated by risking everything on their ideas and overcoming big challenges.

4. Pursuing their own ideas

Certain people see opportunities in areas that are often missed by others -entrepreneurs can see new markets, create new products or improve upon a service. Whatever the reason is, the opportunity to innovate and create is what drives them. Their satisfaction comes from the successful creation of a business and validation of their ideas by the market.

Even though entrepreneurs work more hours, have higher stress and sometimes lower pay than non-entrepreneurs, many have a greater feeling of satisfaction in their work. There are many reasons for starting a business, but a true entrepreneur is someone who gets excited by setting big challenges and works towards overcoming them. Also, the act of building a lasting company is a validation of their ideas, and they gain a deep sense of pride from its successful implementation. So if you’re ready to jump in to the chaotic world of entrepreneurship, know that you’re part of the few that are willing to take charge of their destiny.

Tips for MBA's Seeking Work in Canada

It's not easy. There's a lot of competition out there, and every unemployed MBA, whether recent or not, is looking for a job. What's the best job search strategy?

Recruiters and career experts offer the same advice to job seekers. Analyze your strengths and focus on your interests. Being an all-around expert in everything will work against you. Have a clear-cut idea of how to best sell yourself. Also, while you're still in school, start making connections. Long before graduation is the time to start developing your network of contacts. Let the business world know who you are and what it can expect down the pipeline. You want business to be waiting for you.

Don't be overly picky. As small, temporary jobs and internships come your way, take them. Each job affords you additional experience and contacts, both of which are vital down the road.

Another avenue to follow is temporary contracts. With a growing number of entrepreneurs starting businesses in Canada, many are seeking business consultants to help them in their start-up ventures. However, while ideas abound, money doesn't. Many cannot afford to hire "top" consulting firms and would rather pay less for younger talent. While these contracts will rarely offer job security to a young MBA graduate, it will help establish credentials and afford opportunities to gain vital hands-on experience.

Current MBA graduates should be aware that patience would have its rewards. A large segment of today's senior management is at the front end of the baby boom generation. Many will be retiring over the next decade, making way for the next generation to make its mark on the business world. Therefore, the time is right for "the next generation" to gather experience and be ready and waiting for the opportunities that are just around the corner.

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Emerging Fields for New MBAs in Canada

There used to be a saying in financial markets, "MBA – leads the way." The question today is where that MBA is leading to. The times are changing and traditions are changing with the times. A student who put in long, hard years of study to earn a respectable MBA degree can still look forward to a rewarding career. But where will that career be?

Banking, long a natural employer of skilled, financial and business minds, has begun to offer new opportunities. The relative strength of Canada's banks has allowed them to expand internationally. This translates into ripe opportunities for MBA's with international experience, or those seeking to gain experience.

With more and more Canadian companies seeking outside, professional advice to help examine and assess their operations, in light of the effects of the recession, consulting jobs are providing prime employment for bright MBA students, especially those with knowledge of those industries that are going through tremendous change, like media, wireless broadband, and health-care.

For many other graduates, the time has come to think outside the box and forge ahead into uncharted territory. Public service is now seeking more MBA students that ever before. For example, the government's stimulus funding for infrastructure projects has created many jobs and projects. These need the right people to administer and oversee these massive projects.

Growth in the non-profit sector has outpaced the economy. As the need for professionals has grown greatly in the "third sector" of non-profits and NGO's, job opportunities for appropriately trained MBA students are continually available.

MBA students, with their fingers on the pulse, are also preparing themselves for careers in other budding sectors, such as sustainability and technology. A good deal of investment dollars is heading to these fields and many companies are seeking top, business minds to help them emerge on top not only financially, but ecologically and socially as well – the top business priorities of the 21st century.

There is one thing that an MBA student will not learn in school. When opportunity knocks – open the door. However, sometimes you have to search for the handle.

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Career Path for an MBA in Canada

It's best to begin with the good news. Overall, on the global level, the Canadian economy is in much stronger shape than the American economy. That having been stated, life is still rather difficult at a grass roots' level, especially if you are a recent graduate of a fine university, clutching the license to a successful career – your MBA.

This is not to say that an MBA degree is unimportant. Just the contrary! It is a degree well worth pursuing, especially if your career vision is targeted in the business or financial sectors. Unfortunately, though, the current employment market is not the most promising for new MBA's. In the finance sector, traditionally the major MBA employment sector, career centres for MBA graduates report a decline in finance jobs ranging from 6% - 16%. In addition, graduate schools have reported a drop of on-campus recruitment of at least 10%. Furthermore, graduates seeking internships have encountered a serious reduction in available placements. Back to the good news, the dip in salaries in Canada was slight, compared to the major drop in 2002. Estimates are that salaries will return to the pre-recession level by late 2010 or 2011. However, if you can't secure a position, the salary is irrelevant.

