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Home » When is the Right Time to Consider an Entrepreneurial Future?

When is the Right Time to Consider an Entrepreneurial Future?

Published by maggie@omahadai... on Tue, 08/06/2024 - 3:00am
By 
Blake Martin
The Serial Entrepreneur

This may come as no surprise, but there are lots of people who are unsatisfied with their current career path – especially those who work at the pleasure of Corporate America. The reasons they’re unhappy include a host of common complaints. The majority feel as if they aren’t compensated properly. Others don’t feel the work they do is fulfilling. Some never had a passion for the job in the first place. And many more chafe at the realities of working under poor upper management. Yet they willingly choose to remain in these situations for a myriad of factors, not the least of which includes the security of having a steady paycheck and dependable health benefits. To cut to the chase, they may be unhappy, but it’s still a tenable situation.

Until it isn’t.

“What choice do I have?,” many think each day they walk out the front door each morning. It’s literally a mantra for millions of Americans who grudgingly trudge their way through traffic-congested commutes. Into a building they hate looking at. To sit at a desk where they’ll almost certainly be miserable until 5:00 p.m. Then they get to go home, go to bed, get up the next day, and do it all over again.

Though the question above is rhetorical in nature, it doesn’t cost a thing to contemplate an answer. What choice do you have? In reality, several. As someone who has spent the last two decades working with clients to come up with a manageable response, there are many choices available to you. But how do you know when the time is right to consider an entrepreneurial future? Only you can decide. But keep reading for some exercises you can do that will help you find the answers you’re looking for…

Create a Pros and Cons Worksheet

Divide a piece of paper into two columns – pros on the left, cons on the right. Using a stream of consciousness, begin to list what you like about your current situation on the left. At the same time, if there’s something about your current situation that you don’t like, log it in the column on the right. As you make your way down the worksheet, one of those two columns is going to extend beyond the other. If your right-hand column gets to the bottom of the page before the left one, it may be time to consider an entrepreneurial future.

Assess Your True Financial Position

It can be a helpful exercise to know where you stand financially. But it takes an honest assessment of your situation to make informed decisions about your future. If you’re unsure of your credit history, obtain a free report by visiting www.annualcreditreport.com. Address anything that’s outstanding, outdated, or incorrect. Then calculate your net worth with this helpful checklist from Ramsey Solutions: https://www.ramseysolutions.com/retirement/net-worth-calculator. Once you’ve determined your financial situation, it’s now possible to find a workable solution to pursue what you really want to do with the rest of your career.

The two exercises above will help you determine where you stand. If things look better than you thought – and they often do – it may be time to consider an entrepreneurial life. Now comes the fun part. What are you passionate about? What is it you’d like to do for the rest of your working years? How will you get there? Am I truly ready to begin the Second Act of my career?

Determining the answers to these questions is what I do best.

 

Blake Martin is the owner of FranNet of The Heartland, an Omaha-based franchise brokerage, sales, and consulting firm that provides no-cost coaching and consultation for entrepreneurs and small business owners. As a Certified Franchise Executive (CFE) and a graduate of the University of Michigan’s Psychology Program, he provides practical advice that helps entrepreneurial clients become small business owners, including franchise opportunities. He can be reached at bmartin@frannet.com.

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