“I know it’s scary to make the move from corporate life into your own business and you feel like you don’t know enough, but I’m going to ask you to really listen to yourself. You know a heck of a lot more than you think you do.” – Kathy Caprino
Are you ready to finally leave your corporate career and start your own venture? Or perhaps you have launched your business already and are facing important new challenges that you wonder if you’re adequately prepared for.
In this episode, I discuss why so many small businesses fail and share my raw, real-life experiences around what I learned in transitioning from my 18-year corporate career to running my own coaching and consulting business, Ellia Communications. You’ll hear about the biggest gaps in knowledge and experience that kept me from having a smoother transition, and I offer some essential information that I wish I had understood before making the leap.
The biggest surprise for me in running a business was that even though I had been in marketing for years and had risen to the level of Vice President overseeing numerous large-scale programs, initiatives and staff in my corporate life, I still was very far away from being fully prepared for entrepreneurial life, and for serving as a true leader in my own venture.
The key knowledge gaps I explore here include: 1) Unconscious tendencies and blocks around successfully managing and relating to money, 2) Not selecting the best partners and why we often continually fail at it, 3) Why we need to step up to being a true leader and making critical decisions rather than staying stuck as the “doer” or “manager,” 4) Why pivoting more quickly and flexibly is essential, and 5) Listening to your own instincts and intuition and making moves that align with your truest core values and visions rather than deferring to “gurus” who don’t necessarily know their stuff or have your best interests at heart.
Highlights from this Episode:
- Why having a clear understanding of your finances is critical for entrepreneurs, and the tools that helped me understand my own relationship with money [8:48]
- The role that your personal and professional partners will play and what you can do to stop attracting the wrong people to you [14:16]
- How being a true leader differs from being a manager or a “doer” [18:46]
- The reasons I wish I changed and pivoted more quickly in the past [22:23]
- Specific questions to ask yourself that will help you figure out if it’s time to make transitions in your own life [24:40]
- What has happened when I haven’t listened to myself and why the “gurus” won’t have all the answers for you [30:18]
- The voices outside of yourself that you’ll want to listen to for advice [30:48]
- Who should be leaving the corporate world and how to tell when you’re ready to start your own business [33:48]
For More Information:
Kathy’s Book, Breakdown, Breakthrough
Dealing with Narcissism 6-part Webinar Training, co-hosted by Kathy Caprino
and Janneta Bohlander
Tapping Into Wealth by Margaret Lynch
The Energy of Money by Maria Nemeth
The E-Myth Revisited by Michael Gerber
Think and Grow Rich by Napoleon Hill
“If you don’t really understand these things before you launch your business, you’re going to have a really hard, bumpy road.” [8:39]
“I don’t care if you’re a spender, saver, or anywhere in between, you have to be intimately familiar with your numbers. You have got to know the financials of your business.” [10:27]
“When you value mastery, or when you value honesty, strength, or compassion, you’re going to want to see that in your partners.” [17:36]
“You really have to understand why you’re launching your business, why you’re running it, and what are the pivotal decisions. Are you running it as if it’s your lifeblood, because that’s what has to happen.” [22:05]
“I feel that so many people wait for the breakdown before the breakthrough. Don’t wait for the breakdown, and instead learn to change and pivot.” [23:41]
“Ask yourself all of the questions and be brave enough to make the changes you need to make, and don’t stay in denial.” [28:13]
“If you make your decisions from a place of fear, they’re almost never going to get you to the outcome that you dream of.” [31:23]
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