[02.25.09]

4 great comments!

Laid Off. Should I Start My Own Company?

As I’ve said before, being laid off or otherwise finding yourself in between jobs has many bittersweet undertones. You are probably aware of the bitter aspects relating to managing your confidence, your time and your budget. You may have also read a few of my posts that talk about the great blessing that is sometimes lost on people who are so focused on job search that they miss the opportunity.

I wrote about 101 (other) things you can do during job search . If you haven’t read that post, well, you should. Because you cannot, in my opinion, look for a job all day every day. My point? Take advantage of this open window in your life to do some things you’ve always wanted to do but never had time to start. You may never have this chance again.

Also, having a second or third focus keeps the job search part fresh and interesting vs. just a job – albeit a very important one.

So while the post above spoke mostly to hobbies and family time opportunities, this post is about consideration of starting your own company. While not right for everyone, if setting out on your own is something you’ve thought you might pursue someday, well, today is someday.

A few reasons why now:

1. This is a recessionary economy that will get better, in part, through investment in new business and new ideas. The Obama administration, like that of Reagan’s in the early 80′s, wants to support Americans who will pull up their own bootstraps and, in so doing, pull up the bootstraps of others around them.

2. A number of us in the job search blogging world encourage a community system to help others find jobs. It makes sense, right? Take care of each other. And there are some good resources you can use to help others including the Watchlyst- A Great Networking Tool and a new, fast growing group on Twitter called Job Angels. However, the reality is that until this economy improves, the job I find for Mike will mean a job that Sara does not get (and visa versa). What we need now is more jobs. Your successful small business will need to hire people. That’s good.

3. You’ve got the time.

OK, so what do I do? Well, the most important thing to do is take action. You will never know whether an idea you have is worth something until you step out onto the stage. Even if it is a quiet one at a local community theater. During a transition, you have time to write and to plan. You can make small, calculated investments to give your business idea a little shove. If your idea is a tangible product, make a prototype and let people use it. If your idea is digitally driven, write a blog or submit articles on your concept to online magazines such as Ezine.

If you get an offer in the middle of your effort, none of that time is wasted. You can take the job AND keep working to develop your idea in your spare time. The key is that you did the hard, difficult work when you time to focus and do it right.

By taking action, you are allowing your left brain to stay active in business while it is temporarily on break. You allow your right brain (the creative side) a real chance to break out of its shell and have some fun. I blog about taking action on your ideas at Quixoting™ (pronounced key-ho-ting). And if you have considered taking a run at your own business now or in the future, you owe it to yourself to at least get your feet wet.

Are there risks?

Yes, of course.

1. If you truly decide to dive in, your financial reward may not come as quick as you’d like. In fact, depending on your business idea, it could take a year or two. Please do not build a business plan at the expense of a solid job search strategy. Build a strong foundation for your search before you begin taking an hour or two each day to work on developing an idea

2. Your idea may begin to germinate into something that you need to manage in a more public fashion. And it may do this before you actually begin to make money. So, your idea is showing a little bit of lift but not enough to ignore a job offer? This could present a bit of a sticky situation for you in terms of keeping momentum for the idea as you transition into a new role.

3. If your idea drives new pages of Google results when your name is searched, be ready to talk about what you’ve done and why you did it. If your idea looks like a business to a potential employer, you may fall a notch or two in the eyes of a hiring manager.

4. Also, If your idea is a consulting practice in your field of expertise, avoid listing your most recent employment as (Your Name) Consulting. To an employer, that sounds like a going concern. It especially sounds somewhat permanent when you talk about it as if you have found your passion. Better to position it as “a great way to keep my skills sharp while looking for that next great role”.

My advice? Start your idea but do it quietly. Planning, budgeting, ideation, new product development, patents, trademarks are all quiet but very important early efforts and ones that will help you understand if what you have is worth pursuing now or later down the road.

Make ideas and an entrepreneurial spirit part of your work strategy. A hobby that permeates your work life and delivers as many creative ideas from 8-5 as it does in the evenings and on weekends.

The tag-line for Quixoting is . . . Take action. Be Courageous. Have Fun!

Someday when you are old and tired, you may just wonder out loud why you didn’t give one of your ideas a shot during the spring of 2009 – that one and only spring where the job elves let you rest while you were looking for your next job.

Laura

Wonderful pointers and advise! I love it!
Laura

Wonderful pointers and advise! I love it!
http://profile.typepad.com/1220292248s14607 Tim Tyrell-Smith

Thanks Laura. Appreciate the feedback!
http://profile.typepad.com/1220292248s14607 Tim Tyrell-Smith

Thanks Laura. Appreciate the feedback!

Laid Off. Should I Start My Own Company?

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