5 Steps to Turn a Volatile Market Moment Into Growth

I am just going to come right out and say it. There is no sugar coating it, the markets are really rough right now. Stocks are crashing, valuations are decreasing, and investors are much more conservative when deploying capital.

This new market correction has many unfortunate outcomes but the main one is that companies have a shorter runway, which means layoffs.

If you were recently laid off from your tech job, here are some things you can do to take advantage of the situation.

1. Figure out your true passion.

The word passion has to be one of the most overused words in business. Everyone likes to talk about finding your passion, but who has time to sit and figure out what their true passion is when they are busy working and just keeping up with the incredibly fast-paced world of tech?

However, if you recently lost your job and are now in between roles, perhaps now is the time to sit down, thoughtfully a little, and figure out what you truly love doing.

A good place to start is to think about what you do in your spare time and what you would do if you won the lottery. Chances are that’s your passion. Now all that’s left is to figure out how to take that passion and turn it into a career.

2. Acquire domain expertise.

Once you’ve identified your passion, now it’s time to become an expert on it. So If you’re a foodie, take this time to learn as much as you can about food tech, for example.

Read the news about food tech, listen to podcasts, watch YouTube videos, and just learn as much as you can about the space.

The best way to increase your chances of working in food tech is to become an expert on food tech. Now is the time.

3. Start producing content.

By now, if you’re still not convinced of the power of content, you’re not paying attention.

As most marketers will tell you, good content is the foundation of your entire marketing strategy. It helps with PR, SEO, social media, user acquisition, and so much more.

Again, who has time? Well, now you do.

So think, is it written content you want to produce, or perhaps it’s a podcast? Maybe video is your thing. Whatever you decide, now is the chance to take advantage of the time you have and share the domain expertise you’ve recently acquired.

4. Allocate time to network.

The power of a good cup of coffee should not be dismissed. Now I realize you have a lot going on and you need to start job hunting, but maybe allocate a few hours a week to meet people in your industry.

No agenda, no interviews, just a friendly cup of coffee. You’ll be surprised how a random meeting could lead to good things.

Don’t underestimate the importance of building your network.

5. Build yourself a market landscape.

Finally, spend this time familiarizing yourself with your industry. Who are the big players? Who are the up-and-coming startups? Who invests in the space? Which artists cover it?

Knowing the space like the back of your hand will most definitely help you when applying for your next role.

The bottom line is that times are rough now and there’s no denying that, but if you take advantage of the extra time you might have now, you might be able to transform this difficult period into the most important and fruitful time of your professional life.

The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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