A noticeable percentage of my clients, who are in their corporate careers also have a dream of becoming an entrepreneur one day. Their entrepreneurial predilections are apparent when they disclose that in the Client Intake Questionnaire, and in a more subtle way, when I look at their performance and engagement in their jobs. Most of them come to me to improve their job performance, career momentum, and their need for advancement in their jobs. Yet, when I explore further why their engagement in their work is less than enthusiastic they admit that they are spending a good part of their “spare” mental and physical energies pursuing their venture.
In many cases this venture is in early stages of development—surprisingly, for many years. Clients have some sense of what they would like to pursue. Most of those, who admit to their entrepreneurial interests are–or were—technologists themselves, who have migrated to more glamorous corporate jobs (translation: where the money is). Now, they wistfully think that they can keep their entrepreneurial flame alive by tinkering with technology to yield them some unexpected riches and salvation, as they continue their subterfuge.
So, how do I guide them? Here is my typical guidance to these lost souls:
- Make an assessment of where you are in the evolution of your venture and determine what resources you need to take the venture to a decision point. Make an accelerated plan to reach that point, and then decide if you want to shift your priorities.
- Until you bring your focus to a single pursuit—career or venture—you are not going to be able to focus on either one to succeed. So, make a time-bound plan that forces you to decide on the direction you want to take after you reach that point.
- Seek support from your family to help you navigate through this period, when you are aggressively pursuing your venture to a decision point, as you continue to slog away at your corporate job. Share you plans and timelines with them so that they can hold you accountable for your actions and end-points.
- Seek professional guidance on your venture when it comes to evaluating business plans, making financial commitments, forming partnerships, etc. I cannot even count the number of times when clients came to me, as it was too late to salvage what they had started. This was because some very key elements were either ignored or were based on untenable assumptions.
- If you are investing your own money in your venture set a limit to what you are going to invest. Technology moves fast and so does the market with other competing ideas. It is tempting to continue to fritter your retirement money away, waiting to hit the jackpot. This is almost an addiction, much like gambling. So, seek professional advice early in the venture’s life.
- Once you reach the decision point and decide to move in favor of your corporate job, devote all your energies to your career and make an assessment of what you really want to do.
- Find an area of work that brings you true joy (not just more money) and make a plan to engage in that area of activity. If you must do a transition to a new area requiring you to re-invent yourself learn how to do that by working with a professional.
- Make a career-growth plan and measure yourself and your growth against that plan. Hold yourself accountable to your own growth.
- Thank your family for supporting you through your conflicted existence and get back into financial recovery plan, if you have expended your retirement funds in pursuing your venture.
- If anyone else approaches you with the next “sure-fire” venture for you to join them, learn how to say no!
Good luck!