This week I received an email from Robert, a reader responding to a recent column I wrote entitled “Shattering Rocks – A Simple Lesson That Will Last A Lifetime”. The feedback I receive week after week as a result of this column and my blog is both humbling and inspiring, but Robert’s email resonated with me on a personal level because he’s facing a difficult professional decision that I am all too familiar with – whether or not to make a career change. While my career change took place years ago at a relatively young age, Robert, like so many in today’s global recession, has been forced to deal with this conundrum later in life which poses a unique set of circumstances, and leads to a topic that is now more relevant than ever. Should older professionals struggling in this economy consider a career change, or should they stick it out and look for new ways to generate revenue within their respective fields? While I cannot make that decision for anyone, I can tell you that either scenario requires a reinvention of sorts. But no matter which path you choose for yourself, remember this: It’s never too late to discover new opportunities, and you’re never too old for new success.

We all know that the economy is cyclical. If you wanted, you could spend hours analyzing data and charts that track everything from the Future Inflation Gauge (FIG) and Leading Home Price Index (LHPI) to the U.S. Weekly Leading Index (WLI). Understanding the triggers that influence how our economy acts, and reacts, is important for a business owner’s strategic decision-making process, but the bottom line is this: The economy fluctuates up and down over time and, since business is inextricably bound to the economy, it too will fluctuate over time. This fundamental reality poses two recession-related challenges for the business owner.

It never ceases to amaze me when I think of how far we have come technologically and how deeply technological advancements have affected the way we do business. Let me give you an example. I’m spending part of the week in a conference in Palm Beach which my company is sponsoring as an exhibitor with a booth and a display with information on our firm and our services for the participants attending the conference. Conference itineraries are generally set up so that participants can attend workshops in the mornings and afternoons, then peruse the booths and displays in the exhibit halls during lunch and breaks. This typically equates to periods of “down time” for booth operators while the participants are attending workshops. In the past, these conference dry spells were terribly unproductive, but thanks to today’s mobile technology, my team and I can be as productive sitting in a conference booth as we are in our very own office.

My son was invited to a birthday party a couple of weekends ago for one of his friends from middle school. Danny, my son, was looking forward to this party for weeks, and since my wife was going to be taking care of errands that day, I was assigned the task of buying Angelo’s gift and taking Dan to the party. Simple enough, right? Wrong. That Saturday morning, before I knew it, it was 11:30AM, and we were running late. It wasn’t until we were half way to Angelo’s house that I realized I had forgotten to buy his present. Now what? Danny couldn’t show up to a birthday party that he was invited to without a gift – much less for one of his close friends – that would be unacceptable, but at that moment I was clueless as to what to get. Danny, however, knew exactly what Angelo, and every other boy his age, would appreciate – an Xbox Live gift card with 1,600 Microsoft Points! At the time I had no idea what that was, but it was easily available in the gift-card section at any corner pharmacy, and it was $19.99. I bought the gift, Danny gave his friend a great birthday present, and the crisis was averted. I was reminded of this recent incident as I reflected upon the events of this past weekend – in particular, something I did, or rather, didn’t do, that bothered me. Yesterday, July 4th, we celebrated what is perhaps one of the most important birthdays of the year – the birth of our great nation, the United States of America – yet how many of us, myself included, brought a present to the party?

“Success in life comes not from holding a good hand, but from playing a poor hand well. “
Denis Waitley

In the 1976 World Series of Poker Main Event, after surviving a field of competitors which included some of the best poker players in the country, Doyle Brunson, affectionately known as “Texas Dolly”, and Jesse Alto were the last two players standing. As the two poker veterans faced off in a head to head battle for the illusive title of World Series of Poker Champion, the last thing they could have imagined was that they were about to shape poker history.

Every summer my brother, a Jesuit priest, takes a group of high school students and parents on a mission trip to the Dominican Republic for two weeks to help a desperately poor little town with the most basic of needs. The group, which averages about 100 people, includes doctors who run their makeshift medical clinic and engineers who oversee their yearly construction project. The high school girls generally work in the clinic or with the town children, while the boys are more than happy to prove their brute strength and exert their energy in the manual labor of construction. As you might imagine, this is quite an experience for these young men and women, most of whom have never seen real poverty, as they volunteer two weeks of their summer vacation to serve those most in need. For some the experience is life changing.

As this year’s group prepares to embark on their journey, a journey that will undoubtedly be filled with adventure and wonder and meaning, I’m reminded of a story that my brother shared with me after one of his recent trips which seems curiously relevant for those of us in the world of business at such a difficult time in the global economy.

If you find yourself in the position of having to look for a job, consider this: You are not alone. While there’s always something positive to learn from your experience, it’s probable that you weren’t the cause of your unemployment, as is the case for millions across the country. The problem is bigger than all of us. Your past, however, does not equal your future. The job market may be extremely competitive, but it’s not impossible to overcome. The key to finding your next job is getting in front of as many potential employers as possible, and to do that you absolutely must stand out in the crowd.

Over the last three weeks we have been addressing an issue recently reported on by the U.S. Department of Commerce Minority Business Development Agency regarding disparities in access to financial capital between minority and non-minority companies in the United States. This is my third and final part of this series where we not only address the problem, but offer potential solutions and an open forum to discuss your experiences, questions or concerns. Whereas last week we looked at various sources of capital, this week we will focus on the requirements typically sought by lenders of borrowers and the local and national agencies and resources available to assist business owners with the process.

Last week, in Part I of Disparities in Access To Financial Capital, I address the problem many minority business are facing as reported by the U.S. Department of Commerce Minority Business Development Agency. This week I am addressing potential solutions to the problem by highlighting the various sources of capital available to small and minority-owned businesses. Next week we’ll focus on the requirements typically sought by lenders of borrowers and the local and national agencies and resources available to assist business owners with the process.

According to the MBDA’s report, if minority-owned firms would have reached parity with the representation of minorities in the U.S. population, these firms would have employed over 16.1 million workers, grossed over $2.5 trillion in receipts, and numbered 6.5 million firms. In other words, minority businesses in the U.S. aren’t as strong as they could be, and one of the main reasons is access to capital. We know that inadequate capital access is a problem for business across the board, whether minority-owned or not. But according to the report, “The latest nationally representative data on the financing of minority firms indicates large disparities in access to financial capital. Minority-owned businesses are found to pay higher interest rates on loans. They are also more likely to be denied credit, and are less likely to apply for loans because they fear their applications will be denied.” That’s a problem because today, when the strength of our nation’s economic productivity is more important than ever, the growth potential of minority-owned businesses is being hindered.