Greetings and Salutations

So stoked to be here with you all again for another incredible week.

For my part, it’s been an amazing one. The weather is starting to move in the right direction, (hello mid-70s), my mind is clear, fitness is strong and I’m ready for another edition of Ground Control.

Each week I’m always curious what I’ll end up feeling compelled to write about. 

To be honest, I’ve been writing a lot lately and the pieces pile up. My expectation is to always comb through those completed, or draft, works and choose one to refine for my weekly edition of Ground Control.

More and more so I’m finding myself not willing to consider those options because I have a fresh idea burning bright in my mind. 

This week is no exception.

I was on a call with a budding entrepreneur I was helping when our conversation turned to the idea of Golden Handcuffs vs. Golden Parachutes.

He has been grappling with determining when the right time to leave his day job and pursue his entrepreneurial vision is. He is also lamenting the time he’s wasting working for someone who doesn’t share his vision and wasting the time he could be investing in building his future.

While we spent a lot of time talking through the details of his company and how to approach the transition it was the specific nuances of this sticking point that really opened up our conversation and inspired me to focus on this topic today.

As we broke it down we realized that there are two different points of focus. 

1. Planning when to leave.
2. Shifting your mindset so you aren’t wasting precious time worrying about wasting precious time.

This edition is largely going to focus on the 2nd point.

Establish the Problem

Many soon-to-be-entrepreneurs, entrepreneurs and founders feel trapped or beholden to their businesses and jobs, as if they are wearing "golden handcuffs." The money and success is appealing, but it also binds you to the never-ending work and stress.

The person who’s planning to make their first jump into entrepreneurship is dealing with a much different paradigm shift than the entrepreneur or founder who is looking to make a change into their next project.

Ready to Jump

For the first time entrepreneur, deciding to leave current employment is a significant decision that comes with its own set of challenges. Some of those challenges include:

• Leaving a steady paycheck for the uncertainty of entrepreneurship can be daunting. Many first-time entrepreneurs worry about their ability to generate enough income to sustain themselves and their families.
• Transitioning from being an employee to an entrepreneur requires a different skill set. First-time entrepreneurs may lack experience in areas such as business management, marketing, finance, and sales, which can be overwhelming.
• The fear of failure is a common challenge for many first-time entrepreneurs. There's always a risk that the business might not succeed, and this fear can sometimes paralyze individuals from taking the leap.
• Leaving a traditional job often means giving up benefits such as health insurance, retirement plans, paid time off, and other perks that come with employment.

Entrepreneurship can be a lonely journey, especially if you're used to working in a team environment. Without coworkers to bounce ideas off of or to provide support, first-time entrepreneurs may feel isolated.

Addressing these challenges often requires careful planning, resilience, seeking advice from mentors, and continuous learning. It's essential for first-time entrepreneurs to be prepared for the obstacles they may face and to approach entrepreneurship with a growth mindset.

Break Out Games

On the other hand, entrepreneurs and founders who are currently running a company of their own face an entirely different set of challenges when it’s time to move on to the next thing.

For an entrepreneur or business owner looking to move on to their next project or venture, some of the challenges they might encounter are:

• Entrepreneurs often become emotionally attached to their businesses, which can make it difficult to let go and move on to something new. Overcoming this attachment and being open to change can be challenging.
• Selling or exiting a business involves complex financial considerations, including valuation, negotiation with potential buyers or investors, and understanding tax implications. Ensuring a smooth transition while maximizing financial returns can be a significant challenge.
• Entrepreneurs may be concerned about how exiting their current business will impact their personal or professional reputation. Managing communication with stakeholders, employees, customers, and partners is crucial to maintaining a positive reputation during the transition.
• Finding the next viable business opportunity or project can be challenging. Entrepreneurs need to conduct thorough market research, assess industry trends, and identify gaps or opportunities that align with their skills, interests, and resources.
• Moving on to a new project or business often requires reallocating resources, including time, money, and talent. Entrepreneurs must carefully assess their current resources and determine how best to deploy them in their next endeavor.
• Entrepreneurs may need to adapt or acquire new skills to succeed in their next venture, especially if it involves entering a different industry or market. Identifying transferable skills and investing in personal or professional development can help ease this transition.
• Entrepreneurs often rely on their networks and relationships to support their ventures. Moving on to a new project or business may involve building new networks and relationships, which can take time and effort.
• Transitioning to a new project or business can be challenging, and entrepreneurs may face pressure from stakeholders, including investors, partners, and employees. Managing expectations and communicating transparently about goals, timelines, and potential challenges is essential.
• Exiting a business can disrupt momentum and productivity, making it challenging to hit the ground running with a new venture. Maintaining focus, staying motivated, and setting clear goals can help entrepreneurs overcome this challenge.

