Why It’s Never Too Late to START! Part II

Let's continue our odyssey .....

Why It's Never Too Late to Become Self-Employed … to Live the Entrepreneurial Life!

Is self-employment right for me? Is now the best time to become an entrepreneur?

Many women executives are asking these questions as they contemplate the “return-to-work” and quality of the workplace experience after becoming comfortable and inspired by their remote working experience.

My answer includes: definitely, maybe, and go-for-it. Our world needs the energy of women entrepreneurs for economic empowerment within our communities.

Regardless of the type of business you are exploring, self-employment isn’t for everyone. It does require passion, know how, opportunity, self-direction, and self-discipline. It requires strategy and great timing. And, it takes consumer confidence in your offer and resources to deliver on your promise.

Here are a few pros and cons to consider:

• Ongoing pandemic impacts including those on global economies continue to affect confidence in spending. In anticipation of inflation (or recession), some spending will be reduced in 2023.
  • Canadian Survey of Consumer Expectations in the third quarter of 2022 revealed that “People are struggling just to meet basic needs.”  Wage expectations are increasing but still remain below inflation. That said, history has revealed to us many times that luxury and quality can thrive in times of austerity. Quality products and services that make our lives easier and make us feel better will always be valued.
  • US consumer confidence declined in November 2022. However, consumer confidence is about the same as 2006 – 2007, 2015, and the short-term business conditions outlook improved.
• A very rapid pandemic recovery is playing havoc with employment and unemployment. Canada's labour market is hot. Massive layoffs in the tech industry in Canada and the U.S. has opened up lots of available talent and lots of competition. The ability to attract, hire, and maintain a stable and qualified workforce or simple subcontract/freelance resources can be a major frustration. As many people fow in and out of the labour market, many are considering self-employment. The lines of employer-employee commitment are both blurred and challenging. TIP: Build a culture vs a workforce.
• While many home offices, technology, and skills improved over the past two years, some supply and demand issues linger. Will you have access to the tools and services that you need to “start up” and to fulfill commitments?
• There is an abundance of books offering insight on starting and building a business and best practices for creating and maintaining a healthy and rewarding entrepreneurial life.¹
• There is an abundance of programs offering funding, mentorship, and coaching for women entrepreneurs. Which one(s) would serve your needs for start-up and scaling?²

Perhaps the most important consideration for you is … If you don’t embrace the opportunity and offer your service or solution, who will?  Is there an opportunity and are you ready? Is 2023 going to be the year of optimism and making big things happen?

That Secret Yearning. Answering the Call

Many women executives with whom I work wish that they were self-employed. Knowing that I work with women entrepreneurs, they are initiating the conversation about self-direction and self-actualization.

• Women executives who are questioning a return to the “corporate grind” and the increased demand and coercion to return to the physical workplace.
• Women executives who experience the lack of support from their employers as they return to work after cancer treatment.
• Women executives who are experiencing the double-whammy of gender equity and ageism.³

When this topic comes up in coaching conversations, we discuss the importance of examining past career choices, future opportunities, and the reality that while we cannot acquire more time, it’s never too late to start with a new direction in life and work. When we acknowledge our yearning and answer the call to do something different, we open the window to options and opportunities.⁴

Are You Ready?

Ask yourself:

• What steps must I take to transition to entrepreneurship?
• Can I give myself permission to succeed, or fail?
• How does fear keep me in a reactive stance and constrained by myths and outmoded routines?
• Am I content to live partially, or am I ready and willing to explore new ways of thinking and feeling?
• Can I gather the energy needed to realize my unlived potential?
• How can I take one small step? The next immediate step in the right direction?

Launching a business of any size requires passion, know-how, opportunity, and a healthy entrepreneurial mindset. Careful planning is a necessity. A bit of serendipity is a bonus. I’ll will share more about this in my next posts. In the meantime, see references and resources below.

References and Resources

1. Maestro's Top 3 Resource Books - Recommended for Self Development and Entrepreneurial Business Development
2. Better TOGETHER - Maestro's Preferred Partners and Resources - Innovation Guelph Rhyze Programs and WEConnect International
3. Double-Whammy, Executive Encore Blog Series
4. Watch "Considering a Career Change in 2023. What You Need to Know" with Grisel Scarantino. Listen to the podcast version.

What thoughts and questions do you have about self-employment or the entrepreneurial life.?

Your Next Steps

• Explore strategies for finding fulfillment after 60 which might include self-employment or entrepreneurship. Schedule a 30-minute complimentary call to explore possibilities. On this call, Patricia and you will get acquainted and discuss what outcome is important to you. Patricia will explain the application process for working with her. By the end of the call, you will have a "quick-win" action plan.
• Listen to the Executive Encore podcast. Women Finding Fulfillment After 60! 
• Receive Maestro's Encore blog in your inbox with VIP content and specific exercises, self-assessments, and self-assignments related to this topic and to accelerate your emotional well-being and resilience. Start with your 90-Day EQ Mini-Plan or the mini workbook Emotions Drive Performance: Triggers from Thinking to Results - Predispositions, Self-Handicapping, Self-Sabotage