What are the best ways to bounce back from a career setback in economics?

A career setback in economics can be a stressful and demoralizing experience, whether it is caused by a job loss, a failed project, a negative feedback, or a missed opportunity. However, it can also be a chance to learn, grow, and adapt to new challenges and opportunities. In this article, we will share some of the best ways to bounce back from a career setback in economics and turn it into a positive and productive experience.

1 Assess the situation

The first step to bounce back from a career setback is to assess the situation objectively and honestly. What went wrong and why? What can you learn from it? How can you improve your skills, knowledge, or performance? What are your strengths and weaknesses as an economist? What are your short-term and long-term goals? Answering these questions can help you gain clarity, perspective, and confidence, and avoid blaming yourself or others for the setback.

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Jatin Taneja

Economist & PhD Researcher, IWH Halle | Ex- European Commission, BIS, BMW Group, HWR Berlin.
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Comeback is always bigger than the Setback. One of the things to remember is such a situation is a famous quote by Winston Churchill- Success is not final, failure is not fatal: It is the courage to continue that counts.' In setbacks lies the opportunity for a triumphant comeback. Therefore, it your choices you make in an hour that decides who you truly are.

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2 Seek feedback and support

The second step to bounce back from a career setback is to seek feedback and support from others. Feedback can help you identify your areas of improvement, as well as your achievements and contributions. Support can help you cope with the emotional and practical aspects of the setback, such as stress, anxiety, or financial difficulties. You can seek feedback and support from your colleagues, mentors, managers, peers, or friends, as well as from professional networks, associations, or coaches in the field of economics.

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3 Update your resume and portfolio

The third step to bounce back from a career setback is to update your resume and portfolio. Your resume and portfolio are your tools to showcase your skills, experience, and achievements as an economist, and to attract potential employers, clients, or collaborators. You should update them regularly to reflect your current situation, goals, and interests. You should also highlight your resilience and adaptability, as well as any new skills or projects you have acquired or completed after the setback.

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4 Explore new opportunities

The fourth step to bounce back from a career setback is to explore new opportunities. A career setback can be an opportunity to explore new paths, directions, or fields in economics, or to pursue your passions or interests. You can explore new opportunities by conducting research, attending events, joining online platforms, or reaching out to people in your network or in the industry. You can also look for opportunities to volunteer, freelance, consult, or teach in economics, to gain exposure, experience, and connections.

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5 Keep learning and improving

The fifth step to bounce back from a career setback is to keep learning and improving. Learning and improving are essential for any economist who wants to stay relevant, competitive, and innovative in the dynamic and complex field of economics. You can keep learning and improving by reading books, articles, blogs, or podcasts, taking courses, workshops, or webinars, or participating in discussions, forums, or communities related to economics. You can also seek feedback, mentorship, or coaching to enhance your skills, knowledge, or performance.

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Nidhish Goel

Just a c̶h̶i̶l̶l̶ marketing guy @Zomato
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If you aren’t getting any role then utilising the time efficiently by enhancing the existing skills and learning new skills relevant to the job market can improve your chances of getting hired sooner. You can subscribe to some newsletters or papers published by researchers and keep yourself upto date.

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6 Stay positive and motivated

The sixth and final step to bounce back from a career setback is to stay positive and motivated. Staying positive and motivated can help you overcome the challenges, difficulties, or frustrations that may arise after a career setback, and to focus on your goals, achievements, and opportunities. You can stay positive and motivated by celebrating your progress, acknowledging your strengths, rewarding yourself, seeking inspiration, or practicing gratitude, optimism, or mindfulness.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best ways to bounce back from a career setback in economics?

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1 Assess the situation

2 Seek feedback and support

3 Update your resume and portfolio

4 Explore new opportunities

5 Keep learning and improving

6 Stay positive and motivated

7 Here’s what else to consider

Economics

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What are the best ways to bounce back from a career setback in economics?

1

2

3

4

5

6

7

1 Assess the situation

2 Seek feedback and support

3 Update your resume and portfolio

4 Explore new opportunities

5 Keep learning and improving

6 Stay positive and motivated

7 Here’s what else to consider

Economics

Rate this article

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