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Turning retrenchment into entrepreneurship – are you ready?

Article provided by The Tax Shop

Let’s be honest, being retrenched is stressful and challenging. Not only to you, but also the family members who are in this journey with you. The good news is that according to the Harvard Business Review the average age of entrepreneurs at the time they founded their own businesses is 42. So, while you’re searching for your next job, it would be a great idea to devote some of your free time to further develop your ideas for starting a business.

Although there are many other factors that may explain the age advantage in entrepreneurship, it was found that work experience plays a critical role. Relative to founders with no relevant experience, those with a number of years of prior work experience in the same industry as their start-up businesses, were 85% more likely to launch a highly successful start-up.

Many people view a job loss as an opportunity to take the leap and there’s nothing like the satisfaction of being your own boss. Starting a business can help you learn new skills and learning new skills boosts your memory, even as you age. Another reason to start a business is to spend your time doing something you love.

People who have experienced loss (such as the loss of a job) go through the “Cycle of Intense Misery”: denial, anger, bargaining, depression and finally, acceptance. Here are a few things to contemplate during this time:

  • Don’t panic as this could influence your rational thinking while you sort through your options.
  • You are human and will go through stages of emotion. Try and get to the stage of accepting your situation as soon as possible and deal with the challenges, day-by-day.
  • Never underestimate your inner strength of getting up even in the toughest of times.
  • Review your skills and resources – What are you already good at what do you already love to do?
  • Reconsider your priorities and make some adjustments to separate your wants from your needs.
  • Don’t withdraw from society, now is the time to engage in healthy and productive social interactions.
  • Take a balanced view of your situation and focus on the positive aspects of your life.
  • Be wisely aware of your well-being, taking care of your physical and emotional health while unemployed.
  • If you can’t get a job, think of your skills set or a market niche and start your own business. An undertaking never to let this happen again, is the best time to leverage your network and start a business of your own.

Don’t get wrapped up in the details…yet. Once you are physically and emotionally ready to embark on a business start-up adventure, that’s the time to talk to professionals like The Tax Shop who can assist you with our wealth of experience in providing start-ups and young enterprises with financial IQ and beyond.

If it’s your time to break out and live your passion, then find a useful guide of how to start a business here.

The Tax Shop is a proud Member of the NSBC.