Most people are perfectly comfortable working for someone else. They have no desire to launch their own business, mainly because they perceive entrepreneurship as a highly risky option. Most of these concerns boil down to four types of risk: financial, career, lifestyle, and ego. They imagine that the potential for success is very small and the probability of ruin is high. They assume that the kind of person who is willing to risk all of that must be fearless and crazy and have completely different priorities than anyone else.
In fact, the most successful entrepreneurs are relatively risk averse. The stakes are high when you throw everything you’ve got into the next great business idea, and true entrepreneurs work hard to mitigate every potential threat before it becomes a problem. The more front-end work you do, the less risk involved in the business itself. Of course, there is some inherent risk in going out alone, but there are legitimate ways to manage and mitigate those threats. This article analyzes the realities of career risk and what you can do to manage that risk as you dive into the world of entrepreneurship.
The concern about career risk is that leaving your industry for the months or years it takes to work at a new company can derail your upward path. Of course, if your startup is a smashing success, there’s nothing to worry about. The problem only arises if your startup goes under and you have to re-enter the job market. The best way to mitigate career risk is to build a strong foundation while you’re still working and maintain those connections when you step aside.
Whatever line of work you are currently in, it is likely to provide you with endless opportunities to make a name for yourself. He builds his reputation as an expert in his field and fosters relationships within the industry. Keep records of his top resume builders: projects he’s worked on, accomplishments he’s had, recognitions he’s received.
Once you give your resignation notice, give 100% until your last day on the job. Don’t give your last employer, colleagues, or clients any reason to doubt your dedication to them or the industry. Make it clear that your decision to go out alone is in no way a reflection of your current job or company, even if that’s not particularly true. The goal here is to leave the job with a positive reputation and a list of references who will be happy to recommend you in the future.
Once you’re on your own, make it a habit to keep in touch with your best allies who are still in the industry. Connect with them on LinkedIn and keep them informed about what you’re up to. If your startup is in the same basic industry, these connections will also be important for marketing purposes. If not, maintaining these relationships will give you the connections you need if you have to return to work. Stay informed about changes in your industry too. Maintain your trade association memberships and visit their websites from time to time.
Reducing career risk isn’t particularly difficult: it simply requires you to be a desirable employee while you work and use basic networking skills once you’re on your own. In reality, the goal of entrepreneurship for most people is to get out of the control of an employer… you may find that keeping in touch with colleagues who are still in the daily grind will be the motivation you need to make your business . succeed.
