#25c – David Rubenstein’s Top 10 Chicken Soup for the Economy? Women in Business Get Your Game On

David Rubenstein, Co-founder Carlyle Group

David Rubenstein, Co-founder Carlyle Group

  • The US unemployment rate is currently 9.8%. It’s the highest in 36 years.
  • Americans are unwilling to take risks or trust big companies. Young people are uncertain of  their career paths.
  • After World War II, the US constituted were 48 percent of the world’s GDP. Now we’re about 20 percent of the world’s GDP.

From the women’s perspective, here is a women’s factoid I tweeted the other day to add to the bad news:

@ChiefHotMomma: Economy &Women: 19% of senior exec women lost jobs vs 6% of men http://ad.vu/m7j8 [Huff Post Blog / Catalyst Rsch]

The bleak picture painted by David Rubenstein of the Carlyle Group has a silver lining. As Bill George said earlier: Is there an opportunity for you during this crisis? Women and their families are thinking more entrepreneurially during this slow economic time (see links below). Is this the time you’ll look back on as your most brilliant because – when forced – you rose to the occasion, sold the big deal, came up with the new idea, or took a risk you thought you never could? If this is, or could be you, David Rubenstein had some great, quick lessons learned:

1. Focus on areas that are likely to grow. It’s doubtful that you’ll be so brilliant to figure out how to grow in an industry that is not growing.

2. Avoid excessive leverage. It comes home to roost. Even normal leverage can be risky in slow economic times.

3. Persist, don’t take no for an answer. People said, “You don’t have a background in business.” He kept pushing ahead and built the Carlyle Group which boasts at 33% IRR (Internal Rate of Return) which is STUNNING!

4. Take some entrepreneurial risk in your career.

5. Think of yourself as an owner. If you can’t be an owner, use that mindset. These employees do much better.

6. Improve your skills of persuasion. Very few people work very hard on this. It’s  because in our country we don’t say, “I want Johnny to grow up and me a salesman.”

7. You need to have very talented partners. None of the huge business success stories are of people doing things alone.

8. Think like a leader, not like a follower.

9. If you love what you do, money will flow. If you’re really good at what you do, money will ultimately flow to you. If you don’t love what you do, do something else because you’re wasting your career.

10. You make your own luck. Take advantage of opportunities as they come along.

Bonus tip: Nobody on their death bed says, “I wish I worked harder.” Think about your community. (David bought and donated the Magna Carta which was the basis of the Bill or Rights and the Constitution.) “That’s a small thing I’ve done to try to make my world a little bit of a better place.”

Links re women, money, and the recession:

Recession Drives Women Back to the Work Force

Gender Roles in the Recession

In Big Cities, Women Earn More than Men

Financial Literacy from Schwab (Women – LEAD your family’s financial literacy)

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4 thoughts on “#25c – David Rubenstein’s Top 10 Chicken Soup for the Economy? Women in Business Get Your Game On

  1. Pingback: #27 Confessions and Reflections – Building a Million Dollar Business Part Time « Building A Million Dollar Business Part Time (Hot Mommas Project Insider’s Blog)
  2. Pingback: Summary of Posts 3 – Building a Million Dollar Business Part Time « Hot Mommas Project blog
  3. Pingback: Summary of Posts 3 – Building a Million Dollar Business Part Time « Hot Mommas Project blog

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