I have a surprisingly consistent knack for switching industries right before an economic crisis. Over 20 years of building my career, I’ve learned that working life is a lot like a roller coaster: you’ll face both soaring highs and crushing lows, and neither of these states is permanent. What shapes your entire experience of this wild ride is simply the perspective you choose to take.
That optimism—paired with a deeply rooted sense of resilience and personal agency—is the exact fuel you need to weather severe economic downturns, including the one we are currently bracing for today.
DotCom Bust of 2000
When I graduated from college, I was thrilled to start my first role at a digital consulting firm, right at the center of the booming “internet era.” I had no idea I was stepping directly into the DotCom Bust. Less than a year in, I found myself unemployed, stunned by how quickly everything had fallen apart.
Once the initial shock wore off, I worked up the courage to take the GMAT not once, not twice, but five times (I was determined to earn a higher score), then applied to business school. With my MBA in hand, I was ready to re-enter the job market. After endless grueling preparation and 50 separate interviews, I landed a role in equity research, where I evaluated retail brands like American Eagle for institutional investors. I knew I was facing a steep learning curve, and I was fully ready for the challenge.
What I didn’t see coming was that I was about to walk straight into another economic crisis—this time one that would cripple the entire global finance industry. Lehman Brothers collapsed just one month after I started my new role. That’s when I realized that as uncomfortable and often terrifying as they are, economic crises are inevitable. Even though they are full of uncertainty and risk, they are also fertile ground for innovation and new opportunity, especially for people brave enough to get scrappy and step into uncharted territory. This is one of the biggest lessons I’ve ever learned, and my top piece of advice for others: when in doubt, always say “yes” and climb onto the roller coaster.
Joining Retail in a Recession
When the 2008 recession hit, my company went under. By 2009, I had accepted a new position at Saks, one of my former clients. The entire economy was in crisis, but I didn’t see my jump into retail as a risky move. Instead, I viewed the shift as an opportunity to immerse myself in the fast-growing e-commerce industry, at a moment when most other professionals were fleeing the space.
I went on to launch new lines of business for Saks and completely transform how both the brand’s physical stores and its e-commerce division operated. I also learned firsthand how valuable it is to build strong, foundational business fundamentals—a lesson that later made it possible for me to launch my own company.
As we navigate our current period of economic decline, my advice for anyone considering a career switch is this: question the status quo, dig for hidden market opportunities below the surface (after all, not everything is what it looks like on the surface!), and look for ways to run toward opportunity when everyone else pulls back. For example, iconic startups like Venmo and Airbnb grew out of unmet needs uncovered during the last recession, and today they rank among the most respected companies in the world.
“Get a Real Job”
If you’ve ever been told to “get a real job,” there are a handful of incredibly valuable lessons to take from that phrase. I distinctly remember a senior leader at Saks saying this to me, and I was completely baffled by the comment at the time. What they actually meant, though, was that instead of focusing solely on climbing the traditional vertical career ladder, I should prioritize gaining real, hands-on experience at the core of the business.
Back when I worked at Saks, I wasn’t part of the day-to-day work of sourcing products and negotiating with vendors, which is the backbone of any retail company. I was missing out on the foundational, make-or-break experience that keeps the entire business running.
