When you’re meeting new people one of the first things you’ll talk about is what you do for a living (or the first thing, if you’re talking with a man!). When it comes to explaining my portfolio career of business consultant / company director / farmer / author and professional speaker – and how I came to this after a career in finance and consulting – people often assume that I made the transition when I became a mum. Or because I didn’t enjoy working in the corporate environment. Or because I didn’t want to work full time any more. And they often ask me to help them in making the same transition.
It’s true that there are some benefits for me personally in the career I’ve carved out for myself. But if you are considering leaving paid employment to start your own business or portfolio career, my advice to you is to stop and think twice. Maybe the best thing for you would be to stay where you are, and here are 5 reasons why you might be better off staying in paid employment:
- Routine – For those of you with children or other interests outside of work, I believe that paid employment lends itself more easily to routine. For those of you with children – you know how important routine can be – and when it comes to managing kids and a career paid employment could actually be better for your routine: you go to work at the same place most days making childcare logistics more predictable; you know roughly what you’ll be you’ll be working on and what to expect; most bosses these days understand you have a life away from work and even if you have to take work home with you, you at least have the regularity and discipline of “a place for work and a place for home”.
- Freedom – ask any small business owner and they’ll tell you that the idea of starting your own business to buy yourself freedom is a myth or at best, an ideal that requires ongoing management and focus. In my business I work odd hours often involving very early mornings for speaking jobs or after work appointments for coaching sessions; long days for facilitation work; frequent travel; and the all-hours admin that comes with no longer having an IT help desk and a team of other experts and specialists to draw on. Yes I have the freedom to sometimes choose where and when I work, but it’s almost always dictated by my clients. In my corporate roles my bosses were generally supportive of me trying new things and doing things my own way. I had the freedom of knowing roughly what my set work hours were and therefore I could schedule yoga classes, writing classes, language classes and so on around that - all of which is now virtually impossible. Freedom comes in different guises for different people but I’m living proof that having your own business is not the silver bullet many people think it will be.
- Distraction – it’s hard to be the best in any one thing; and almost impossible to be the best at lots of different things. My week this week has been fairly typical – a 3-day work trip to Alice Springs with my Chairman hat on for the educational board I chair; a mentoring meeting with a new client; writing an article for a publication on “How to grow your business and your personal brand with LinkedIn”; a media interview as Chairman; an MC job at an event tonight; and meetings with the Bank, selling agents, buying agents and valuers for a new farm property acquisition. Challenging? Yes. Fun? Yes. Efficient? Not really. I think I do an ok job in all these areas but I want to be better than ok, and distraction works against me in this regard. A portfolio career sounds good on paper but it’s a big job to keep on track with goals in all these areas and my career plan overall.
- Money – it takes time to build a successful business and to get your cashflow and profit to an equivalent level as your paid employment. I’ve been running the sphinxx business and my portfolio career including the farm for more than 5 years now and my income still isn’t at my corporate executive level. Yes there are other benefits, and yes I could have driven harder on the revenue side, but if financial gain is a necessity for you then you really need to do make sure the numbers stack up for you before you write your resignation letter.
- Reputation – not everyone will agree with me on this but I think the bigger the company, the bigger your reputation and clout when it comes to your personal brand and career opportunities – and especially board positions. I’m fortunate to have more than 15 years experience to draw on working with big brand corporates and I think this adds weight to my CV and reflects in my personal brand – particularly in terms of the resilience, experiences, kudos and connections that it brings. When you start a small business or consider a board career you need to think carefully of how to make your brand as big as it can be – whether or not you have a corporate background to leverage.
Taking the gloss off can help. So read these tips, print them off and read them again in a month’s time. If you still want to make the leap then let me know and I’ll be happy to help. But if you decide you want to stay and make the most of the career opportunities paid employment can deliver – then I’ll be just as supportive of that too.
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Helen Wiseman commented on 11-Feb-2011 12:17 AM
Lynette Pinder commented on 14-Feb-2011 12:30 PM
Helen Wiseman commented on 11-Feb-2011 12:17 AM
Hi there
Great subject and insights Jen. I thought I would add to this as very topical subject, and lend some additional perspectives based on my experiences.
I am in a similar position to Jen in having a portfolio career having had a fabulous corporate career beforehand. Like Jen, I am a Mum to a little one and many people assume that I made my career-switch choice because of this. I didn't.
I was lucky, my employer was VERY supportive of balancing my role as partner with role as Mum. I left to pursue the things I was passionate about - it was not an easy decision I can tell you. There were many things I loved about my previous career, I loved the firm, its people, my clients, but I also have a philosophy of don't die wondering. And I had a yearning to follow my passions as well as deepen my not for profit interests.
