Is Entrepreneurship Right for You?

Summer is officially on. We hope you are relishing the slower pace, the chance to play, and the company of friends and family. A favorite summer treat for us is catching up on movies and this summer's blockbuster is undoubtedly Wonder Woman, currently reported to be the highest-grossing movie in the DC Extended Universe in the US. 

Introducing Wonder Woman to the next generation has been both nostalgic and thrilling. Couldn't we all use "the lasso of truth?" Wonder Woman reminds us of the inner strength each of us possess to go from inaction to action. She makes a decision to leave the safety of her island facing an uncertain future. In the process, she discovers both the perils and pleasures the world offers.

We find this to be a fantastic parallel for career transitions and in particular, becoming an entrepreneur. Leaving the familiar to create, explore, take on known and unknown risks. This was our personal journey as we created Vermilion Talent. Our goal was to create a better way for professional women to navigate career re-entry or transition, whether it be through a corporate career or entrepreneurship.

Much of our focus to date has been on the corporate path, but this month we explore the road less traveled, entrepreneurship. The 2016 State of Women-Owned Businesses Report report revealed that as of 2016, there are 11.3 million Women-owned businesses in the U.S., employing 9 million people, and generating $1.6 trillion in revenues. In fact, between 2007 and 2016, while the total number of firms increased by 9%, the number of women-owned firms increased by 45%, five times the national average.

Another asset that many women in our talent community (including us) possess is corporate experience. This has been as asset to us an entrepreneurs combining innovation and creativity with the benefits of process and discipline, honed over the years. The research backs it up. A 2015 study conducted by the Center for Entrepreneurship and Barclays found that former executives-turned-entrepreneurs were found to have the most ambitious growth plans for their businesses.

We encourage you to explore; get out from behind your computer and sign up with a local entrepreneurship group.  Many organizations such as 1 Million Cups, founded by the Kauffman Foundation have informal opportunities to experience entrepreneurial life and meet local entrepreneurs.

If you decide to take the leap and start your own business, resources abound! Here in the NY-Metro area where we are based, organizations such as WEDC in Westchester County and the WBDC in Fairfield County, CT help you to take actionable next steps, explore your idea and build a plan to launch your business.

So, how do you get started?  As always, start with seeking clarity. Whether this means starting your own business or pursuing a corporate career, our Talent 2.0 process helps you navigate this process. As you explore re-entering the workforce or make a career change, entrepreneurship could be the next chapter of your career.  We invite you to take the time to explore these questions and look forward to supporting your journey.