Executive Briefing

FromCorporateGrindtoSelfEmployment: ATransitionGuideforExecutives

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

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. Publisher Profiles Research Institute Dario Priolo, Managing Director 5205 Lake Shore Drive Waco, Texas 76710-1732 Profiles International (800) 880-2909 www.profilesinternational.com

Acknowledgements President, Co-founder, Profiles International: Bud Haney Editor-in-Chief: Dario Priolo Managing Editor: Carrie D. Martinez Assistant Editors: Jeff Meyers, Christine Gallia, Jacob Ford Creative Director: Kelley Taylor Graphics Assistants: Ruben Vera, Colton Canava

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

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

Table of Contents
5 6 7 8 9 11 12 13 14 15 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

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 3

Transitioningtoselfemploymentoffersmanybenefits
Afteryearsofclimbingthecorporateladderandbecominganexecutive, therearestillsomenegativeeffectsthatmaykeepyoufromreachingyour fullpotential.Thelonghoursandtimespentatdifferentmeetingscankeep youfromyourfamilyandprovetobemorerigidthanoriginallythought. Itistimetolookatdifferentalternatives.Startingyourowncompanyisa viableoptioninthecurrenteconomiclandscape.Corporationsarenothiring olderexecutiveswhoarelookingforchangeandbeingselfemployedhas manybenefitsandfreedoms. Thepurposeofthisguideistohelpyoubeginyournewcareer.Starting somethingnewinvolvesasignificantamountofchangeandtransition. Transitioningfromonejobtoanothercanbestressfulenough,but transitioningtoanewcareercanseemoverwhelming. Inthisguide,weidentifydifferentissueswithchangeandwaystoovercome thedifficultiessurroundinganewcareer.Wealsolookattypesofskillsthat arehelpfulinworkingthroughthetransitionprocess.Lastly,wemakesome recommendationsaboutwhattypeofselfemploymentyoushouldpursue andhowtomakethosedecisions.

Transitioningtoanew careercanseem overwhelming.

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

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

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

Dynamics of Change
Understandingchange
Haveyouexperiencedchangeinyourliferecently?Inthecurrenteconomic climate,businessprofessionalshaveexperiencedsignificantchangeintheirlives. Manyprofessionalsworryaboutjobsecurity,retirementplans,andtheirfinancial future.Changeissomethingthatweallhavetodealwithandthefirststepto managingchangeistounderstandit. Everyonerespondsandreactstochangedifferently.Adaptingtochangeiseasyfor some,butmostpeopleneedplentyoftimetoadjusttothenewexpectations. Stayingafloatinthefaceofchangerequiresnewskillsthatenableyoutorespond quicklytothenewdemands.Aslifebecomesmorecomplex,adaptingand embracingnewideas,behaviors,andthoughtpatternswillbecomeincreasingly important. Resistancetochangeoftencoincideswithexpectedandunexpectedchange. Humansarebynaturecreaturesofhabit,anddontwillinglyrespondtochange well.Resistancetochangeisoftenderivedfromafearoftheunknownoran expectationofloss.Anindividualsperceptionofthechangeandtheresourcesshe hastoaddressthechangesignificantlyinfluencetheacceptance,rateandsuccess ofthechange. Changeisnevercomfortable,butitisntalwaysbad.Changecanbeameansto yourgoals,notabarriertothem.Ifyouhaveexperiencedchangerecently,itis importanttodeveloptheskillsnecessarytoovercometheresistancetochange.
www.profilesinternational.com
2010 Profiles International, Inc. All rights reserved.

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 5

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

Taking Control of Change

Dealingwithchange

Understandingyour abilitytochangecanhelp youtoembraceandguide changeratherthanresist oravoidit.

Humansareremarkablyflexibleandcapableofadaptingtoawidevarietyof environmentsandsituations.Understandingyourabilitytochangecanhelpyouto embraceandguidechangeratherthanresistoravoidit.Oneofthebesttoolsfor dealingwithchangeistheutilizationofchangemanagementskills.Learningand practicingchangemanagementskillscanhelpreducethelevelofstresschangecan bring.

