If you’ve had a career setback, you may be unsure of how to proceed. You could try to salvage your career and move on to another company, but it will be difficult to get a glowing recommendation from your former boss or supervisor. You also may be questioning your career path and wondering what other options are available to you. One positive about experiencing a career setback is that it gives you time to reevaluate your situation. In fact, it is after a career setback that many people decide to start their own business to take charge of their personal and professional lives. It is possible to start your own business and realize it is the best decision you’ve ever made.
1. You Can Pursue Your Passion
If you set yourself up after high school graduation for your most recent career by picking a major, attending a college or university, doing an internship, getting your degree, and then getting hired in your field, you may not have been doing work that excited you or fulfilled you. It is extremely difficult to choose a career path at age 18, and many people spend 10-15 years in a particular career path and then realize it’s not what they want to do with their lives.
Failing to get a promotion or being laid off from that job may be the push you need to reflect on your goals and dreams and open a business that allows you to pursue your passion.
The truth is, starting a small business is not easy. Statistics show that about one-third of small businesses fail before the first two years, 50% survive five years, and one-third survive ten years. But, if you start a small business that you are passionate about, you are more likely to work as hard as you can to make it work. You won’t mind the long hours and hard work that it takes to get your business off the ground when it is work that you truly love.
The bonus is that you won’t feel like it is work when you pursue your passion, and it is easier to become successful when you do what you enjoy. Just make sure that you have the skills related to your passion and that your business provides a solution to an existing problem or fills a hole in your market to set yourself up for more success.
Another way to set yourself up for success is to ensure you have the money and the time to make your small business work. Some people turn to flexible side jobs to help increase their cash flow. They also find that these side jobs help them meet more people to spread the word about the new business, too.
For example, you may become a dog walker in your neighborhood to get some more money on the side and to meet more people. You’ll be able to set your own hours, and you’ll develop relationships with your clients. You’ll also meet people walking their dogs and playing at the dog park. Networking is a great way to get the word out about your new business.
2. You Regain Control
People who suffer a career setback feel shocked and begin to doubt themselves. You feel angry and frustrated and likely blame others. But, when you use your setback as an opportunity to start your own business, you will be in control of your future. You will set the vision and mission for your business, and you will determine what success means to you.
You also will move beyond the negative reactions to the career setback and focus on your new business and opportunities. When you regain control of your professional life, you are in the driver’s seat; you just need to determine where to go and how to get there.
3. You Take the Risk and Get the Rewards
There is not much riskier in life than starting your own business. But, those who take risks can reap the rewards. And, small business owners have complete control of the risks, so they stand to reap the greatest rewards. You will learn more about yourself, your passions, and your business strategies when you are the owner, and you will learn to choose better opportunities and maximize results as time passes.
Career setbacks can be blessings in disguise for people who want to pursue their passion and become small business owners. You can regain control and reap the rewards when you take a leap of faith, pursue your dreams, and become your own boss.
Larry Mager created ReadyBrain.net to help give people the mental workout they need to have a healthy brain. Mr. Mager believes exercising the brain is just as important as exercising the body. He enjoys writing about mental fitness games, puzzles, and other resources.