I agree with pretty much all the points you made Jen - money? No where near what I used to earn (I do paid work as well as my voluntary activities). But the gap is more than compensated by something priceless (to mimic a credit card advert) - happiness, fulfilment, flexibility, variety, challenge, risk taking etc etc etc - in short, the opportunity to be fully me, be fully creative and fully realise my potential. I still have to earn enough to keep the bank happy, of course.
Time? I don't have work-life balance issues - my work and my life are one and the same. Late last year, I scheduled a day off in my calendar and by 11am I had to laugh at the irony because I wasn't sure what I should do with myself - what I would have done on my day off in my corporate career is now my work!.
BUT I do "work" just as many hours as I did in my corporate career (albeit not squeezed into a standard 8.30 to 6pm working day), and I have to juggle in pretty much the same way that Jen described - just as I juggled in my corporate career. I rely heavily on technology to keep me as efficient as possible and use admin support where I can for some routine things but otherwise, I am the one doing everything and it does get hairy sometimes.
But it is a different kind of stress and whilst my clients DO call the shots, I still have the ultimate choice about what I want to put in. As you said Jen, you ultimately decide how much you want to drive the revenue.
Distraction? I completely agree - glad I am not the only one!
As an additional perspective, one thing I do see a lot in my coaching work is perfectionism and a fair bit of "Imposter Syndrome" - that annoying "I am not good enough" thought that keeps popping into our heads. I experienced this too I might add. I think it is healthy to not try and be perfect at everything, to take a few risks and really pick your targets as to what you want to excel in on any particular endeavour. It is also about having confidence in your abilities. I know how talented Jen is, so when she gives 80% of her potential (because of the distractions that get in the way) what she delivers is still marvellous. And when it really matters, and she focuses100%, boy (or should I say girl) does Jen really shine! Also, I cannot think of too many corporate careers these days where distraction isn't a major issue.
Reputation? I agree with Jen's comment. I find it quite amusing sometimes that when I was a somebody with a big brand name behind me, I would instantly get respect, and now - just sometimes, I can see that other person, is - well, being polite shall we say. I haven't changed, my experience is just as great (and becoming more so though what I have learnt in a couple of years) - but that's life. It is real and it is a hurdle to overcome. Like Jen, I am lucky that I have a well-credentialed CV to carry me through.
Just to round out the point though: one of the biggest barriers I found to making a very daunting career decision, was that my identity was rather a little too caught up with the organisation I worked for. I was proud of where I worked, I'd been there for years. it was a hard thing to admit to myself and It was actually quite trapping - I didn't like the thought of that. Now I have my own identity and I am clearer about what I stand for and what I bring. It's a far better base for me to build on and I have been taking advantage of opportunities to keep me in the corporate sphere albeit via a portfolio career. No matter what we do, there are advantages and there are hurdles to be overcome - pick your career, pick your hurdle.
Like Jen, I am not advocating that women leave their corporate roles without thinking very seriously about it (I agonised over it I can tell you) -and without questioning some of the assumptions that make a portfolio career seemingly attractive as Jen has brilliantly enunciated. In deciding what's best for you, it's a bit like parenting: all the guidance in the world only gets you so far, the rest is down to YOUR child (or pet if your family is made up of pets rather than kids), you, your family, your career situation etc etc etc, and only you can decide based on your unique situation.
There is the classic saying "the grass is always greener on the other side". But it's not the case of there being only one "other side" - rather it's a multi-faceted career journey based on you and your family's needs and wants, a career that will span a great many years and involve twists and turns along the way.
For me, there were easily a thousand reasons not to make the decision I did. In the end, I realised that for once in my life, I could not control everything and there comes a time when you have to step off the cliff and feel the wind in your face.
What saved me from crashing on the rocks? - networks and having some ongoing roles outside of the firm such as not for profit board roles that provided continuity and some stability.
In making the same kind of career decision that Jen and I did, it's true, it could all go horribly wrong, it could kill off your career and all manner of calamities.
And we could all get run over by a bus tomorrow.
Ultimately, after you have gathered all the relevant information and insights from others, you have to do what is right for you and see it as another step on a career journey than an all-or-nothing scenario. Just try not to allow fear to make your career decisions for you.
Helen
Great subject and insights Jen. I thought I would add to this as very topical subject, and lend some additional perspectives based on my experiences.
I am in a similar position to Jen in having a portfolio career having had a fabulous corporate career beforehand. Like Jen, I am a Mum to a little one and many people assume that I made my career-switch choice because of this. I didn't.
I was lucky, my employer was VERY supportive of balancing my role as partner with role as Mum. I left to pursue the things I was passionate about - it was not an easy decision I can tell you. There were many things I loved about my previous career, I loved the firm, its people, my clients, but I also have a philosophy of don't die wondering. And I had a yearning to follow my passions as well as deepen my not for profit interests.