Changemanagementskills:
Anticipatingchangeexpectchangetohappen,andlookforit. Monitoringchangebeawareofthingsgoingonaroundyouatworkandin yourlargercommunity. Adaptingtochangequicklynoticesmallchangesaroundyoutohelp prepareforbigchange. Enjoyingchangelearntobecomfortablewithandlikechange.Lifeisgoing tocontinuetochangeandthebetterpreparedyouarethemoreyouwill learntoseethepositiveeffectschangecanbring.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 6

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

Transitioning to a New Endeavor

Transition
Whenplanningforyourfuture,itishelpfultounderstandthedifferencebetween changeandtransition.Everyoneexperienceschangethroughoutlife.Losingajob, startingafamily,andmovingareallexamplesofcommonlifechanges.Transitionis anindividualspersonalreactiontoanexternalchange.Thestepsanindividual takesafterlosinghisjobmoveshimintoatransitionphase.Knowingwherethe changeendsandthetransitionbeginsisimportantinanyshiftingsituation.

Stagesoftransition
Transitionresultsfromachange,butitmayalsobeginbeforethechangeactually happens.Transitionsusuallyoccurinthesethreephases: 1. 2. 3. Endingseparatingtheoldwaysofdoingthingsandlettinggoofwhoweonce wereinthepast. Limbofindingourselvesatacrossroadsbetweentheknownpastandthe unknownfuture. NewBeginningssettingnewgoals.Peopleneedtocompletetheendingand spendsometimeinthediscomfortoflimbobeforetheycanpossiblymoveon toasuccessfulnewbeginning.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 7

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

Find Opportunities in Transitions

Transitionsideeffects
Transitionisatimeofreorientation,reevaluation,andoften,creativityand innovation.Transitioncanalsobeatimeofconsiderablestress.Withchangecan comevariousemotionsandexperiencesthatmaybedifficulttohandle.Ifyouare aselfemployedindividual,youareverysusceptibletothestressofdealingwitha significantnumberofresponsibilities.Beingabletohandlethestressiscertainly notsomethingeveryoneisabletodo.Keepingyourselfhealthyandhappyduring thetransitionstageiskeytoensureasuccessfultransition.

Inordertomanage transitionalstress successfully,itis importanttoestablisha routine,maintainproper nutritionandexercise, practicepatience,and stayopenminded.

Managingtransitionalstress
Inordertomanagetransitionalstresssuccessfully,itisimportanttoestablisha routine,maintainpropernutritionandexercise,practicepatience,andstayopen minded.Whenyoustarttofeeloverwhelmedwithworkandliferesponsibilities,it isessentialthatyoutakeabreak.Takesometimeouttoreorganizeyourwork scheduleandprojectcommitments.Startprioritizingwhatneedstobedonein writingsoyouwillhavecleardeadlinesforyourresponsibilities. Transitionsareatimeofgreatopportunity.Remembertocelebrateyoursmall successes,explorenewlearningpossibilities,andexperimentwithchange. Knowingthesetechniquesformanagingtransitionalstresswillallowyoutostart planningyourfuturewithyourfeetontheground.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 8

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

Planning Your New Career

Careerplanning
Phase1:WhereamIrightnow? Itisimportanttoevaluateyourselftoseeifselfemploymentistherightcareer choiceforyou.Sometimesitiseasiertoknowourselvesthroughfeedbackfrom otherpeople.Butwhenyouentertheworldofselfemployment,theremaynot beasmanycoworkersaroundtohelpyouidentifyyourstrengthsand weaknesses.Beforeconsideringselfemployment,envisionhowyourlifewould bedifferentasaconsultant.Itisimportanttothinkaboutyourpastemployment experiencesandidentifyyourlikesanddislikesforeachjob.Knowingyourself andyourtendenciesisparamountbeforeenteringselfemployment. Phase2:Whataremybestoptions? Afterdecidingtoentertheworldofselfemployment,itisimportanttotaketime anddevelopaplan.Startbyidentifyingyourtopskillsandthencompareyour minimumjobrequirementsandidealjoboptionsavailabletoyou.Somebusiness plansmaybeoutofreachfromafinancialstandpoint,butbrainstormingviable optionswillhelpestablishresearchtopics.Afterdiscoveringafewviableoptions, researchtheseoptions.Takethetimetotalktobusinesspartnersandpeople whohaveworkedwithyouinthepasttoseewhichoptionwouldbebestforyou. Lastly,selectajobthatyouenjoy.Nowthatyouarefreefrombeingpartofa largeorganization,selectacareerthatyouhavefunwithandenjoy.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 9

