Fork in the road? What job seekers can learn from entrepreneurs

And job seekers would be well-served to apply their perspectives, and their proficiencies, to managing their own careers. Now’s the time to cultivate entrepreneurial resourcefulness, resilience and re-inventiveness.

Because entrepreneurs don’t wait for things to happen to them – they find opportunity in times of change and disruption, even tumult. The best way to recession-proof yourself? Stay ahead of a recession.

Piloting the Plane: Control Amidst Uncertainty

So how do successful entrepreneurs think?

The seminal study on this was done by Professor Saras Sarasvathy of the University of Virginia’s Darden School of Business. She found a few commonalities, from which career transitioners should draw inspiration.

One key finding: They don’t waste time trying to predict – much less hand-wring about – a definitionally unpredictable future (even with ChatGPT). Entrepreneurs don’t bury themselves in market analysis or trying to extrapolate trendlines. Instead, they design their future using what they already have. Sarasvathy calls this the “Bird in Hand” principle.

What strengths, abilities and access (to opportunities, people and employers) do you have at your disposal? What skills can you leverage into more in-demand roles (i.e., from marketing to sales or from consulting to project management)? You likely have more birds in hand than you think.

Successful entrepreneurs also weave a “Crazy Quilt” of potential collaborators, customers and even competitors in constant, voracious search of partnership opportunities. They know the true value of a network is its size.

Recognizing the power of weak ties – and that the majority who get hired are a product of internal referrals instead of cold applications – think not just about who you know that could help you get in the door at a new organization, but who they know.

Putting Principles into Practice

Here are three practical job-seeking strategies grounded in how entrepreneurs see the world.

1. Don’t settle.

The U.S. has nearly 4.5 million open jobs right now, including over a quarter million in the public sector alone. The two most recent jobs reports have crushed expectations and we’re still sitting at near historically low unemployment.

 So strike while the iron is (still) hot but keep your bar high for as long as possible. Hard-working humans are still in demand. You’re the rare commodity.

And remember: Focusing on what you can actually control is the entrepreneur’s secret success recipe. Unless you’re the Fed Chair, that’s not the macro environment.

2. Build your crazy quilt before you (really) need it.

A broad network is an insurance policy against tightening in the job market. Not just because of sheer volume – but also because of the diversity that comes with that. And you need diversity in your network to limit your exposure in any one industry, employer or geography.

Most people aren’t getting the full benefit of the ripples that a large network provides because they have an artificially high standard for connecting. Mine is: Do I know you in real life or could you potentially be of some value to me in the future? The answer to the second part of that question is almost always a resounding yes.

Also read: Layoffs surging in a strong economy? Advice for navigating uncertain times

A healthy network isn’t just broad and diverse, it also has selective depth where it most matters. You get elevated in recruiter search results when you are proximate to the people they are connected to.

So it’s imperative that you’re connected to both lots of people and the right people.

Who are the right people? Recruiters, for starters, who are super-connected network nodes. But also anyone who can vouch for you. Why? Turns out, referrals from current employees are the best candidates. They make up only 7% of applicants, but 40% of those who get hired. They’re less risky, stay longer and perform better. Every employer knows this (hence those handsome referral bonuses). You should never apply cold to a job.

But what if you don’t already know an insider? No problem. Having a network that can go to bat for you is no longer only available to Old Boys Clubs. Anyone can build it on LinkedIn, which is why I call it The Great Opportunity Democratizer.

You can find exactly who you’re looking for using Advanced People search on things like industry, past or current employer, shared connections, job title, and active hirers.

When you reach out, add a personalized note leading with your shared affiliation, flattering them (vs. monologuing about yourself), and asking for a Zoom chat since the goal is to build an offline relationship with mutual value exchange.

3. Start where you are.

Just like “effectual” entrepreneurs who focus on their available means instead of unknowable possibilities, think about the assets you already have as you consider your next move. The main one? Your current or recent employer.

The easiest job to get (and the one you can most thoroughly vet) is another one inside the organization you work for now. Managers prefer to hire from a known pool than incur the recruiting cost and ramp time of bringing in a net new person. So if you have a job and don’t despise your employer, you have a leg up.

Keep an eye on your internal job board and set job alerts on LinkedIn for public postings, but also remember that up to 70% of jobs posted aren’t actually truly “open.” They’re posted with a strong candidate (usually internal) already in mind, or for compliance reasons. So your task is to network your way in, ideally before that perfect job description for you is even written. Just search for your (current or recent) employer on LinkedIn (more accurate than any company directory), and on their Company Page, check out the “People” tab. Filter on the clickable rows and scroll down to view the colleagues who you can turn into career advisers (wink, wink: people love to be asked to be mentors!) and eventual referrers or hirers.

As you weave your crazy-yet-purposeful quilt inside and outside your organization, just like the best entrepreneurs, you’re always selling yourself. But that doesn’t mean you should get too transactional too quickly. It does mean you’re genuinely curious about what and who they know, how you can build an offline relationship, and how you might provide value to them as well.

Combine these strategies with an entrepreneurial orientation and there are myriad reasons to remain hopeful in trying times. 

Omar Garriott is the Executive Director of The Batten Institute for Entrepreneurship, Innovation and Technology at the University of Virginia’s Darden School of Business and Co-Author of the bestselling career book, Linked: Conquer LinkedIn. Get Your Dream Job. Own Your Future.