Self Employment: Should I Stay or Should I Go? 

“I actually think every individual is now an entrepreneur, whether they recognize it or not.”
- Reid Hoffman
 
To own your own business, for many of us, is the ultimate American Dream.  I frequently hear clients frame this as a wish, something to do someday, though they don't have a plan to get there.  The amazing thing is when they describe their wish I see the passion in their posture, voice, and face.  This is what they want — and need — to do with their life. 
 
Why does such an inspiring moment often result in just an empty resolution and not a call to action?  It all comes down to this question – should I stay or should I go?
 
Fear is a constant in our lives and the opportunity to be self-employed often generates plenty of “if onlys”:

• If only I had more money
• If only I knew how to sell
• If only I had a creative product

People fear the odds may be against them. Owning a small business is hard, and not all businesses thrive.  Two-thirds of all new small businesses survive the first two years, but less than half will still be operating by year four, according to a study done by the Small Business Administration. 

I understand such concerns. Two years ago, my entrepreneurial experience was very limited. What I did have was a passion for spending my day helping others doing what I really loved to do.  My crucible moment was should I stay or should I go? Should I leave my corporate job and start a business of my own? The “if onlys” and the odds encouraged my mind to stay, but thank goodness my heart said to go. 
 
The first two years of self-employment have been exciting, fearful, liberating, and humbling.  Today my business is growing; when people ask me how are things going I respond - business is great and I am doing exactly what I enjoy doing.  No more self-imposed constraints – I am building my own future.
 
Three keys to successfully transition from a steady job to your entrepreneurial dream:

Guts
From personal experience, starting your own business after life in the corporate world is tough.  Moving from being dependent to independent will test your character every day, and failure is a frequent reminder you are on a journey to success.  The good news is we all have courage -- let your heart drive your decision.    

Gravitas
The successful entrepreneur must have intelligence and superb interpersonal skills.  Gravitas is not charm – it is all about being a person of substance.  You want your business to be respected and that starts with you.  

Diligence
Your ability to sustain a new business is directly related to your ability to deliver on your promises.  The research tells us that approximately two-thirds of entrepreneurs in the US list initiative as the number one motivator in starting their business.  It boils down to this - the value you provide through your products or services centers on your execution.  Courage and gravitas are not enough.  You must deliver the goods. 
 
Commit to working for someone else or moving forward to answer the self-employment call.  All it takes is guts, gravitas, and the diligence to keep your promises.  Get past the fear and deferring your dream – time to get off the fence.

Don't Confuse Progress with Winning

“Never mistake activity for achievement.”

- Coach John Wooden

Ask any executive the number one quality they look for when selecting or promoting leaders - the common response is getting results.  But what happens if the task is executed effectively but does not add value to the organization?

The challenging world we live in is loaded with progress based on activities.  Coach Wooden reminds us to fully understand the difference between activity and achievement.  His message is all about the need to be aligned to a significant purpose to ensure you are moving in the right direction, not just moving.

Leadership development is often focused on the difference between efficiency and effectiveness.  Progress can be associated with completing activities efficiently, such as number of sales calls initiated.  But what if the sales calls target the wrong prospects?  By contrast, effectiveness is all about the right goals, measures, and results directly related to adding strategic value.  Value generation focuses on quality, not just quantity, and is the lifeblood of a successful organization.

I once was leading an operation that had ten teams, and one of the teams was the company leader in developing a unique software program designed to save expenses.  However, their success had a cost.  The other nine teams needed staffing help during challenging times and this team was focused on their success only.  I reminded the manager of this team that I expected each team to contribute to the overall success of our operation, and that he was not meeting my expectations.  At first he was surprised that the top ranking was actually a problem, but then realized his team was not sharing staff with other groups that needed help.  He changed his approach, won increased respect from his peers, and contributed more positively to our overall success.  This was a teachable moment to make sure goals and activities are connected to what matters most - winning as an organization.

Three keys to matching activities to success:

See The Finish Line 
Runners approach the starting line anxious to get started and even though the finish line is out of sight, it's very much on their minds. As leaders, we can also spend more time on the early stages of our work to produce a better final product.  For example, the assignment may not be well defined or may include an unreasonable deadline.  You have the opportunity to build clarity and define reality.  This requires leadership courage and challenging the process – two critical qualities necessary to be an effective leader.

Connect Your Thoughts
We often hear the phrase “connect the dots”, implying the need to understand how your work aligns with other areas of the organization.  Connecting your thoughts is an individual responsibility to make sure you have thoroughly accomplished what was asked.  Take the time to carefully assess the task at hand to find the true issue.  Resist the impulse to find a quick solution – a superficial response is not a career accelerator.    
Completed Staff Work 
Once you have determined how the challenge is aligned to organizational success and your thoughts are connected, take the time to organize your recommendation to be reviewed by a very busy decision maker.  One approach is to use the following format:

• What?
• So What?
• Now What?

Describe the challenge (What?), why it is important (So What?), and what needs to happen next (Now What?).  This is the type of decision support leaders crave - an opportunity to quickly assess a challenge with a menu of potential solutions.

Get beyond the activity mindset to search for value generation.  See the finish line, connect your thoughts, and deliver completed staff work to differentiate you as an effective leader.  Remember, the sum of unaligned activities is a number – not a win.

Leader Overboard!

“My goal was to stay afloat until sunrise”.

- John Aldridge

There are times in our career when we accept a challenge and soon realize we are in over our head.  Our pride tells us we can figure out what needs to be done – just give me a little more time.  Asking for help could be perceived as a weakness and we scramble looking for a way out.  The challenge becomes overwhelming and it can feel as if you have been thrown overboard.

Take the story of John Aldridge. In the wee hours of July 24, 2014, Aldridge was keeping watch on deck of the lobster boat Anna Mary, when a handle he was holding snapped and he flew overboard. He called for help, but his partner was asleep and didn't notice his absence until hours later.

Fishermen can be superstitious about what to do with their boots in an overboard crisis. Instead of kicking the boots off, as many others had told him, Aldridge realized his rubber-soled boots were different. He turned them upside down and used them as flotation devices. His defying of traditional wisdom is what may have saved his life. The Coast Guard and 21 fellow fishermen organized a search party, including a helicopter pilot who had been involved in search and rescue missions for eight years and had never pulled anyone alive from the water.  The pilot was flying over the ocean with very little fuel remaining, what they call “bingo fuel,” the fuel needed to get home, and as he was straining his eyes over the water he spotted Aldridge waving frantically.  Following a brief absence, he is once again back at work on the Anna Mary.

Lost at sea and the overwhelmed workplace – is there a connection?  Here are three keys to overcoming a professional challenge when you are in over your head:

Rescue
Accept the need to be rescued.  Pride is a blind spot that prevents us from reaching out to those who can help us.  We have all established leadership capital based on our success – spend a little capital by asking for help.  A successful rescue is a career builder – not derailer.

Reframe
Once you accept the need for support, reframe your role.  Is this a situation where another leader could step forward to lead the recovery?  Should you share responsibility?  Remember, your initial role did not work.  Your greatest contribution may be as a follower or removing yourself from the project – releasing control for the common good.

Reflect
What have you learned about your leadership style through this crisis?  Do you need to ask more questions before accepting this type of assignment, including what resources will be available?  History teaches us that a crisis requires the best minds coming together – not individuals trying to do it all.
 
John Aldridge realized he had to let go to be rescued.  The next time you are overwhelmed in a challenging opportunity, and we all experience this, remember the three keys: accept the rescue, reframe your role, and reflect to prepare for the next opportunity.  Great leaders learn through resilience – may your life preserver be your ability to let go.