corporate grind to self employment a transition guide for executives
TRANSCRIPT
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Executive Briefing
FromCorporateGrindtoSelfEmployment:
ATransitionGuideforExecutives
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From Corporate Grind to Self-Employment: A Transition Guide for Executives. Copyright 2010 by Profiles International. All rights reserved. No
part of the report may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems
without written permission from the publisher.
Printed and bound in the United States of America.
PublisherProfiles Research InstituteDario Priolo, Managing Director
5205 Lake Shore Drive
Waco, Texas 76710-1732
Profiles International
(800) 880-2909www.profilesinternational.com
AcknowledgementsPresident, Co-founder, Profiles International: Bud HaneyEditor-in-Chief: Dario Priolo
Managing Editor: Carrie D. MartinezAssistant Editors: Jeff Meyers, Christine Gallia, Jacob FordCreative Director: Kelley TaylorGraphics Assistants: Ruben Vera, Colton Canava
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Table of Contents
Dynamics of Change
Taking Control of Change
Transitioning to a New Endeavor
Find Opportunities in Transitions
Planning Your New Career
Becoming Self-Employed
How to Overcome the Fear
Initial Questions Concerning Self-Employment
Final Considerations
About Profiles International
5
6
7
8
9
11
12
13
14
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Afteryearsofclimbingthecorporateladderandbecominganexecutive,
therearestillsomenegativeeffectsthatmaykeepyoufromreachingyour
fullpotential.Thelonghoursandtimespentatdifferentmeetingscankeep
youfromyourfamilyandprovetobemorerigidthanoriginallythought.
Itistimetolookatdifferentalternatives.Startingyourowncompanyisa
viableoptioninthecurrenteconomiclandscape.Corporationsarenothiring
olderexecutiveswhoarelookingforchangeandbeingselfemployedhas
manybenefitsandfreedoms.
Thepurpose
of
this
guide
is
to
help
you
begin
your
new
career.
Starting
somethingnewinvolvesasignificantamountofchangeandtransition.
Transitioningfromonejobtoanothercanbestressfulenough,but
transitioningtoanewcareercanseemoverwhelming.
Inthisguide,weidentifydifferentissueswithchangeandwaystoovercome
thedifficulties
surrounding
anew
career.
We
also
look
at
types
of
skills
that
arehelpfulinworkingthroughthetransitionprocess.Lastly,wemakesome
recommendationsaboutwhattypeofselfemploymentyoushouldpursue
andhowtomakethosedecisions.
Transitioningto
self
employment
offers
many
benefits
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Transitioning to a new
career can seem
overwhelming.
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UnderstandingchangeHaveyouexperiencedchangeinyourliferecently?Inthecurrenteconomic
climate,businessprofessionalshaveexperiencedsignificantchangeintheirlives.
Manyprofessionals
worry
about
job
security,
retirement
plans,
and
their
financial
future.Changeissomethingthatweallhavetodealwithandthefirststepto
managingchangeistounderstandit.
Everyonerespondsandreactstochangedifferently.Adaptingtochangeiseasyfor
some,butmostpeopleneedplentyoftimetoadjusttothenewexpectations.
Stayingafloatinthefaceofchangerequiresnewskillsthatenableyoutorespond
quicklytothenewdemands.Aslifebecomesmorecomplex,adaptingand
embracingnewideas,behaviors,andthoughtpatternswillbecomeincreasingly
important.
Resistancetochangeoftencoincideswithexpectedandunexpectedchange.
Humansarebynaturecreaturesofhabit,anddontwillinglyrespondtochange
well.Resistance
to
change
is
often
derived
from
afear
of
the
unknown
or
an
expectationofloss.Anindividualsperceptionofthechangeandtheresourcesshe
hastoaddressthechangesignificantlyinfluencetheacceptance,rateandsuccess
ofthechange.
Changeisnevercomfortable,butitisntalwaysbad.Changecanbeameansto
your
goals,
not
a
barrier
to
them.
If
you
have
experienced
change
recently,
it
is
importanttodeveloptheskillsnecessarytoovercometheresistancetochange.
