Transitioning from a corporate role to entrepreneurship holds immense appeal, driven by the desire to bring one’s vision to life, enjoy schedule autonomy, and experience pride in ownership. However, the perceived loss of stability, including a regular paycheck and corporate benefits, often deters individuals from taking the plunge.
Despite the perceived stability in corporate work, the economic climate challenges this notion. Layoffs surged by 98% in 2023, with 40% of companies anticipating more in 2024. In contrast, the prevalence of fractional and freelance work is rising, constituting 38% of the U.S. workforce in 2023.
Fear emerges as a significant barrier, preventing many from pursuing entrepreneurial dreams. Overcoming the fear of judgment and failure becomes crucial. Kim Rittberg, a digital marketer, emphasizes the need to believe in one’s worth and acknowledge the valuable contributions they can make.
Geeta Kapur, the first female to lead a hydro CPSE in the Indian power sector, offers insights into her journey, highlighting the internal doubts and self-doubt she faced before launching her podcast, “The Exit Interview.”
Experts, including Marina Khidekel, Dana Hork, and Abby Falik, stress the importance of focusing on the new skills gained and recalling the initial motivations for starting a business. Ruth Ann Harnisch emphasizes persistence and discouragement as a sign of commitment, while Janki Bhoti attributes the fear of leaping to the societal emphasis on stable corporate jobs.
The younger generation’s desire for stability contradicts assumptions about their inclination for risk-taking. Women, however, have shown a significant uptick in starting businesses over the past three years.
Overcoming the fear of leaving corporate security involves envisioning a compelling future, weighing fear against motivation, and setting deadlines. Acknowledging that starting a business is a significant decision, the article encourages individuals to focus on the long-term payoff and the personal growth derived from entrepreneurial endeavors.
Repurposed article originally published in the Forbes