Golden Handcuffs vs. Golden Parachutes
The article explores challenges and opportunities for those transitioning to entrepreneurship or starting a new venture. It contrasts "golden handcuffs" with "golden parachutes" and offers insights for first-time entrepreneurs and seasoned business owners. Key points include mindset shift, leveraging current circumstances, and practical strategies for success, concluding with encouragement to seize opportunities and persevere.
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Read time: 7 minutes
Greetings and Salutations.
So stoked to be here with you all again for another incredible week.
For my part, it’s been an amazing one. The weather is starting to move in the right direction, (hello mid-70s), my mind is clear, fitness is strong and I’m ready for another edition of Ground Control.
Each week I’m always curious what I’ll end up feeling compelled to write about.?
To be honest, I’ve been writing a lot lately and the pieces pile up. My expectation is to always comb through those completed, or draft, works and choose one to refine for my weekly edition of Ground Control.
More and more so I’m finding myself not willing to consider those options because I have a fresh idea burning bright in my mind.?
This week is no exception.
I was on a call with a budding entrepreneur I was helping when our conversation turned to the idea of Golden Handcuffs vs. Golden Parachutes.
He has been grappling with determining when the right time to leave his day job and pursue his entrepreneurial vision is. He is also lamenting the time he’s wasting working for someone who doesn’t share his vision and wasting the time he could be investing in building his future.
While we spent a lot of time talking through the details of his company and how to approach the transition it was the specific nuances of this sticking point that really opened up our conversation and inspired me to focus on this topic today.
As we broke it down we realized that there are two different points of focus.?
This edition is largely going to focus on the 2nd point.
Establish the Problem
Many soon-to-be-entrepreneurs, entrepreneurs and founders feel trapped or beholden to their businesses and jobs, as if they are wearing "golden handcuffs." The money and success is appealing, but it also binds you to the never-ending work and stress.
The person who’s planning to make their first jump into entrepreneurship is dealing with a much different paradigm shift than the entrepreneur or founder who is looking to make a change into their next project.
Ready to Jump
For the first time entrepreneur, deciding to leave current employment is a significant decision that comes with its own set of challenges. Some of those challenges include:
Entrepreneurship can be a lonely journey, especially if you're used to working in a team environment. Without coworkers to bounce ideas off of or to provide support, first-time entrepreneurs may feel isolated.
Addressing these challenges often requires careful planning, resilience, seeking advice from mentors, and continuous learning. It's essential for first-time entrepreneurs to be prepared for the obstacles they may face and to approach entrepreneurship with a growth mindset.
Break Out Games
On the other hand, entrepreneurs and founders who are currently running a company of their own face an entirely different set of challenges when it’s time to move on to the next thing.
For an entrepreneur or business owner looking to move on to their next project or venture, some of the challenges they might encounter are:
And all of this before we even come to the conversation about mindset shift.
If you can manage to shift your thinking about the process you can actually convert the experience into an absolute strategic powermove.
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Transitioning
While it can feel overwhelming to stay inside of your job longer than you should, there are a lot of benefits to be gained if you look at it differently.
When we're settled into a job, an organization, or a specific role we tend to miss a lot of what's going on around us.
Oftentimes as employees we aren't really tuned in to the business we're working in and instead we focus on the job we've been hired to perform.
Even us founders eventually adapt to performing the roles we’ve grown into.
In that light it's easy to understand that you feel like you're spinning your wheels and going nowhere when you’re going through the motions of your day job and dreaming of what your future self wants to be working towards.
However, with a slight perspective shift there are actually any number of extremely valuable lessons to be learned, ideas to be absorbed and systems that can be modeled.
Often we only think of the big dynamic element our new businesses and startups are about to unleash on the world and not how we're also going to need to run payroll.?
Or manage a team of developers.
Or determine how we take a product to market.
Or any number of dozens of other tasks we will be let with.
The point here is, once you've made the decision to make the jump there is so much value you can draw out of your current situation; if you're willing to look for it.
Golden Parachutes
Here are some obvious and not-so-obvious ways you can use your current situation to leverage greater success when you do finally take the leap.
*An ethical disclaimer. Many people have limitations about how much freedom they have to apply these suggestions. I am by no means advocating for putting yourself or your future opportunity in jeopardy.?
That being said, there are a lot of ways these ideas can be applied so think about them creatively. It won’t be the last time you’ll need to flex that muscle.
There’s No Ideal Moment Except the One You Choose
Hopefully this article has given you a lot of food for thought when it comes to breaking down your own situation and determining what is best for you.
Ultimately, the crux of entrepreneurship is figuring out the perfect moment between staying too long and leaving too early.
The good news is that there is no ideal moment that is set in stone and that every great entrepreneur, you included, has an innate ability to navigate the elements that have been misjudged and persevere beyond them.
My advice??
Look for the opportunities to mitigate risk and turn the Golden handcuffs into Golden Parachutes.
Think long and hard, plan accordingly and when the time feels right for you, pull the ripcord.
There will always be challenges. There will always be unforeseen obstacles.
It’s what you do with them that matters most.
Until next time.
This is Ground Control.
-Patrick