Which path is right for you?

CoachM

Corporate Ladder or Self Employment. Different paths, same destination.

Some of you are trying to figure out whether to look for your next opportunity in the corporate ranks or whether to launch your own business. But regardless of the path you choose, typically your ultimate goal is to make a living in a way that is personally rewarding to you.

It's more than just putting food on the table.

You would think that the things you would have to consider for one path would be very different from the other, wouldn't you? In reality, the decision processes are much more similar than they are different. Consider the following well-researched facts about what you should take into account when investigating career paths and starting your own business. You will see that many of the core considerations for each path differ only subtly:

CORPORATE LADDER PATH

• Assess your likes, dislikes, skills, challenge areas.
• Identify your Transferable Skills
• Research your options.
• Develop a career plan.
• Determine what the market will pay for your product(s)/service(s).
• Determine your financial requirements.
• Identify training you may need.
• Develop your network.
• Understand prospecting, sales/marketing concepts.
• Find a mentor/business coach that can provide you with objective input.
• Learn how adapt to changes in the business market.

SELF EMPLOYMENT PATH

• Assess your likes, dislikes, skills, challenge areas.
• Identify your Transferable Skills
• Research your options.
• Develop a business plan.
• Determine what employers will pay for your skills.
• Determine your financial requirements.
• Identify training you may need.
• Develop your network.
• Understand the job search process.
• Find a mentor or career coach that can provide you with objective input.
• Learn how to adapt to changes in the job market.

The lists could go on, but you get the picture. Either path will require that you have an in depth understanding of what motivates you, what you bring to the table and what the market is willing to pay for what you are offering.

YOU are the common denominator in both decisions. So, much of what you're good or not so good at doing, or you enjoy or absolutely hate doing will follow you into the next opportunity. Therefore, you need to make sure you transition into something that allows you to capitalize on your strong points, develop or contract/delegate those weak points or eliminate them altogether. How successful you are at picking the right path will greatly depend on how well you know yourself. After that, the career and business startup resources will allow you to narrow your options to the opportunities that are the best fit for you.

HELPFUL RESOURCES:

• Are you ready to become an Entrepreneur?
• UHSBDC (Houston area): http://www.sbdc.uh.edu/sbdc/Default.asp
• SCORE (National): http://www.score.org/index.html
  

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