By Stephanie Chen (CNN)
Two roads diverged before Jennifer Jackson in this flailing economy: She could restart her career as an electrical engineer or pursue her childhood dream of becoming a hairdresser.
Jackson, 39, took the road less traveled, opening a hair salon in Chicago, Illinois, last fall.
"Jobs aren't out there like they used to be," says Jackson, who has 12 years of engineering experience at corporate giants like Motorola and AT&T.
Still, the college-educated professional recently struggled to find an engineering position in the dismal job market. "I decided to get creative and completely shift gears."
After losing his job at 61, Walter Kerschbaum went from working at Wall Street to opening his own clock shop.
Foreclosures mount while benefits, savings and pensions deteriorate.
As job security from corporate America fades, Jackson and others see the economic downturn as an unexpected chance to transform hobbies or youthful fantasies, once-dubbed impractical, into grown-up careers.
"I've spent most of my professional life making money for other people's companies," says Laura Waldusky, who opened her own jewelry shop this month in Houston, Texas, after being unable to find a job in 2008. "Why not invest my talents in, well, myself?" iReport.com: Tell us how you're surviving
Waldusky, who worked for major labels like Louis Vuitton in the past, tried to find a design job for months when the stock market plunged last fall, but says job opportunities were scarce. She had been designing her own jewelry as a hobby for many years and decided to use her savings to make her jewelry business a full-time gig.
Professionals are realizing the prescribed path of a college degree leading to a lucrative job may no longer exist, as the volatile economy takes a toll on some of the soundest professions, such as banking and law. Almost every day Fortune 500 companies announce more layoffs, leaving remaining workers left to fear they may be next.
Some small businesses owners say launching a new venture in tough times is better than doing nothing.
"It may not be as glamorous or as prestigious as what you had been doing before you lost your job, but it may well save you," says Walter Kerschbaum, a 63-year-old antique clock collector, who opened a shop called Scarsdale Antique Clocks in Hartsdale, New York, two years ago.
