Ask Pam | Should I stay in my job or start my own business?

This bi-weekly LinkedIn Newsletter will address common and not-so-common questions leaders and executives, like you, have about the culture of the C-suite.

I've been serving in executive roles, reporting to Boards, CEOs, and Executive Directors since my early 20's. I've seen and experienced quite a bit, but mostly, I've learned a lot. These experiences are what led me to executive coaching.

If you're serving in the C-Suite or are headed in that direction, I'd like to hear from you. It's not often you can find a trusted advisor to answer your most pressing questions - for free. So here I am, let's talk!

This Week's Question:

Dear Pam,?

I read your reply to the last post to Wrestling with Myself who wanted advice on whether to quit her job and start her own business. I'm in the same boat but still looking for more insight into finding my "perfect" job or entrepreneurial gig. What thoughts do you have about pinpointing a business idea to launch?

Looking for Answers

This Week's Response:

Dear Looking for Answers,

Many people start businesses because they are looking to fulfill a purpose. They believe there is a problem in the world that they were created to solve; it's their purpose in life.?

There may be multiple problems to solve, but focusing on just one will improve how you manage your resources. When I launched my business, I wasn't sure what my God-given calling was, but I was willing to invest in myself to figure it out.?

Now, looking back, I wish I'd taken more time to clarify my calling. But today, I am very clear that my purpose is to help CEOs and their teams navigate the complexity of leadership. I know that because my bank account tells me so. I know because I'm fulfilled by my work.

While I love HR and tried for a few years to make them my purpose, my bank account said, "Girl, go find you another boo." My heart and soul were unsatisfied and restless. Finally, I have honed my purpose to focus on CEOs and their teams.

Here are a few questions to consider:

1. What problem were you born and created to solve?
2. To what extent are you solving that problem with your day job?
3. If you are discontent, what's missing, and can it be fulfilled with a volunteer role?
4. If not, and your passion isn't fueled, what areas of your capabilities must be developed to ensure you can endure the entrepreneurial grind? Financial, business development, relationship, business acumen, etc.

You must have more than passion to win at being an entrepreneur. More than half of your time will be spent running the business, while the remaining 40% or less will be spent doing what you love. Being skilled on both sides of the business will cement your endurance. If you can't answer question #1, stop and go figure it out.

I'll stop there; what do others have to say?

-Pam

Have a question you'd like for me to answer? Send it to [email protected] . Remember, your full name and contact details will never be published or distributed.

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