Is This Your Season to Become an Entrepreneur?
It may seem like everything around us is on fire right now. Our world is dealing with layoffs, economic instability, and careers that used to feel “safe” don’t anymore. Let me remind you that we’ve been here before - 9/11, the 2008 financial crisis, the arrival of COVID-19, and the post-pandemic years. People have been at jobs for years that have become unstable, leaving them - and you - wondering what’s next. This may sound crazy, but you should ask yourself, “Self, is this your season to become an entrepreneur?”
At one point in 2021, I realized that most of my 1:1 clients were employed by someone else a year earlier. The impacts of the pandemic, the increase in remote work, along with the Great Resignation trend pushed them into starting their own businesses. According to the U.S. Chamber of Commerce, 5.4 million new business applications were filed in 2021 alone.
So if you think you’re the only one considering this sudden pivot to entrepreneurship, think again. I also experienced an unplanned need to pivot in my career, and now, years later, I can say it was the best choice I made professionally.
I was rising in my corporate career when I was told I was pregnant with twins, and it was a high-risk pregnancy. My boys were born prematurely, and I had also taken on the caregiving of my two stepsons. Suddenly, my corporate job was no longer realistic to maintain.
Starting over shaped my approach to business - I started building structure and routines personally to manage the chaos in my house. I did the same thing with my businesses. One thing I did know - winging it wasn’t an option if I wanted anything sustainable that I could operate successfully.
Your story may be different, but your feelings are most likely the same - “What the heck am I going to do now?”
Is this your season to become an entrepreneur?
Here are some questions you can ask yourself:
Do you have breathing room financially?
When I became an entrepreneur, my husband had a steady job, which gave us some financial wiggle room when I started my business. If you were laid off, did you receive a severance package? Do you have savings? Is your partner’s job a steady one?
Can you manage uncertainty as a new business owner?
Especially in the early days, you will have to make decisions without all the facts, trusting your gut and expertise. But one of my graduate school professors had a mantra - “ambiguity is our friend.” I remind myself of this all the time.
Do you want control over the work you do, who you do it for, and how much you work?
This was key for me. I was not the best corporate employee in this sense. I wanted control over these things, struggled to go along with what I thought were bad decisions made for personal, political, or self-serving reasons. I wanted first say over who I worked with, when I worked, and how I did the work.
What transferable skills do you have?
Think about what people around you ask you to help them with. You have definitely developed valuable skills in your corporate role that people or business owners will pay for.
When I look back now, I see how the skills I use to support my clients today were developed over many years at other jobs. Along the way, I had requests outside of my corporate work to help with business or marketing plans before I put myself out there. I helped a couple of friends in the start-up stages of their businesses. It helped me acknowledge that I had skills people wanted, needed, and would pay for.
Are you open to learning new skills?
You do not just get to do the things you’re brilliant at when you work for yourself. As the CEO of your business, you will be shuffling different hats every day - sales and marketing, bookkeeping, and business development.
I am an outlier in that I actually love that part of it. I like learning, and learning about different sides of business is no exception.
Do you have support around you?
If you don't, are you willing to seek it out? This was a challenge for me. It required intention and stepping out of my comfort zone. I could easily hide out in my house all by myself, but I have realized that successful business owners with sustainable businesses have built a support system. They have mentors and business besties to bounce ideas off of, connect them to resources, and vent to when dealing with frustrations and worry.
Do you have the time and energy in your life to do this now?
I’ve had a number of iterations of businesses over the years. I made shifts based on the ages and needs of my kids, and my day-to-day responsibilities as a parent. My current business has grown and changed as my kids became more independent and even (gasp!) started moving out.
Do you like the idea of working for yourself?
Or do you just want to get away from what you’re doing? For a long time, I had often thought about working for myself, but saw it as more of a fantasy or a daydream. When it actually happened, I wasn’t ready - I was focused on getting through the next three hours to the next feeding and diaper change.
My entrepreneurial journey was just that - a journey - an evolution. I didn’t start where I am right now. But I started by taking baby steps. And pivoting. Then pivoting some more. My business(es) morphed into the versions that I could handle based on where my life was at each step.
This isn’t meant to be a quiz with right or wrong answers, but more of a reflection to help you find clarity around your next move.
A Few More Lessons I learned:
My friend and colleague, Jessica Miller, taught me something about confidence - confidence comes from having done something before. Self-confidence is when you haven’t done it before, but you know you can and will figure it out.
Reinvention can be terrifying. But it closes one door and opens many others. It triggers growth, learning, skill building - it attracts opportunity. Reinvention allows us to align with ourselves and focus on our passions.
If life forces you onto a new path, you do not need to have it all figured out with a five-year plan that accounts for everything. Start with 90 days, realistic action steps, and a support circle you can lean on.
Do you think it’s your season to become an entrepreneur? Schedule a call so we can see how I can support you on your journey.
FAQs
What are some smart first steps?
Start with what you know, like consulting based on your existing expertise.
Where can I get some valuable, unbiased advice?
Talk to other business owners. Find a few networking groups where you can connect with colleagues.
How do I know who I want to work with, and what they really need?
Jump in and find two or three clients. Document how your time together goes, and refine your services and pricing from there.