Recruitment has been on the rise in some sectors, though. More positions requiring MBA's have become available in government, health care, non-profit, and energy. While these sectors comprise a relatively small percentage of all available jobs, it may cause new graduates to begin thinking in different career directions, away from the traditional employment sectors. Also, a growing number of recent grads have turned to entrepreneurial endeavours, as have many Canadians who have been unable to find employment.

Some graduates have begun looking for foreign employment, although the prospects abroad are also not very encouraging. For most, though, they will weather the storm in Canada, hoping for better times down the road because, when all is said and done, there's no place like home.

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Living Week by Week: Rough Economic Times for Canadians

The results of a new poll released this week by the Canadian Payroll Association revealed some surprising statistics and facts about the average Canadian household. A one week delay in receiving a paycheque would render nearly 60 percent of Canadians unable to pay their regular bills. Moreover, the same majority group has little or no ability to set aside money for retirement funds.

These surprising results have shed new light on the financial condition of many Canadian homes during these rough economic times. Despite common financial advice that people should have an emergency cash reserve for three months of expenses, the majority of households surveyed admitted that they are happy if they can make it to the next paycheque, let alone save for retirement or emergencies.

The younger workforce is in greater distress. 45 percent of workers aged 18 to 34 are feeling the crunch and feel that they are having trouble making ends meet. A delay in being paid would spell disaster. 72 percent of single parents responded in a similar fashion.

Regardless of age, the survey revealed that half of all Canadian workers are unable to save more than five percent of their net income for retirement. Financial planners recommend that ten percent is an advisable amount. However, the recent fluctuations in the stock markets have made saving for retirement far more challenging. Nearly one third of Canadians are trying to save more money but they can't. 42 percent admit that they aren't trying at all to save more.

Despite the variety and wide array of financial products being offered to Canadians by financial institutions nationwide, many Canadians seem pleased if they can pay their bills after payday.

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Canadian Recovery Indicators

Recent economic records this summer seem to indicate brighter days on the Canadian horizon. Earlier, analysts had predicted a $100 million surplus in July. The reality, though, was quite different. Rather than a surplus, Canada experienced a near record deficit in July 2009 of $1.43 billion. This was surpassed only by the May 2009 deficit of $1.45 billion. Despite these figures, economic analysts seem buoyed by the surge in imports. The sharp rise in imports and exports seem to indicate that recovery from the global financial crisis is on the horizon.

Import figures for July reflected an overall 8.3 percent increase from the previous month. This positive figure included a 10.9 percent increase in machinery and equipment imports, an impressive 18.7 percent rise in automotive products, and a similarly encouraging 18.6 percent rise in energy products.

Exports rose by 3.3 percent in July, primarily due to increased shipments of equipment, machinery, and automotive products. 73 percent of all Canadian exports in July were to the United States but, due to the sluggish American economy, this figure was down a whopping 35.2 percent from July 2008.

In order to stimulate the economy, the Bank of Canada has promised to leave interest rates at their current record low. The recent trade figures have not caused the Bank to change its current position. Responding to the Bank's announcement regarding interest rates, the Canadian dollar rose to 92.46 U.S. cents from 92.10 U.S. cents.

Analysts insist that the increasing deficit is not a prime cause of long term concern. The true indicator is the rapid acceleration in trade volumes. The rises in imports and exports indicate increased commercial activity and the true beginnings of economic recovery.

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Boomers as Entrepreneurs and Temps: Helping the Economy

As many of those in the baby boomer generation contemplate retirement, the workplace will definitely be impacted, but how? Many of them see they have less money saved than expected, be it in a 401K type of account or pension and see the need to return to or continue working.

Even as recruiters suffer due to fewer temporary workers being sought out, recruiting companies like Robert Half International (whose sales fell by 30% at the beginning of 2009) are going after the baby boomers. They are very skilled and ready to work once corporations go back to more hiring. This trend appeared in BusinessWeek as reported by Ali McConnon in their June 30 issue. A greater workforce of experienced individuals can turn around the recruiting industry, since their track record is proven and they need less training. The corporations are willing to pay more for them also.

As temps, the boomers are a worthwhile market for the recruiters since they are more likely to continue as part-timers as opposed to younger workers who just temp until they can find something full-time. As such recruiting companies are seeking out boomers through organizations like the AARP and CARP.

Entrepreneurial Start-ups

Like we have discussed in previous posts, small business looks like it has the potential to succeed in many ways despite the current recession. According to Tony Wanless of the National Post, many North American boomers are aspiring to start businesses as opposed to pursuing leisure activities in their retirements. On the whole they are healthy and have a strong drive to succeed in life. The Ewing Marion Kauffman Foundation that studies entrepreneurship, even sees the 80 million boomers leading the way out of recession.

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