The corporate world, although relatively stable and lucrative, can quickly lose its intriguing allure. Without drive or purpose, even the CEOs of the highest calibre can become demotivated and seek change. Yet as we grow older, research indicates we are less likely to make significant career moves. In fact, people aged 45 and older will stay in a role for an average of 6 years and 8 months. Interestingly, the most successful entrepreneurs average at 45 years old.
Here are the top five ways to seamlessly make the transition from corporate to start-up.
1. Know your purpose and your why
Research shows the number one reason for someone starting a business is personal financial gain. Whilst returns can be high, the key to a sustainable start-up is to have a clear purpose and understanding of why you are doing what you are doing. By 40, many are more financially stable and have relevant networks that can be leveraged to support the business concept. This foundation along with management experience and deeper industry specific knowledge, nine times out of 10, leads to a stronger sense of purpose and reasoning for creating a start-up.
2. Shift your network
The corporate work environment fosters particular relationships. However these networks have to change when building a start-up. Connect with others who share these experiences or who are facing similar opportunities and challenges. LinkedIn is a great place to start; research who is in the same industry, and find those that are five to 10 years ahead. Attending events, joining industry-specific communities and reaching out to your network for introductions are also other great ways to forge new connections.
3. Hire thoughtfully
Running a start-up goes back to the very basics of the corporate world. While the recruitment and employee process will not be as quick, it will be more crucial. When it is affordable, it is important to bring on extra help. To do this effectively, hire thoughtfully. Don’t jump into long contracts or if you can, refrain from hiring full-time staff at all unless they have a unique skill the business needs. Utilise paid interns and strategic advisors especially while the business is still developing and growing.
4. Prioritise self-care and practise time management
In the start-up world there is no one telling you what to do or how to do it. This means sometimes going in circles trying to get to the next stage of business and juggling a million things at once. Tune into how you work best and create your work habits around this. With so much to do in the initial stages of a start-up, it is important to prioritise self-care. Whether it’s regular exercise, meditation or setting aside time for friends, this will avoid burning out.
5. Utilise your previous experience and skills
Having corporate experience before leaping into the start-up world is a huge asset. Skills such as emotional intelligence, stakeholder management, leadership and communication can be utilised from previous experience and injected into the start-up. Founders of start-ups that are also able to understand the end user, maintain stakeholder relations, blend corporate connections with new networks and implement processes and structure already hold the keys to being a successful entrepreneur.
Emma Sharley, Founder, Sharley Consulting, Co-Founder, Shop You and expert contributor to Mrs V Society