I agree with pretty much all the points you made Jen - money? No where near what I used to earn (I do paid work as well as my voluntary activities). But the gap is more than compensated by something priceless (to mimic a credit card advert) - happiness, fulfilment, flexibility, variety, challenge, risk taking etc etc etc - in short, the opportunity to be fully me, be fully creative and fully realise my potential. I still have to earn enough to keep the bank happy, of course.
Time? I don't have work-life balance issues - my work and my life are one and the same. Late last year, I scheduled a day off in my calendar and by 11am I had to laugh at the irony because I wasn't sure what I should do with myself - what I would have done on my day off in my corporate career is now my work!.
BUT I do "work" just as many hours as I did in my corporate career (albeit not squeezed into a standard 8.30 to 6pm working day), and I have to juggle in pretty much the same way that Jen described - just as I juggled in my corporate career. I rely heavily on technology to keep me as efficient as possible and use admin support where I can for some routine things but otherwise, I am the one doing everything and it does get hairy sometimes.
But it is a different kind of stress and whilst my clients DO call the shots, I still have the ultimate choice about what I want to put in. As you said Jen, you ultimately decide how much you want to drive the revenue.
Distraction? I completely agree - glad I am not the only one!
As an additional perspective, one thing I do see a lot in my coaching work is perfectionism and a fair bit of "Imposter Syndrome" - that annoying "I am not good enough" thought that keeps popping into our heads. I experienced this too I might add. I think it is healthy to not try and be perfect at everything, to take a few risks and really pick your targets as to what you want to excel in on any particular endeavour. It is also about having confidence in your abilities. I know how talented Jen is, so when she gives 80% of her potential (because of the distractions that get in the way) what she delivers is still marvellous. And when it really matters, and she focuses100%, boy (or should I say girl) does Jen really shine! Also, I cannot think of too many corporate careers these days where distraction isn't a major issue.
Reputation? I agree with Jen's comment. I find it quite amusing sometimes that when I was a somebody with a big brand name behind me, I would instantly get respect, and now - just sometimes, I can see that other person, is - well, being polite shall we say. I haven't changed, my experience is just as great (and becoming more so though what I have learnt in a couple of years) - but that's life. It is real and it is a hurdle to overcome. Like Jen, I am lucky that I have a well-credentialed CV to carry me through.
Just to round out the point though: one of the biggest barriers I found to making a very daunting career decision, was that my identity was rather a little too caught up with the organisation I worked for. I was proud of where I worked, I'd been there for years. it was a hard thing to admit to myself and It was actually quite trapping - I didn't like the thought of that. Now I have my own identity and I am clearer about what I stand for and what I bring. It's a far better base for me to build on and I have been taking advantage of opportunities to keep me in the corporate sphere albeit via a portfolio career. No matter what we do, there are advantages and there are hurdles to be overcome - pick your career, pick your hurdle.
Like Jen, I am not advocating that women leave their corporate roles without thinking very seriously about it (I agonised over it I can tell you) -and without questioning some of the assumptions that make a portfolio career seemingly attractive as Jen has brilliantly enunciated. In deciding what's best for you, it's a bit like parenting: all the guidance in the world only gets you so far, the rest is down to YOUR child (or pet if your family is made up of pets rather than kids), you, your family, your career situation etc etc etc, and only you can decide based on your unique situation.
There is the classic saying "the grass is always greener on the other side". But it's not the case of there being only one "other side" - rather it's a multi-faceted career journey based on you and your family's needs and wants, a career that will span a great many years and involve twists and turns along the way.
For me, there were easily a thousand reasons not to make the decision I did. In the end, I realised that for once in my life, I could not control everything and there comes a time when you have to step off the cliff and feel the wind in your face.
What saved me from crashing on the rocks? - networks and having some ongoing roles outside of the firm such as not for profit board roles that provided continuity and some stability.
In making the same kind of career decision that Jen and I did, it's true, it could all go horribly wrong, it could kill off your career and all manner of calamities.
And we could all get run over by a bus tomorrow.
Ultimately, after you have gathered all the relevant information and insights from others, you have to do what is right for you and see it as another step on a career journey than an all-or-nothing scenario. Just try not to allow fear to make your career decisions for you.
Helen
Lynette Pinder commented on 14-Feb-2011 12:30 PM
I agree Jen - I have seen a bit of both worlds, and permanent paid employment can certainly ease the pressure sometimes. Whilst I found all 5 points relevant, the most important for me has been reputation (or lack of it). My husband is in the military, and between the many moves and our decision for me to be 'at home' with the children (now 8 and 12) it has been difficult to build a professional profile at the level I would like. While I am now building a profile as a reliable and valuable board member, the lack of CEO/CFO roles has been a real hindrance - let's face it, it is still extremely rare to find high level senior executive positions that are part-time unless you have been with an organisation for a long time, and can negotiate your employment terms based on your track record.
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