And all of this before we even come to the conversation about mindset shift.

If you can manage to shift your thinking about the process you can actually convert the experience into an absolute strategic powermove.

Transitioning

While it can feel overwhelming to stay inside of your job longer than you should, there are a lot of benefits to be gained if you look at it differently.

When we're settled into a job, an organization, or a specific role we tend to miss a lot of what's going on around us.

Oftentimes as employees we aren't really tuned in to the business we're working in and instead we focus on the job we've been hired to perform.

Even us founders eventually adapt to performing the roles we’ve grown into.

In that light it's easy to understand that you feel like you're spinning your wheels and going nowhere when you’re going through the motions of your day job and dreaming of what your future self wants to be working towards.

However, with a slight perspective shift there are actually any number of extremely valuable lessons to be learned, ideas to be absorbed and systems that can be modeled.

Often we only think of the big dynamic element our new businesses and startups are about to unleash on the world and not how we're also going to need to run payroll. 

Or manage a team of developers.

Or determine how we take a product to market.

Or any number of dozens of other tasks we will be let with.

The point here is, once you've made the decision to make the jump there is so much value you can draw out of your current situation; if you're willing to look for it.

Golden Parachutes

Here are some obvious and not-so-obvious ways you can use your current situation to leverage greater success when you do finally take the leap.

• Build a Strong Network: Network with industry professionals, potential customers, and mentors who can provide valuable insights and support for your future venture.
• Learn and Develop Skills: Take advantage of training programs, online courses, and workshops to develop skills relevant to your future startup, such as leadership, marketing, finance, and technology.
• Research the Market: Use your current role to gain insights into your target market, competitors, and industry trends. Understand customer needs and pain points to identify opportunities for your future business.
• Save Financial Resources: Build up savings or investment capital while working in your current role to fund your future startup or business venture.
• Test Ideas and Concepts: Use your current role to test ideas, products, or services related to your future startup on a smaller scale. Gather feedback and iterate based on customer responses.
• Build a Personal Brand: Establish yourself as a thought leader in your industry by sharing insights, expertise, and experiences through blogging, speaking engagements, or social media.
• Develop Strategic Partnerships: Forge partnerships with complementary businesses or industry players that can provide resources, expertise, or access to new markets for your future startup.
• Identify and Nurture Talent: Identify talented individuals within your current organization or network who could potentially join your future startup as co-founders, team members, or advisors.
• Document Processes and Procedures: Document key processes, procedures, and best practices from your current role to streamline operations and facilitate scalability for your future startup.
• Maintain Professionalism and Integrity: Conduct yourself with professionalism and integrity in your current role to build trust and credibility within your industry. Your reputation will be invaluable when launching your future business.
• Seek Mentorship and Guidance: Seek advice and mentorship from experienced entrepreneurs, investors, or business leaders who can provide valuable guidance and support as you prepare to launch your startup.
• Stay Informed and Updated: Stay informed about industry developments, market trends, and regulatory changes that could impact your future startup. Subscribe to relevant publications, attend conferences, and join industry associations to stay updated.
• Document Achievements and Successes: Keep track of your accomplishments and successes in your current role, as they can serve as valuable evidence of your skills, experience, and track record when seeking funding or partnerships for your future startup.
• Balance Work and Startup Preparation: Maintain a balance between your current role and preparations for your future startup to avoid burnout and ensure that you're performing well in your current responsibilities while laying the groundwork for your entrepreneurial venture.
• Stay Resilient and Persistent: Entrepreneurship is a journey filled with ups and downs. Stay resilient and persistent in pursuing your goals, even in the face of challenges or setbacks encountered in your current role.

*An ethical disclaimer. Many people have limitations about how much freedom they have to apply these suggestions. I am by no means advocating for putting yourself or your future opportunity in jeopardy. 

That being said, there are a lot of ways these ideas can be applied so think about them creatively. It won’t be the last time you’ll need to flex that muscle.

There’s No Ideal Moment Except the One You Choose

Hopefully this article has given you a lot of food for thought when it comes to breaking down your own situation and determining what is best for you.

Ultimately, the crux of entrepreneurship is figuring out the perfect moment between staying too long and leaving too early.

The good news is that there is no ideal moment that is set in stone and that every great entrepreneur, you included, has an innate ability to navigate the elements that have been misjudged and persevere beyond them.

My advice? 

Look for the opportunities to mitigate risk and turn the Golden handcuffs into Golden Parachutes.

Think long and hard, plan accordingly and when the time feels right for you, pull the ripcord.

There will always be challenges. There will always be unforeseen obstacles.

It’s what you do with them that matters most.

Until next time.

This is Ground Control.

-Patrick