Dynamics of Change
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Dealingwithchange
Humansareremarkablyflexibleandcapableofadaptingtoawidevarietyof
environmentsandsituations.Understandingyourabilitytochangecanhelpyouto
embraceandguidechangeratherthanresistoravoidit.Oneofthebesttoolsfor
dealingwithchangeistheutilizationofchangemanagementskills.Learningand
practicingchangemanagementskillscanhelpreducethelevelofstresschangecan
bring.
Changemanagementskills:
Anticipatingchangeexpectchangetohappen,andlookforit.
Monitoringchangebeawareofthingsgoingonaroundyouatworkandinyourlargercommunity.
Adaptingto
change
quicklynotice
small
changes
around
you
to
help
prepareforbigchange.
Enjoyingchangelearntobecomfortablewithandlikechange.Lifeisgoingtocontinuetochangeandthebetterpreparedyouarethemoreyouwill
learntoseethepositiveeffectschangecanbring.
Taking Control of Change
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From Corporate Grind to Self-Employment: A Transition Guide for Executives
Understanding your
ability to change can help
you to embrace and guidechange rather than resist
or avoid it.
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Transition
Whenplanningforyourfuture,itishelpfultounderstandthedifferencebetween
changeandtransition.Everyoneexperienceschangethroughoutlife.Losingajob,
startingafamily,andmovingareallexamplesofcommonlifechanges.Transitionis
anindividualspersonalreactiontoanexternalchange.Thestepsanindividual
takesafterlosinghisjobmoveshimintoatransitionphase.Knowingwherethe
changeendsandthetransitionbeginsisimportantinanyshiftingsituation.
Stagesoftransition
Transitionresultsfromachange,butitmayalsobeginbeforethechangeactuallyhappens.Transitionsusuallyoccurinthesethreephases:
1. Endingseparatingtheoldwaysofdoingthingsandlettinggoofwhoweoncewereinthepast.
2. Limbofindingourselvesatacrossroadsbetweentheknownpastandthe
unknownfuture.
3. NewBeginningssettingnewgoals.Peopleneedtocompletetheendingandspendsometimeinthediscomfortoflimbobeforetheycanpossiblymoveon
toasuccessfulnewbeginning.
Transitionisanactivephasethatfollowseverychange.Newrolesarebeing
established
and
new
challenges
create
opportunities
for
the
future.
Transitioning to a New Endeavor
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Find Opportunities in Transitions
Transitionsideeffects
Transitionisatimeofreorientation,reevaluation,andoften,creativityand
innovation.Transition
can
also
be
atime
of
considerable
stress.
With
change
can
comevariousemotionsandexperiencesthatmaybedifficulttohandle.Ifyouare
aselfemployedindividual,youareverysusceptibletothestressofdealingwitha
significantnumberofresponsibilities.Beingabletohandlethestressiscertainly
notsomethingeveryoneisabletodo.Keepingyourselfhealthyandhappyduring
thetransitionstageiskeytoensureasuccessfultransition.
ManagingtransitionalstressInordertomanagetransitionalstresssuccessfully,itisimportanttoestablisha
routine,maintainpropernutritionandexercise,practicepatience,andstayopen
minded.Whenyoustarttofeeloverwhelmedwithworkandliferesponsibilities,it
isessentialthatyoutakeabreak.Takesometimeouttoreorganizeyourwork
scheduleandprojectcommitments.Startprioritizingwhatneedstobedonein
writingso
you
will
have
clear
deadlines
for
your
responsibilities.
Transitionsareatimeofgreatopportunity.Remembertocelebrateyoursmall
successes,explorenewlearningpossibilities,andexperimentwithchange.
Knowingthesetechniquesformanagingtransitionalstresswillallowyoutostart
planningyourfuturewithyourfeetontheground.
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From Corporate Grind to Self-Employment: A Transition Guide for Executives
In order to manage
transitional stress
successfully, it is
important to establish a
routine, maintain proper
nutrition and exercise,
practice patience, and
stay openminded.
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Planning Your New Career
Careerplanning
Phase1:WhereamIrightnow?
Itis
important
to
evaluate
yourself
to
see
ifself
employment
is
the
right
career
choiceforyou.Sometimesitiseasiertoknowourselvesthroughfeedbackfrom
otherpeople.Butwhenyouentertheworldofselfemployment,theremaynot
beasmanycoworkersaroundtohelpyouidentifyyourstrengthsand
weaknesses.Beforeconsideringselfemployment,envisionhowyourlifewould
bedifferentasaconsultant.Itisimportanttothinkaboutyourpastemployment
experiencesand
identify
your
likes
and
dislikes
for
each
job.
