The number one reason people opt out of entrepreneurship, which includes starting a business, being a solopreneur or even independent consultant, is fear. The wild west of entrepreneurship can come with a lot of unknowns as ambiguity and uncertainly is often synonymous with starting a business. It can be especially distressing for first time would-be-entrepreneurs to make the leap into small business as a result. The transitionary period from corporate life to entrepreneur, even the thought of this transitionary period, is marked with great concern and fear which keeps people from making the jump. For some it may be security at the current job, others it may be a lack of know-how in starting a business or simply a lack of self confidence in ones’ ability to make it on their own. Regardless of the reason, fear is a factor all potential and current entrepreneurs must overcome.
I’ve found the best way to overcome fear is to confront it head on. Fear grips us all, regardless of occupation, experience, background or capabilities. The difference between the people who let fear own them versus those who use it as a tool to achieve comes down to two things: acknowledgement and action. Rather than worry, it’s important we address our fears and understand them. When we take the time to acknowledge our feelings and emotions it allows us to better process why we’re feeling this way, at which point we can begin to build a strategy for using those fears as a motivating force towards success. Taking action against our fears comes in the form of slowing down, identifying your feelings, understanding the situation and then planning accordingly. If time is on your side rest easy knowing that you can plan to be an entrepreneur first before you ever jump in the ring. Create an attack plan, identify potential challenges and solutions on how to deal with them. While you won’t be able to plan for everything taking a proactive approach to dealing with fear and using it as a tool perhaps may be enough for you to finally make the leap into the world of entrepreneurship.
Key Take Away: Address your entrepreneurial fears head on, understand them and own it!
Action Item: Use your newly addressed fears as a guiding force to plan your entrepreneurial transition into being your own business owner. Build alliances, or peer groups, with other business owners to help with the transition while learning from their experiences along the way.
Interested in learning more about entrepreneurship and hearing stories from people who have made the leap into business ownership? Check out this event in Irvine, CA on 10/24/18: https://www.devicealliance.org/event/entrepreneur-event/
How do you know the decisions you make for your career are the right ones to make?
On February 20th DeviceAlliance and UCI’s Division of Continuing Education will take aim at the in’s and out’s we face throughout our careers in an event called ‘Medical Device Career Navigation’.
While we are all very different as people in our behaviors and our mindsets it’s remarkable how those differences bond us in similarity.
Many of us will experience the same decisions throughout our career. Do we take the money or the training? Prestigious titles versus meaningful work? Take a step back to hopefully take two forward. Be my own boss or work for someone else? Stay the path of employee or seek opportunities in management? Or even leaving a career to begin anew.
The answers to these questions are never easy yet we are all faced them! In this, a powerful opportunity exists - learning from those who have been there before.
On the 20th of February in Irvine, CA the event ‘Medical Device Career Navigation’ will embark on a journey through the entire life cycle of a career from college graduate to retirement, and everything in between. Attendees will hear from experienced professionals who represent three career segments:
As we work our way through each career segment we will hear and learn first hand from professionals who have been there and done it before. We’ll discover the lessons they learned, decisions they made and outcomes they experienced along the way. We’ll learn from their stories and have opportunities to inquire about our own situations to collect feedback and direction.
During this event we will also discuss structured processes for decision making, like ACIP. ACIP, or Alternatives, Consequences, Information and Plans, is a process for collecting information and understanding our options BEFORE we make a decision.
Utilizing processes like ACIP and others which are similar can help improve your decision making process. Combine that with experienced anecdotes from people who have done it themselves and we have a recipe for improving our chances of making the best decisions for ourselves while reducing regret or heartache along the way.
Save the Date: Be sure to join DeviceAlliance and UCI’s Division of Continuing Education on February 20th, 2018 at 5:30PM for an evening of learning and discussion on ‘Medical Device Career Navigation’. Event details and RSVP click HERE.
It’s a vital part of any professionals’ career. Networking! The people we surround ourselves with, the relationships we build and the connections we make are the secret sauce to a long term successful career. In fact, networking is one of the best things we can do to advance our careers. If networking is so important why is it so many of us go about it all wrong?
