Give it the Old College Try

In 1928 the Bambino himself defined “giving it the old college try” as “playing to the grandstand or making strenuous effort to field a ball that obviously cannot be handled.” Ask your local business person if they understand this and they will most likely reply ‘all too well’. While 2010 continues to rocket past, 2009 remains a constant reminder as to just how many went for fly balls that had no chance of being caught.

An estimated 90% of U.S. businesses are family-owned or controlled, from traditional small businesses to a third of Fortune 500 firms. How many of these businesses fell short and ended up closing shop in 2009? In truth, nobody is exactly sure. According to the Bureau of Labor Statistics the number of gross job losses from private sector closing and contracting establishments fell to 7.3 million in the third quarter of 2009, a decline of 739,000 from the previous quarter. This is the largest over-the-quarter decrease in gross job losses since the series began in 1992. This information tells us with certainty that 2009 shaped up to be the Grim Reaper for far too many businesses. The Business Employment Dynamics for Fourth Quarter 2009 is scheduled to be released on Wednesday, August 18, 2010. The expectations for this new data are bleak to say the least.

So why are many businesses still giving it the old college try? Because Americans are resilient. To understand this you would need to travel back to April 17, 1907. This date marked a landmark day in American immigration; Ellis Island processed over 11,747 individuals through the famed receiving station to begin their new lives in America. The highpoint of 1907 occurred when 1,285,349 immigrants entered the United States, with Ellis Island processing nearly 80 percent of those new arrivals. Our country would not greet as many immigrants again until 1990.

This process of immigration created a natural experiment in hybridization. Immigrants full of courage, ambition and tenacity walked with uncertainty onto those boats. There were no guarantees, the odds were stacked against them but they came anyways hoping for the best. They went after that fly ball even though they knew they had little to no chance of catching it. Generations later this resilient spirit is still evident with the hearts of so many business owners.

They say the biggest storms create the most colorful and brightest rainbows. I think we would all agree, this coming rainbow is going to be epic!