One of my startup groups suggested doing a check-in last week and one of the things I noticed In everyone’s worries was speculation about how markets might behave and comparisons to earlier periods of economic turmoil. I’ve been through 1987, 9/11 and 2008, so weighed in with my perspective.
The full effect of the 87 crash hit in 1990 right after I graduated from Columbia. Most of the companies I “interviewed” with at the career center admitted they weren’t hiring any time in the future. So, I temped my way to my first job at a small investment bank that went under within six weeks. I temped some more through most of April before landing an entry-level job in Business and Real Estate Valuation at Price Waterhouse. 9/11 pretty much ended my time there.
What I learned from that experience is that changing up your environment and learning how people do things at different companies is a good thing.
I did weird little jobs like stuffing gift boxes of logo socks at Ziff-Davis, cataloging buttons or prepping trunk shows at Chanel and a lot of phone banks and accounting. I learned a lot of software, and got pretty good at them.
I learned about how relationships work in business and solving problems, from the Chanel Boca Raton store dealing with button theft to fulfilling sweepstakes prizes and basic time and expense tracking. Plus if I ever got cold at Chanel I could always “go grab a sweater.”
9/11 was a weird time and very similar to now. Air travel was shut down. Bridges and tunnels were closed to private vehicles. Manhattan at least was pretty much on lockdown for three months. If you lived below 14th Street you had to evacuate.
Stores were open and I don’t remember a lot of hoarding. (I could be misremembering. I had a running drugstore.com diaper order so was probably pretty well-stocked, regularly). I remember hearing figures like $20 billion in losses just in NYC.
We didn’t have social distancing. That would have been devastating. There was a lot of bonding with neighbors and coworkers I hadn’t really known that well.
I was at PwC then, working remotely for the global web team, mostly operations and reporting. Some of my coworkers who worked out of the Jersey City office saw the towers go down. I had been going in for biweekly Tuesday all hands meetings, but that day was the alternate Tuesday, so I was home with my kids, getting my oldest ready to go meet her first preschool teachers.
We could go outside. The weather was beautiful, and so quiet. I remember a conversation in Sheep’s Meadow with a coworker who was losing her faith. I’d like to think I helped her.
In 2001, were already downsizing our department at PwC, so when I learned we were giving sublease space back to Lehman Brothers, I figured correctly I’d get laid off. That happened in January 2002.
By 2008 I had two school age kids and a part time contract at a virtual association. I had freelance design and technology gigs, too. We had just bought an apartment at the top of the market, but had sold our old one at a near 300% gain over ten years. So we felt secure.
But 2008 meant layoffs and job changes for my husband, who was at Citibank, then Ziegler, then BMO. We are pretty frugal but it’s amazing how much you can spend to live in this city. He is now a full time professor at BMCC. I teach two design classes at CityTech and advise a lot of startups and nonprofits. We’ve cut back, but we have two kids in college now, so feeling very uncertain.
I expect we will probably hear a lot of comparisons to previous disasters. It feels like potentially very different this time.
9/11 was shocking. We were in mourning. Thousands of lives. Everyone knew someone who knew someone who died. It’s going to be the same for us, but it’s going to happen over a longer period of time, and we may not be able to predict who it will be or when.
That by itself is going to mean a lot of mental anguish and a lot of business lost. Hospitality may get its bailout, but how long before people are comfortable traveling again? We may all get our “two weeks pay” from the Feds. Then what?
We startup entrepreneurs and business owners need to brace for it. We need to brace for limited funding opportunities. We need to reach out to each other and partner, do in-kind swaps. We need to share info on grants and other opportunities.
We can’t hold hands or hug anyone anymore, but we can stay connected and check in with each other.
Here’s my check-in:
Going Well: Working on transitioning a three day, three track, all volunteer, live conference to virtual and it is actually going well! I also have my kids home from college, and Simone has been baking!
Excited about: The Information Architecture Conference. My grandnephew, born this past Friday. Moving my classes at CityTech online, and, somewhat ironically, how the fact that isolation breeds misinformation makes Mucktracker, the news literacy app I’m working with, much more prescient and needed.
Nervous about: The conference. My parents. How long this social distancing will last, wifi bandwidth, my IRA, running out of TP.
So that’s my check-in. How are you doing? I have been working from home since 1997, so can offer tips to anyone finding themselves out of the office or incubator spaces for the duration. Feel free to post your check-in and questions in the comments.