StoryArc Studios

Economic crisis. How do we deal with it? How do we recover from it?

Whenever we think of economic crisis, we think about how the media frames it. We think of GDP, deficits, debt, buyouts etc.

What we don't talk about is how we personally deal with and recover from it.

Don't get me wrong, talking about policies that can curb the impact of a crisis is important. But it doesn't help someone who is starting their career or someone with bills to pay.

So, given we have a possible crisis coming, let's look back on what we went through. Let's see what we can learn from the last one and thus hopefully do better next time.

I'll start. Let me know your lessons in the comments.

In 2008 the crisis caught me working as a waiter. I was making huge tips, but recklessly spending and lending other people money. I had no savings, I relied on recovering the money I lent and I was thinking it will only get better.

But of course, it did not. In less than a month, we had half the usual clients and I had to find a new place to work.

In about 8 months, I would work in 4 different bars, barely getting by, while everyone thought it was all going great.

Several times I ended up with shady customers that lead to very tense and dangerous situations. For 4 months I worked at a bar for less that the minimum wage, but working 14 hours per day, 6 days a week. Just making enough to pay rent and food.

And with all that effort, I ended up being fired because "I was not a team player" which meant that I didn't clean up the mess left by a colleague who was paid double.

At this point, I could deny reality and had to return to live with my parents.

By that point I had broadcast the lie that I was doing well financially and that I had 2 years of University under my belt, when in fact I was a dropout.

After admitting the new reality, I got 2 new jobs in my hometown, started saving up to start university and get back on track. 3 months later I found a secure job that helped me pay my studies, gave me enough free time to go the classes and volunteer.

I joined a student organization, I started learning, going to conferences and building a network. I said yes to any new experience and luckily I was back on my feet soon enough.

What have I learned?

1. Denial is not the way. If the situation is s& just say so. Staying in denial will only make you feel lonely and insecure.

2. Have savings to help you bounce back. And don't rely on lent money. They won't pay you back during a crisis.

3. Invest in your education. This will bring you the biggest return.

4. Join a community and network. The more contacts you make, the more opportunities will open up.

5. Pay the bills. If it means you have to Uber, just do it and leave your ego at the door. The quicker you get back in shape, the better.

6. Be patient. Things won't change overnight. A good harvest takes time, discipline and a little bit of luck.

May the odds be in your favor when the next crisis hits. May it lead you to growth

Community is something we need more and more of.

While there is no silver bullet in building a community, one key ingredient is story.

Stories told around the fire is the most lasting ritual in humans. It speaks to our desire to be part of something bigger, to be heard, to be seen and to see others as well.

What communities are you part of? '

What kind of communities do you want to be part of?

If you had the chance to create your own community, what would it look like?

Whatever role you may have, founder, leader or member of a community, it doesn't matter. What matters is that you keep that community alive and prosper.

Tell stories, listen to people's stories, open up, share, but most importantly, DARE!

Dare to break the patterns of loneliness, isolation, fear or shame and open yourself up to a community.

Still not convinced that Storytelling is a key part of business?

"The number of journalists over the last 30 years has been cut in half.

The number of corporate PR Executives, the number of comms people at companies has gone up six-fold.

So the ratio of bulls% to journalism has gone the wrong way.

3 out of 4 companies that go public are not profitable [...] which means the narrative is more important than the numbers.

So, the core competence of every CEO is to be a great Storyteller and capture people's imagination, pull cheap capital forward such that he or she can over invest and run away from the competition.

As a result the PR and Comms people manicuring Zuckerberg's image at Facebook now outnumber the number of journalists at the Washington Post.

Think about that.

There's more people trying to kind of put wallpaper over these lies that delay an obfuscation that is Meta than there are journalists at the Washington Post."

- Scott Galloway at Summit At Sea in May 2023.

Do you believe in stories?

Yes? No?

What if I tell you that not even believing in stories is a story in itself?

And what if I tell you that we never grew up, only our stories change?

When you were a child, you made a promise to yourself that you would save the world, just as your favorite hero was doing in the stories.

And in that very moment, a great dream has been born.

A dream that has become bigger and bigger, until today, when you're no longer a child, but a mature person who finally knows how and has the power to turn his dream into reality.

And once with this power, a great hero has been born.

Now, you hold in your hands the greatest power of your childhood hero:

The Power to Inspire.

The great power of sparking dreams in other people.

But heroes are all around us, and people are looking to take inspiration from each of them.

So what can make you different?

Well, you only need a better story.