Knowing
yourself
andyourtendenciesisparamountbeforeenteringselfemployment.
Phase2:Whataremybestoptions?
Afterdecidingtoentertheworldofselfemployment,itisimportanttotaketime
anddevelopaplan.Startbyidentifyingyourtopskillsandthencompareyour
minimumjobrequirementsandidealjoboptionsavailabletoyou.Somebusiness
plansmaybeoutofreachfromafinancialstandpoint,butbrainstormingviable
optionswillhelpestablishresearchtopics.Afterdiscoveringafewviableoptions,
researchtheseoptions.Takethetimetotalktobusinesspartnersandpeople
whohaveworkedwithyouinthepasttoseewhichoptionwouldbebestforyou.
Lastly,selectajobthatyouenjoy.Nowthatyouarefreefrombeingpartofa
largeorganization,selectacareerthatyouhavefunwithandenjoy.
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Planning Your New Career
Careerplanning
Phase3:
What
should
Ibe
doing?
Onceyouhaveidentifiedandlookedatsomepossiblecareerpaths,findoutifyou
needanyadditionaltrainingoreducation.Ifyouareenteringanew,unfamiliarfield
ofwork,itwillbeimportanttoreceivethetrainingrequiredtobecomeanexpertin
thatparticularfield.Evenifyouaresimplyofferingconsultingservicesinthesame
industryyoujustleft,youwillstillneedtolearnhowtobeasuccessfulconsultant.
Take
the
necessary
time
up
front
to
learn
or
else
it
will
cost
you
more
time
and
moneydowntheroad.
Phase4:Whatismynextstep?
Afterdecidingonanewcareermoveandseekingthenecessarytraining,youmust
establishspecific,measurable,andattainableobjectivestoachieveyourgoals.
Createaplanofactiontorecordwhatyouneedtodotoreachyourgoals.
Itis
important
to
set
up
small
wins
and
to
understand
that
your
success
early
on
maynotbemeasuredbymoney.Establishanetworkofpeoplewhocanhelpyou
planandcreateabusinessmodelforyournewselfemployment.Remembertostay
activebycreatingdeadlinesforyourself.Beingaccountabletothesedeadlines
requiresstrictdisciplineandhelpfromothers.
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Becoming Self-Employed
Isselfemploymentforeveryone?
Someemployees
and
executives
love
everything
about
their
job
and
would
never
evenconsiderleavingforselfemployment.Otherscantwaitfortheopportunity
toleavethecorporateworld.Beingpartofacompanyoffersthesecurityofa
regularpaycheck,butifrecentchangesintheeconomyhavetaughtusanything,
itsthatthiskindofsecurityisanillusion.
Startingabusiness
creates
anew
set
of
hesitations
for
alot
of
people.
There
is
so
muchuncertaintyinvolvedthattheideaofstartinganewcompanycanbe
overwhelming.Atthesametime,beingtoldwhattodoandworkingonsomeone
elsestermscanbedifficultafteralongperiodoftime.Theideaoffreedomand
settingourownscheduleisattractive,butasthefreedomincreases,sodoesthe
levelofrisk.Inordertoachievecompletefreedom,youmusttakerisksand
overcomeanyfear.Itiseasytoplayitsafeandstayatthesamecompanyinthe
samejob,
but
the
rewards
and
freedoms
of
self
employment
are
worth
the
risk.
Makingthetransitiontoselfemploymenttakeswork,time,andanabilityto
acceptfailureandlearnfromit.
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How to Overcome the Fear
Battlethefearoffailure
Facingthefearofselfemploymentisn'teasy,butitispossibletobepreparedand
overcomethat
overwhelming
feeling
of
incompetence.
It's
very
daunting
to
face
fearsandtaketheplungeintobecomingself employed.Manyprofessionalsare
theirownworstcritic,andtheysecondguessthemselvesonaconsistentbasis.Isthisideagoodenough?Isthisbusinessplansound?Willsuccessfollow?And,worstofall:WhatifIfail?Instead
of
focusing
on
these
questions,
ask
yourself
the
only
question
that
truly
matters:Whatstheworstthatcanhappen?
