EPISODE 174
Successful Transitions from Corporate to CEO
Microsode
Transitioning from corporate to CEO is inherently risky, but by calculating your risks, you can set yourself up for success.
A growing number of people are leaving their corporate jobs to launch their own businesses, especially in coaching and consulting, an industry projected to reach nearly $12 billion by 2032.
Making this shift involves both emotional and practical aspects. It’s crucial to assess your personal risk tolerance, have sufficient financial backup, and understand the startup costs associated with different business types.
Start with foundational work, aided by a 360 assessment. Then, define your ideal customer, create a simple website, and gather testimonials to build credibility before you quit. Finding alignment between your personal values and business goals is key to creating a fulfilling career.
Before you quit, you can leverage your corporate job to prepare for entrepreneurship. A steady income allows you to establish business foundations, test methodologies, and refine your offerings.
Being an entrepreneur means taking calculated risks and being mindful of the emotional and financial readiness required to ensure a smooth transition from corporate to CEO.
Quotes
“In my last corporate job interview, one of the people interviewing me, which was one of the very senior people at the organization, actually said to me, ‘how long do you think you’re gonna last here before you leave to start your own company again?’”
“One of the things we do with so many of our clients is give them this 360 assessment to see how others view them, how others view their brand attributes, how others view their strengths, how others view their role within a group setting, you know, are they the leader? Are they more of a participant? What’s their role?”
“There’s been a big shift, particularly in the US in the last several years, for people to leave corporate and launch their own business.”
“By the year 2032, the coaching / consulting industry will have nearly $12 billion dollars of financial investment in that field.”
“Some of the questions that one should ask themselves is: How comfortable are you with risk? How much money do you need in the bank before you feel comfortable and safe leaving a consistently paying job? How long will it take you to land your first client? What are some of the expenses you have to start your business?”
“Another thing to factor into it: how painful is it for you to stay in your current role in corporate?”
“Whether it’s the startup phase, or you’re 15 years into your business, there is always some risks in being your own boss. But I guess there is too sometimes in working for others.”
“The personal brand process is really introspective, and it really forces you to dig deep and figure out, you know, what are you here to do with this one crazy life?”
“If you are putting a shingle out there as a coach or consultant, you want that business to reflect who you are. You want that business to really like a sense of home.”
“Life happens while you’re busy living.”
“Work is such a big part of our day. So if you can have such a settlement and satisfaction that even getting paid to do it feels like you’re dreaming then I’m just a huge fan and people launching their coaching and consulting businesses that have the background and the ability to help others with their skill set.”
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