corporate grind to self employment a transition guide for executives

8/3/2019 Corporate Grind to Self Employment a Transition Guide for Executives

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www.profilesinternational.com 2010 Profiles International, Inc. All rights reserved.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 2
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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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4/15


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


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

From Corporate Grind to Self-Employment: A Transition Guide for Executives



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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



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.



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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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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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.




11/15


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.




12/15


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.




13/15


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.




14/15


Final Considerations



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.


15/15


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

entrepreneurial assessment!

Contact Mike Priest: at (800) 880-2909

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