Are You the Right Candidate for Self-Employment?
Curt Skene’s In2Win! Career Coaching Supplement.
Most executives go through a period in their careers where they consider becoming entrepreneurs. For most it appears to be a knee-jerk reaction based on the fear no one will hire them. Self-employment is one option you may consider and it can look pretty darn attractive. The pay can be great, the work exciting and you are always guaranteed to love your boss!
But be careful when heading down the entrepreneurial path because it can be lonely and eat you up faster than you realize. To be a true entrepreneur you need an inspiring vision, an unstoppable commitment and enough passion to pull yourself out of the low troughs of business building. Before you make a move towards self-employment consider a personality assessment to determine if you are a good match for the entrepreneurial lifestyle. Plan to meet with many other entrepreneurs to learn about their experiences.
By all means if you are truly heading toward the world of self-employment make sure you are serious. Nothing is more damaging than launching into business with half a heart. Franchising is also an excellent self-employment alternative if you have the cash and you are comfortable following an established business process. While you may have to put out more money in the beginning, franchises often generate positive cash flow quicker.
Whatever route you choose, do your homework, know the numbers and then by all means jump in with both feet!
Self-employment offers independence, but it also transfers the risk and responsibility to you. Assess it honestly.
Why I Wrote This Page
Because for a lot of professionals, self-employment isn’t really a business decision. It’s an escape from the vulnerability of being rejected by another employer, and those are two very different reasons to start a company.
The tell is usually the timing. If the idea of self-employment only showed up after the job loss, and not before it, it’s worth asking honestly whether you’re solving for opportunity or for fear. Both can lead to the same decision, but only one of them leads to a business built to actually survive the hard years.
None of this means don’t do it. It means test the decision against readiness, not against how badly you want to avoid another rejection.
Action Steps
- Take the MBTI Career Assessment or the Strengths and Interests Assessment in your CNC Community profile before committing, not after you’ve already told people you’re doing it.
- Talk to five entrepreneurs about their hardest year, not their best one, and ask if you’d have stayed in that year.
- Separate the decision from the timing. Would you still want this in twelve months if a great job offer landed on your desk tomorrow?
In2Win! Afterthought
Curt’s current observations and updated guidance will be added here.
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