Onceyouaskyourselfthatquestionandconsiderhowyouwoulddealwiththe
worstifitdidhappen,youwillfeelmuchbetter.Fearhasawayofescalatingthe
situationinourminds.Thefearisalwaysworsethantheactualsituation.
Whenitcomestoselfemployment,thebestwaytofacefearandmoveforwardis
throughsoundplanning:bepreparedtobesuccessful.Knowyourself,andknow
howyouworkbest.Workoutaschedulebasedonselfemploymentneedsand
goals,andsticktoit.
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Initial Questions Concerning Self-Employment
WhenshouldIstart?
Thetemptationwithselfemploymentistowaituntileverythingisperfectlyinorder
beforeyou
begin
the
process
of
becoming
self
employed.
There
is
no
need
to
wait!
Timeisoftheessence;assoonasyoudecidetobecomeaconsultantorstartyour
owncompany,youshouldbeginimmediately.Establishasolidplanandstaywith
theplannedschedule.Therewillbeplentyofopportunitiesforyoutolearnasyou
go,sodonthesitatetobeginnow.
Youshouldgivealotofthoughttowhatyouregoodat,whatyoucanoffer,who
yourtargetcustomersare,howyoullmakemoney,howmuchyoushouldcharge,
andhowyoucanaddvaluebeyondwhatisalreadyofferedoutthere.Butdont
allowindecisivenessstopyouatthestart.
ShouldIstartinabadeconomy?
Theeconomyshouldnthinderyoufromstartingyournewendeavor.Many
companiesare
strugglingyou
can
use
this
time
to
learn
how
to
start
abusiness
in
adifficulteconomiclandscape.
Socialmediahasmadeitsignificantlyeasiertostartabusinessandadvertiseyour
services.Itiseasytonetworkandgetthewordoutaboutyournewbusiness.While
bigcorporationsstruggleinabadeconomy,yoursmallbusinesswillbeableto
adjustto
the
market
much
better,
and
youre
less
subject
to
the
problems
of
financialmarkets,realestatemarkets,andotherexternalfactors.
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Final Considerations
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From Corporate Grind to Self-Employment: A Transition Guide for Executives
Whattypeofbusinessisbestforyou?
Buildonyourpassionsandstrengths
Identifywhat
you
are
good
at
and
what
you
enjoy.
These
two
factors
will
leadyournewendeavorintosuccess.
Mostexecutiveshaveconsiderableexperienceinaparticularindustry.If
youhaveasolidplatformofknowledgetobuildfrom,youwillaccelerate
yourlearningandproductivity.
Buildvs.
buy
Youcantrytobuildyourbusinessfromthegroundup,oryoucanseekout
partnersorfranchisesthathaveaprovenbusinessmodel.Ifyoucanbein
businessforyourself,butnotbyyourselfandwithoutsubstantialfees,you
willbemuchfurtheraheadandminimizeyourrisk.
Recurringrevenuevs.billabletime
Becareful
about
business
models
based
solely
on
billing
your
time.
Althoughtheycanproducelucrativeassignments,youwillalwaysbeforced
totradeyourpersonaltimeforworkingwithyourclients.
Thebestbusinessesarethosethatbuildrecurringrevenuestreams
independentofyourtime.Byprovidingclientswithproductsandservices
thatbecomeanintegralpartofhowtheyoperatetheirorganizations,you
willmake
money
in
your
sleep,
and
build
equity
in
your
business
that
you
cansellwhenyouwanttofullyretire.
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imagine great people
We are always looking for executives with
entrepreneurial drive to build business as
resellers of our assessment solutions.
Profiles business partners use our assessmentsto support the services they offer to their clients,such as recruiting, training and development,executive coaching, and human resources
consulting.
If you have ever dreamed of launching your ownrecruiting, training, or consulting practice, wehave the tools and the knowhow to help yousucceed. You can be in business for yourself, but
not by yourself.
The first step is to experience the power of ourassessments first hand. Please call us toschedule a complimentary assessment and learn
if this opportunity is a good fit for you.
Profiles International helps organizationsworldwide create high-performingworkforces.
Through our comprehensive employmentassessments and innovative talentmanagement solutions, our clients gain acompetitive advantage by selecting theright people and managing them to their
full potential.
Call us today to schedule your free
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