Control - Watch out, it might be a trap
Tim, an inexperienced software developer, dreams of launching his own tech startup. He boldly breaks free from his corporate chains and dives headfirst into entrepreneurship. His excitement quickly turns to despair as he realizes he lacks the business savvy, professional network, management experience, and financial stability to succeed. Humbled, Tim returns to the corporate grind with the intent to diligently build his skills. When he finally feels ready to leave again, he faces significant resistance: his employer fights to keep him, and his peers advise caution. Having control over your career, while desirable, can sometimes be a double-edged sword. Seeking out control can come with two significant traps. Let’s look at each in turn.
1. The Low Career Capital Trap
Career capital refers to the relevant and rare skills & resources you accumulate over time. It’s the currency that buys you freedom in your professional journey. If you seek control over your work without sufficient career capital, you might quit your job only to find your options limited and your ability to pursue them inadequate. Avoid this trap by building ample career capital first.
When Tim first tried to leave, his career capital was insufficient to sustain the degree of control he desired. He was wise to return and build more capital before planning his second exit.
2. The Resistance Trap
When Tim finally felt ready to leave again after building his career capital, he encountered significant resistance. His employer, recognizing his value, fought hard to retain him with offers of promotion and incentives. Meanwhile, his peers urged him to stay on the conventional path, warning him of the risks of entrepreneurship and reminding him of the sweet taste of a regular income. This resistance, while frustrating, was a clear sign that Tim had amassed enough career capital to pursue and exercise control over his professional path confidently.
3. The Remedy: Financial Viability
Even if you overcome these two traps, maintaining control over your work can still be challenging. Financial viability often determines whether you can continue to control your work. To that end, follow this maxim: “Do what others are willing to pay for.”
Tim learned the hard way that financial viability is crucial. His first venture failed due to a lack of financial planning and sustainable revenue. Determined to avoid repeating his mistakes, Tim meticulously planned his new startup, ensuring it offered services clients were eager to pay for. By prioritizing financial sustainability, Tim was able to secure the control he desired over his career and continue his entrepreneurial journey with confidence.
Avoid the two traps that hinder your quest for control. Ensure your projects are financially viable to sustain them. Remember, control is a powerful tool—wield it wisely and with foresight.