According to the U.S. Bureau of Labor Statistics, last year an average of nearly 4 million workers quit their jobs each month. A multitude of reasons has contributed to what is being called the “Great Resignation” during the ongoing pandemic:
- Employee burnout from working overtime
- Fear of contracting Covid-19 and spreading it to family members
- Lack of childcare resources amid school closures and online learning models
- The realization that there’s more to life than the 9-to-5 grind
Indeed, the times we live and work in are challenging and riddled with uncertainty. However, they also present an opportunity to take control. If you’re an aspiring entrepreneur, you may find that now is an ideal time to explore paving your own career path—on your own terms.
When I graduated from law school, the “expected” next step was getting a law firm job. While many of my fellow graduates took that route, it just didn’t feel quite right to me. I couldn’t picture myself working for someone else and wanted something different, something more.
My husband, who is also my business partner, faced a similar situation. Out of law school, he tried to get a job but no firms wanted to hire him. It was deflating at the time, but later became a blessing. Through those experiences of rejection, he discovered his true calling.
We put our brains together and launched our own company, which we later sold to Intuit in 2008 for $20 million. With a taste of entrepreneurial success and a love for business ownership, we launched CorpNet a year later.
While our circumstances may differ from what people are encountering with the pandemic and the Great Resignation, a parallel exists. Namely, people realize they do not have to be tied down to jobs that detract from their quality of life. They are learning they have the power within themselves to chart a different course and find fulfillment.
Here are some tips for entrepreneurs looking for something more following the Great Resignation:
1. Don’t sell yourself short
Just because you have never started a business before does not mean you don’t have the knowledge or qualities required. Tap into what you’ve done and learned in past job positions (sales acumen, customer service skills, technology proficiencies, project management mastery, etc.). Then assess gaps in your abilities and seek training, or find professional resources to fill the voids.
2. Don’t let naysayers get the best of you
You’ll find no shortage of critics to tell you why you won’t succeed. Take their commentary with a grain of salt.
Yes, you should listen to constructive input and feedback from unbiased confidants as you hone your business idea. No, you should not take to heart ill-intended sentiments from people who have no understanding of business ownership and what it takes to launch and grow a company successfully.
Sadly, some people may resent your aspirations because of their own insecurities.
3. Have a plan
The process of starting a business involves many moving parts. While you don’t have to zero in on every fine detail from the get-go, it’s critical to identify the key areas you’ll need to address.
One helpful resource for small business startups is SCORE, the national nonprofit organization which provides free mentoring to entrepreneurs at all stages of their entrepreneurial journey. Also, attorneys, accountants, and tax advisors can help you understand your current situation and provide guidance on the legal and financial aspects of launching a business. They can offer expert advice as you make many important decisions, such as:
- Which business structure (e.g., sole proprietorship, partnership, limited liability, or corporation) should you choose?
- Should you trademark your business name?
- Does S Corporation election makes sense for your business?
- Should you hire employees or outsource tasks to independent contractors?
They also can help ensure you know what you need to do on an ongoing basis to keep your business compliant with all licensing, tax filings, and reporting required by state, local, and federal government agencies.
More articles from AllBusiness.com:
From resignation to entrepreneurship: Sometimes quitters do win
We’ve all heard the saying “Quitters never win.” However, quitting doesn’t always have negative outcomes. In fact, it can open the door to new, exciting opportunities—especially when it involves leaving a position in a toxic or unfulfilling workplace environment to start a successful business.
Don’t wait to build the life you want
Life is precious, short, and comes with the unexpected—good and not so good. Recently I slipped, fell, and hit the back of my head very hard on a concrete floor. I suffered a concussion and now have headaches that are making it difficult to focus.
This unanticipated experience has reminded me how quickly our lives can change. We should not take anything for granted nor settle for less than we want.
- Follow your passion and pursue your dreams.
- Do work that makes you happy and gives you fulfillment.
- Do not let fear of rejection or failure stop you; if you never try, you’ll never know your true potential.
About the Author
Nellie Akalp is Founder and CEO of CorpNet.com, a trusted resource and service provider for business incorporation, LLC filings, and corporate compliance services in all 50 states. See Nellie’s articles and full bio at AllBusiness.com.