Armstrong Economics Blog/Economics
Re-Posted May 20, 2018 by Martin Armstrong
QUESTION: Hi Martin,
You are a clever man and all the best to you. I am a 43 yr old man that is still looking for his way in life. In short, knowing what you know, what business would you strive to get into?
I am purely looking for some sound advice as everyone is busy doing what they are doing. Basically, any knowledge you would part with would be excellent, as I have no father figure to turn to.
Confused, is the word.
I know you are not a counselor, however, what advice would you give to your kids etc?
All the best,
ANSWER: First of all, you have to pick a field that interests you. If you enjoy what you do, you will be good at it. If you are asking what business to start, you have to pick a field that is new or has little competition. You obviously would not try to start a smartphone company when you have giants who dominate the field. If you have a revolutionary idea, then you can start that and look to be taken over by one of the big boys.
It is all about what you enjoy. The economy is turning toward technology. Learning skills in programming will be the leading industry for the decades ahead. Fields that a labor-intensive will survive. such a construction. However, services, in general, can suffer where computers can replace that sort of employment. Keep in mind that as governments raise taxes, they put the lower levels out of employment. This trend has also tended to hit the very high end as well.
As technology advances, it will always displace sectors of employment. The combustion engine led to tractors and farm equipment so employment fell from 41% of the civil work force in 1900 to just 3% by 1980. Service jobs are being replaced by the internet every day.