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

Planning Your New Career

Careerplanning
Phase3:WhatshouldIbedoing? Onceyouhaveidentifiedandlookedatsomepossiblecareerpaths,findoutifyou needanyadditionaltrainingoreducation.Ifyouareenteringanew,unfamiliarfield ofwork,itwillbeimportanttoreceivethetrainingrequiredtobecomeanexpertin thatparticularfield.Evenifyouaresimplyofferingconsultingservicesinthesame industryyoujustleft,youwillstillneedtolearnhowtobeasuccessfulconsultant. Takethenecessarytimeupfronttolearnorelseitwillcostyoumoretimeand moneydowntheroad. Phase4:Whatismynextstep? Afterdecidingonanewcareermoveandseekingthenecessarytraining,youmust establishspecific,measurable,andattainableobjectivestoachieveyourgoals. Createaplanofactiontorecordwhatyouneedtodotoreachyourgoals. Itisimportanttosetupsmallwinsandtounderstandthatyoursuccessearlyon maynotbemeasuredbymoney.Establishanetworkofpeoplewhocanhelpyou planandcreateabusinessmodelforyournewselfemployment.Remembertostay activebycreatingdeadlinesforyourself.Beingaccountabletothesedeadlines requiresstrictdisciplineandhelpfromothers.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 10

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

Becoming Self-Employed

Isselfemploymentforeveryone?
Someemployeesandexecutivesloveeverythingabouttheirjobandwouldnever evenconsiderleavingforselfemployment.Otherscantwaitfortheopportunity toleavethecorporateworld.Beingpartofacompanyoffersthesecurityofa regularpaycheck,butifrecentchangesintheeconomyhavetaughtusanything, itsthatthiskindofsecurityisanillusion. Startingabusinesscreatesanewsetofhesitationsforalotofpeople.Thereisso muchuncertaintyinvolvedthattheideaofstartinganewcompanycanbe overwhelming.Atthesametime,beingtoldwhattodoandworkingonsomeone elsestermscanbedifficultafteralongperiodoftime.Theideaoffreedomand settingourownscheduleisattractive,butasthefreedomincreases,sodoesthe levelofrisk.Inordertoachievecompletefreedom,youmusttakerisksand overcomeanyfear.Itiseasytoplayitsafeandstayatthesamecompanyinthe samejob,buttherewardsandfreedomsofselfemploymentareworththerisk. Makingthetransitiontoselfemploymenttakeswork,time,andanabilityto acceptfailureandlearnfromit.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 11

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

How to Overcome the Fear

Battlethefearoffailure
Facingthefearofselfemploymentisn'teasy,butitispossibletobepreparedand overcomethatoverwhelmingfeelingofincompetence.It'sverydauntingtoface fearsandtaketheplungeintobecomingself employed.Manyprofessionalsare theirownworstcritic,andtheysecondguessthemselvesonaconsistentbasis.Is thisideagoodenough?Isthisbusinessplansound?Willsuccessfollow?And, worstofall:WhatifIfail? Insteadoffocusingonthesequestions,askyourselftheonlyquestionthattruly matters:Whatstheworstthatcanhappen? Onceyouaskyourselfthatquestionandconsiderhowyouwoulddealwiththe worstifitdidhappen,youwillfeelmuchbetter.Fearhasawayofescalatingthe situationinourminds.Thefearisalwaysworsethantheactualsituation. Whenitcomestoselfemployment,thebestwaytofacefearandmoveforwardis throughsoundplanning:bepreparedtobesuccessful.Knowyourself,andknow howyouworkbest.Workoutaschedulebasedonselfemploymentneedsand goals,andsticktoit.

