Current Issue:

Cover Story

Exit Strategy

His Turn

Green

Internet

Online

Book Review

Women to Watch

News | Events

Biz Connect

Issue Archives

NANCY A. SHENKER

The only other time in my life I felt the same combination of intense exhilaration and total terror was when I skied my first black diamond run. Taking that plunge from the relatively safe haven of corporate life into the new landscape of entrepreneurship is not for the faint of heart. Yet, more women are doing it now than ever before. I’m one of the thousands of women who chose to walk away from decades of life in the corporate world and start fresh in their own ventures.

I day-dreamed this “liberation” for years, and yet I couldn’t possibly be fully prepared for the new challenges that lay ahead. I’ve had my own business now for a little over a year. It’s thriving. I’m enjoying my work life for the first time in years, despite the ups and downs and moments of panic. I’m certainly no guru (yet), but here are just a few words of counsel for those women who spent the 1980s/1990s getting to where they thought they wanted to be—only to spend the second half of their lives playing by their own rules.

Above all else, hold fast to your vision. Take that plunge and don’t look back. You must commit to your new business venture with your entire mind, heart and soul (and, at times, a good part of your pocketbook). You may, at times, feel a pang of regret when you get a tempting call from a recruiter or hear about a friend’s expense account-funded trip to Europe. Going solo is not for everyone, but you need at least a year to decide if it’s right for you.

Make sure you have advisors in your life who can counsel you on financial matters - whether its helping you put together a realistic P&L or introducing a dose of reality when you latch on to an unfocused new business idea. I have a CPA colleague who says, “Throwing paint on a wall is OK, but decide which wall you want to paint first.” Conversely, if you are the conservative type, be sure you seek out a mentor who will challenge you and continually push you out of the box.

If your time in the corporate world was spent at a relatively high level, you’ll inevitably miss some of the “creature comforts” of an established company. Preparing invoices, making my own travel arrangements and figuring out how to mail an overnight package were things I hadn’t done for years. But when you start-up, you have to simply suck up your pride at times, draw on long-forgotten skills and remind yourself that at least you are licking your own envelopes. When my computer crashes, I no longer have an “IT Department” to call on. But I quickly found a local “computer guy” who bails me out…which brings me to my next point.

You must create a new infrastructure that works for your new life. Apply everything you have learned to surround yourself with people who you trust, who you can now afford and may even be “corporate refugees” themselves. Be selective in your hiring and make sure those you bring into your business are well-prepared for the challenges that go along with start-ups.

Networking can be an invaluable part of your new life. Organizations like the National Association of Women Business Owners (NAWBO) and local Chambers of Commerce are great complements to professional associations for meeting like-minded professionals and building mutually-beneficial relationships. I find that my peers are largely helpful and gamesmanship is virtually non-existent. As Daniel H. Pink writes in his book, Free Agent Nation, “Power depends on relationships instead of one’s place in an established hierarchy…What keeps a free agency running smoothly is the principle of enlightened self-interest. I’ll help you, because in the future I know you’ll help me.”

Women who have worked for many years have a huge resource network to draw on. When I started my business, I was given a logo as a “housewarming present” by one of my former marketing agencies. However, once the gifts and favors are exhausted, you may need to establish an expanded resource base that can deliver Fortune 500 quality at small business prices.

Do your own “performance appraisal” at least once every 90 days. Make a list of your accomplishments and areas for development. Map out short-term goals and revalidate your long-term objectives. I sometimes speak to women business owners who have been tremendously successful, yet they berate themselves or downplay their accomplishments. A little self-deprecation can keep you hungry but make sure you are patting yourself on the back on occasion.

Above all, attempt to indulge your interests. Although you’ll probably be working more hours than you have in years, clear at least a little time to pursue passions you’ve put on the back burner. Now that you’re making your own rules, you can free an hour every now and for that long-dormant hobby, some gym time or getting to know your family a little better.

Over the past months, I have met at least fifty women like myself, who have started all kinds of new business ventures. They provide encouragement, give me confidence and advice, share in my fears and help me celebrate my successes. Some of them have never experienced corporate life. They know no other way to live. But those of us who are living “life after corporate life” have a different brand of wisdom, maturity and range of experiences. We are finally getting a chance to apply years of “training” to building businesses we can call our own.

Nancy A. Shenker is founder and Principal of theONswitch™, a business development and marketing consultancy, specializing in start-ups and business transformations. She launched her business in 2003, after more than 25 years in corporate life, including senior marketing positions at MasterCard International, Citibank and Reed Exhibitions. Contact her at nancys@theonswitch.com.