For the better part of the last six years I’ve had the great opportunity to be a part of a non-profit professionals association called DeviceAlliance. It’s focus is simple - help people elevate their game professionally through impactful connections and education in Southern California. Needless to say we do a lot of networking. The time I’ve spent with this organization has opened my eyes to a lot of learning opportunities which I wouldn’t have been exposed to in a typical corporate setting.
One of the biggest learning lessons has been why networking is so important.
Over time I began to also learn that so many of us, including myself, went about networking all wrong.
Networking professionally is a fine art, one that takes practice and consistency. In order to be an effective networker we need to keep top of mind these two important considerations:
When we are in a time of need this is the exact wrong time to start a networking. There seems to be a common misconception that networking should only be done when we’ve ‘hit the skids’ professionally. We’ve lost our job, hate our boss or company for that matter and finally make the decision we need to get out in the world. We’re going to give it the old college try, shake some hands and kiss some babies, to hopefully wrestle up a new opportunity and get ourselves out of the mess we’re in presently.
Professional networking is most effective when we do it proactively, not in the moment of need. On more occasions than I can count I’ve heard people say, “I’m in transition so I’m networking to find my next gig.” Often times these people go to one event and then stop networking altogether once they land themselves a new opportunity. They’re failing to see the bigger picture which is networking is not something to do just when you need it in the moment.
Long term career impact comes from a steady stream of professional networking. It becomes a constant part of your to-dos just like that morning cup of coffee you have every day. Be proactive and be consistent in your approach.
2. Quid Pro Quo
I’ll do this if you give me that. When our focus is to help ourselves people can smell us from a mile away. It’s uncanny how quickly people pick up on this when they meet someone at a networking event. It’s like they’re wearing cheap perfume bought from the Dollar Store. As your unflattering fragrance permeates the air we know all too well that your intent for networking is entirely self-serving. What’s worse is that people, without realizing, can build a reputation for being self-serving which produces counterproductive results.
The best approach to effective networking is to take the approach of ‘The Go-Giver’. This book has impacted my life more so than any other book I’ve read. It talks about how a genuine interest in helping others can lead to a life of fulfillment and prosperity. Essentially, if we put other people’s interests before our own what we find is that through helping others we actually benefit in the long run.
Using this approach to networking helps build trust quickly which then leads to fostering new relationships and friendships. Think about it this way – the more deposits we make into the professional lives of others the wealthier we’ll be in our own careers.
When it comes to professional networking timing and intent play a huge role in our success. Now that we know how to be a successful networking the next thing we need to do is get involved.
Action Item: find an association, peer group or industry event you can get involved with. You’ll be glad you did. (If you are a part of the life sciences industry check here for events in Southern California)
Last week I had the honor of moderating a speaking engagement put on by Device Alliance in Irvine, CA. If you aren’t familiar with Device Alliance (DA) it’s a Medical Device industry association whose primary focus is providing a supportive platform for the continued knowledge development and relationship building within the medical device industry in SoCal.
The purpose of the event on July 20th was simple – to have an informative discussion on ‘Changing Workforce Dynamics’ surrounding these three topics:
As we got into the meat of the content for the evening I started to pick up on a topic that seemed like it was trending in a fair amount of our conversation.
Is the Medical Device industry attracting younger generations at the rate it should?
There seemed to be a fair amount of dialogue and a bit of concern from some people present at the event addressing a discrepancy within the industry as it seemed that new grads weren’t flocking to medical devices like they once had. I can’t substantiate this claim to say ‘yes’ it’s happening, or ‘no’ it isn’t, however it’s a powerful topic to discuss because it’s a potential challenge we face in the near term if in fact it is true.
So let’s hypothesize for a moment: If new talent, in particular younger generations, are not entering the medical device industry like they used too, what are the potential cause and effects we’re faced with?
Is the Medical Device industry attracting younger generations? What are you thoughts? Agree or disagree?
About the Author
Travis Smith is the founder and managing director of Square-1 Engineering, a life sciences consulting firm, providing end to end technical project services to companies which design, develop and or manufacture products in Southern California. He successfully served the life sciences marketplace in SoCal for over 15 years specializing in engineering services, consulting, project outsourcing and leadership development. In 2019 he was recognized as a ‘40 Under 40’ honoree by the Greater Irvine Chamber of Commerce as a top leader in Orange County, CA.