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

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 12

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

Initial Questions Concerning Self-Employment

WhenshouldIstart?
Thetemptationwithselfemploymentistowaituntileverythingisperfectlyinorder beforeyoubegintheprocessofbecomingselfemployed.Thereisnoneedtowait! Timeisoftheessence;assoonasyoudecidetobecomeaconsultantorstartyour owncompany,youshouldbeginimmediately.Establishasolidplanandstaywith theplannedschedule.Therewillbeplentyofopportunitiesforyoutolearnasyou go,sodonthesitatetobeginnow. Youshouldgivealotofthoughttowhatyouregoodat,whatyoucanoffer,who yourtargetcustomersare,howyoullmakemoney,howmuchyoushouldcharge, andhowyoucanaddvaluebeyondwhatisalreadyofferedoutthere.Butdont allowindecisivenessstopyouatthestart.

ShouldIstartinabadeconomy?
Theeconomyshouldnthinderyoufromstartingyournewendeavor.Many companiesarestrugglingyoucanusethistimetolearnhowtostartabusinessin adifficulteconomiclandscape. Socialmediahasmadeitsignificantlyeasiertostartabusinessandadvertiseyour services.Itiseasytonetworkandgetthewordoutaboutyournewbusiness.While bigcorporationsstruggleinabadeconomy,yoursmallbusinesswillbeableto adjusttothemarketmuchbetter,andyourelesssubjecttotheproblemsof financialmarkets,realestatemarkets,andotherexternalfactors.
www.profilesinternational.com
2010 Profiles International, Inc. All rights reserved.

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 13

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

Final Considerations
Whattypeofbusinessisbestforyou?
Buildonyourpassionsandstrengths Identifywhatyouaregoodatandwhatyouenjoy.Thesetwofactorswill leadyournewendeavorintosuccess. Mostexecutiveshaveconsiderableexperienceinaparticularindustry.If youhaveasolidplatformofknowledgetobuildfrom,youwillaccelerate yourlearningandproductivity. Buildvs.buy Youcantrytobuildyourbusinessfromthegroundup,oryoucanseekout partnersorfranchisesthathaveaprovenbusinessmodel.Ifyoucanbein businessforyourself,butnotbyyourselfandwithoutsubstantialfees,you willbemuchfurtheraheadandminimizeyourrisk. Recurringrevenuevs.billabletime Becarefulaboutbusinessmodelsbasedsolelyonbillingyourtime. Althoughtheycanproducelucrativeassignments,youwillalwaysbeforced totradeyourpersonaltimeforworkingwithyourclients. Thebestbusinessesarethosethatbuildrecurringrevenuestreams independentofyourtime.Byprovidingclientswithproductsandservices thatbecomeanintegralpartofhowtheyoperatetheirorganizations,you willmakemoneyinyoursleep,andbuildequityinyourbusinessthatyou cansellwhenyouwanttofullyretire.
www.profilesinternational.com
2010 Profiles International, Inc. All rights reserved.

From Corporate Grind to Self-Employment: A Transition Guide for Executives | 14

imagine great
Business Partner Opportunity
We are always looking for executives with entrepreneurial drive to build business as resellers of our assessment solutions.
Profiles business partners use our assessments to 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 own recruiting, training, or consulting practice, we have the tools and the knowhow to help you succeed. You can be in business for yourself, but not by yourself. The first step is to experience the power of our assessments first hand. Please call us to schedule a complimentary assessment and learn if this opportunity is a good fit for you.
www.profilesinternational.com
2010 Profiles International, Inc. All rights reserved. 2010Profiles International, Inc. All rights reserved.

people

Profiles International Who We Are

Profiles International helps organizations worldwide create high-performing workforces. Through our comprehensive employment assessments and innovative talent management solutions, our clients gain a competitive advantage by selecting the right people and managing them to their full potential.

Call us today to schedule your free entrepreneurial assessment! Contact Mike Priest: at (800) 880-2909

The Powerful Act of Coaching Employees | 15