How to make the leap from corporate to start-up
Published 13-SEP-2018 17:25 P.M.
4 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
The corporate world, although relatively stable and very lucrative, can quite quickly lose its intriguing allure. Without drive, purpose or passion, even the CEOs of the highest corporate calibre can become demotivated and seek change. Yet as we grow older, research indicates we are less likely to make significant career moves. People aged 45 and older are staying in a role for an average of 6 years and 8 months. Interestingly, for those who do take the plunge, the average age of the most successful entrepreneurs is 45 years old. Founder of Sharley Consulting and Co-Founder of personalised shopping app, Shop You, Emma Sharley made the switch from corporate to start up a few years ago. Emma shares her experience and her top five ways to seamlessly make the transition from corporate to running your own business.
1 - Know your purpose and your why
Research shows, the number one reason for someone starting a business is personal financial gain. Whilst returns can be high if the growth is lasting, the key to a fruitful and sustainable start-up is to have a clear purpose and understanding of why you are doing what you are doing. At the same time, it’s equally important to remind yourself why you can be a successful start-up, especially in your 30s to 40s with a corporate background. This milestone indicates experience with management and deeper industry specific knowledge that, nine times out of 10, will lead to a stronger sense of purpose and reasoning for creating a start-up. By 40, many have figured out what they want to do and why, are more financially stable and have relevant networks that can be leveraged to support the business concept.
2 - Shift your network
In a corporate work environment, most will have family, friends and a particular set of colleagues that they continually connect with. However, this has to change when building a start-up. The start-up sphere requires a very different mindset, having the right people around you can help you succeed. Connect with others who have been though these experiences (building or scaling a start-up), or who are facing similar opportunities and challenges. LinkedIn is a great place to start; research who is in the same industry, and find those that are five to 10 years ahead. Attending events, joining industry-specific communities and reaching out to your network for introductions are also other great ways to forge new connections. It’s also important to give your time to those coming to you for advice or guidance, as business knowledge is more powerful when shared.
3 - Hire thoughtfully
Running a start-up goes back to the very basics of the corporate world. While the recruitment and employee process will not be as quick as large businesses, it will be more crucial. Putting in all the hard yards by yourself will begin to take a toll and it’s important that, when it is affordable, to bring on extra help. To do this effectively, hire thoughtfully. Don’t jump into long contracts or if you can, refrain from hiring full-time staff at all unless they have a unique skill the business needs. Utilise paid interns and strategic advisors as much as possible especially while the business is still developing and growing. If you do engage someone in the initial stages, make sure you can trust them and that they have the same vision for your business.
4 - Prioritise self-care and practise time management
There is no shelter in the start-up world, no one telling you what to do or how to do it. This means sometimes going in circles trying to get to the next stage of business and juggling a million things at once. Tune into how you work best and create your work habits around this. With so much to do in the initial stages of a start-up, it is important to prioritise self-care. Whether it’s regular exercise, meditation or setting aside time for friends, this will avoid burning out.
5 - Utilise your previous experience and skills
Having corporate experience before leaping into the start-up world is a huge asset. Utilise this previous experience and inject it into your start-up. Skills such as emotional intelligence, stakeholder management, leadership and communication are what make or break corporate organisations and will either catapult or flunk a start-up. Founders of start-ups that are also able to understand the end user, maintain investor relations and stakeholder relations, blend corporate connections with new networks and implement processes and structure already hold the keys to being a successful entrepreneur. While the corporate world seems similar at times, there is definitely a bonus; less politics.
Emma is one of the expert panellists at the Mrs V Shift Day Event on the 27th of September at The Langham Sydney. The event is aimed at empowering and educating individuals on how they can build their best self to remain resilient and irreplaceable in the workforce. www.mrsv.com.au/mrsvshift
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.