Traditional Economies | Founders' Review Editorial

The cyclical nature of our employment landscape often prompts an examination of the current state of our job market.

In this context, I propose a model that could serve as a valuable tool for a range of stakeholders, including analysts, educators, and those in the gaming industry.

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The challenge of navigating the vast array of job opportunities to find the ideal occupation is a common one. Based on numerous interactions, the most profound advice I've encountered is to pursue a career that fuels one's passion. Individuals who are passionate about their work tend to excel in their fields, leading to increased income and a comfortable lifestyle. Moreover, if your work provides value to others, they may be willing to compensate you more generously.

Our economy can be segmented into two major sectors. The first encompasses traditional businesses, akin to the companies listed on the S&P5000 and NYSE. The second consists of growth businesses, which typically ascend to the S&P500 and are listed on Nasdaq after experiencing significant growth.

Traditional businesses are characterized by a consistent revenue stream over an extended period and typically employ individuals with substantial industry experience. Job opportunities in these businesses often arise when a current employee retires. However, their growth is usually modest.

Professionals in traditional roles often dedicate many years to their job, refining their skills and significantly enhancing their efficiency over time. Their expertise makes them invaluable, leading to higher salaries.

The advantage of such roles is a degree of job security, akin to licensing. However, the downside could be work-related stress during periods of high demand due to the system's rigidity.

Over time, such jobs cultivate a scholarly clientele. Professors acquire and impart the necessary knowledge, ensuring they can be replaced upon retirement. Internships and networking are effective ways to enter such industries, and family history can also play a role.

A secure, high-paying job is indeed attractive. Professors can offer more than just education. Their examinations and credentials can serve as a license for the job. Prestigious institutions like Ivy League and red brick universities can sustain themselves by training a steady stream of candidates.

Typical traditional professions include bankers, CPAs, business managers, marketers, construction managers, and architects. They must earn the trust of the incumbent generation to grow into their roles.

These industries are steeped in tradition. Financing usually goes towards replacing depreciated equipment and buildings, typically in the form of debt like bonds.

Growth is rare unless efficiency is improved. Data scientists are well compensated in these industries as they can enhance share valuation. The abundance of data from long-term recurring revenue generation means any improvement translates into tangible profit.

Long-term relationships between investment banks, car manufacturers, and utilities become commonplace. This can lead to numerous office management challenges. Relationship management, coaching, and psychology are natural professions that accompany such businesses.

The second sector of the economy is growth. If you don't secure a job at a traditional company early in your college career, you fall into this category.

Some refer to these as blue ocean opportunities, but this isn't entirely accurate. Growth relies on risk-taking venture capital, which is scarce in a North Atlantic conservative society.

A North Atlantic society tends to support growth by tying loans to revenues. Building something new is a slow process, but it helps to not disrupt existing traditional businesses and adds real growth to the economy.

It's wise to earn trust and secure a traditional job. If you excel and manage to make your role redundant, you can use your share incentives to build something new when the opportunity arises.