A recent Washington Post Business article was titled “They left corporate America to be their own boss. This is how it’s going.” The business owners interviewed, like the ones I’ve named the Formerly Corporate™, had jumped or been pushed out of a corporate job when the pandemic led to layoffs and burnout. The particular focus of this article was on people who had made a huge leap—from film sales and distribution to hosting a cooking show, or account executive to home decor, as examples. And the message was cautionary.
When these kinds of clients come to me, I point out three things immediately.
Starting from scratch is very hard. If you’re making a major change in fields, build a coherent story about your career arc that will let people see where you’ve come from and where you are going. Your credibility is at stake otherwise.
Whether it is a buyout package, a securely employed spouse, or a family that will back you up with money as well as encouragement, have something to support you for a good long time. Keep your day job, or pick up a part-time job so you have some predictable cash flow coming in. Starting and running a business without someone’s bankroll is foolhardy.
Few successful entrepreneurs plant the perfect seeds in the perfect field and reap a bountiful harvest with their first approach. If you’ve planted an orchard, better raise some annual crops in the meantime, until your trees begin to bear fruit.
And, shamelessly mixing metaphors, if you can see the end of the rope, start splicing onto it immediately. Or swinging to catch another one. Many entrepreneurs have re-invented themselves several times before they get it right.
Don’t (I mean DO NOT) try to go it alone. Find a mentor or hire a business coach. Or both. Find a group of people you can trust to ask hard questions, to tell you the truth, and then to celebrate your successes. Through the mastermind teams I’ve built in my coaching practice, we create connections and associates who do all that for each other.
