Would I be able to satisfy my entrepreneurial itch in a corporate environment?
I have been working on starting my own business. I am worried about having enough financial resources to get it off the ground. I am thinking the corporate route might be a better option, but I am concerned I will regret it and get bored. Has anyone found a corporate job with an entrepreneurial feel?
Deana, You have received some great advice from nearly everyone. I just wanted to add a little bit of information.
1. Have you done any research into your hobby to see if there is a viable market for your goods and services? (Via the Internet)
2. Fact is that finding a Corporate 'JOB' that suffices your unique hobby/passion will be very difficult to find.
3. As far as 'Financial Resources'...there are a plethora of ways to raise capital.
You already have referred business and that should give you a spark more of the Entrepreneurial Spirit. I completely understand the steady and stable income you may receive from the Corporate world yet is that comfort going to soothe you?...I do not believe it will.
A lot of the answer is determined by what your own expectations are and how how you define an "itch".
If it's really just an itch - and you can scratch it a little now and then, you might get some satisfaction depending on the corporation's culture, what your ideas and motives are, etc. Entrepreneurs are often not a good fit, even if the corporation says they "nurture entrepreneurial talent", because that thinking often doesn't align well with most corporate structures, policies, procedures, legal risks/issues, etc. So that direction and approach might only get you so far.
Worst case scenario might be to give it a shot and take what you learn for future use.
If the corporation is looking for entrepreneurs to help them expand into other areas or do some innovation, you might come closer to striking gold. But the supporting efforts from the corporation can't just be lip service - they need to show systems and processes that back up their stated views.
In a corporation you'll never likely own enough of the situation or results to truly make it a pure entrepreneurial position. There's something about putting it all on the line with "it" being what only you (or with others you partner with) stand to gain or lose.
If it's actually more of a rash than an itch or turns into something more after you start scratching it, it's much less commonly done - unless it's your own corporation and you can shift from your corporate thinking to your entrepreneurial thinking.
By many definitions, entrepreneurship doesn't do well with set-in-stone business structures because of the fluidity of the processes you might go through on any given project. The size of the corporation might affect how well it can turn on a dime and you want to be able to steer that as needed.
Within the concept of "anything is possible" it's not to say you can't do it. But those here who say it's possible need to address the fact that it's not common and why - not just tell you to go for it. There are many reasons and levels of detail that go into it working well. Again, it really depends on your own expectations and how you are defining and envisioning what you want.
Aside from all the above, you might get into a corporate environment and be able to build a case for you evolving into such a position. You would need to work the financial/reward/ROI angles and build your case over time. But if you can position the idea in how it provides value, better positions, or enhances the corporation, plus makes them money short-term and long-term, (and those kinds of things), you increase your odds. Sometimes corporations are more open to starting small with minimal or no risk which can lead to bigger and better, more confident progress.
If you want some ideas on funding without a loan or venture capital, follow the link on my profile, get in touch with me and I'll share what I've told clients that helps them avoid the "not having money to start the business" problem. The solution needs to be customized to what you want to start and I'd be willing to help you pro bono if you provide feedback on my advice.
I worked in marketing for 25 years.It is very entrepreneurial, if the parent company is willing to invest in the future and not just manage the bottom line.If the salary and benefits are good ,you will be lulled into complacency and competitiveness with your colleagues and lose the gambler edge.
Here is an encouraging article about your goals (The Rise of the Intrepreneur): http://www.fastcompany.com/3046231/the-new-rules-of-work/the-rise-of-the-intrapreneur . I was part of 3 such efforts in my career (1 of which was the 1st RAZR cellphone at Motorola) before I ventured into entrepreneurship.
Hello Deana, most certainly you can. This is known as being an Intrapreneur. I am an Intrapreneur in my company. There are 2 ways to achieve this. One, if rhere is a similar initiative in your organization then apply and contest in it. The other route is to proactively xome up with your own proposition. In both cases there are some common important things. 1. Your proposition should be in line with company's business 2. You should have a strong business model to back your idea - a convincing Go-to-Market. 3. You should ably be able to demonstrate how you can create value to the company by leveraging existing resources and not ask for resources out of the company's structure. So, there are limitations as you can see, but the benefits far out-weight them. You get a steady income every month and do not have to run the risk of bankruptcy :-)
There are many answers to your question, but more than that there are many questions that need to be asked.
1. Did you develop a biz plan for your business and know with some certainty what the financial need truly are. Or, are you worried prior to doing a plan?
2. Is your situation time sensitive that it must or should be in the market now as the competitors might beat you to the opportunity?
3. Re: corporate jobs...Yes, the job is what you make it, but it is true, you have to be at a level of influence to have enough impact to change the organization. Often as a department head, you will be able to express creativity and innovation as long as the results meet the orgainzaitons requirements.
4. I would check out the list of "100 Best Companies to work for" to see if any meet your interest..
I am on Linkedin. And, can definitely tell you that my success had a platform of innovation, creativity and entrpreneurial attitude and lleadership.
I have work with 2 large corporations & 3 Large Family owner retail chains & now my own company, All as Senior management, in my case, I would say that the Corp provided the least amount of entrepreneurial spirit, this most likely has to do with the company itself.
Now the Family owned companies provided a great deal entrepreneurial spirit. because I was part of the decision makers, But still at the end, when the tough decisions has to be made, my point was listen to, but the owners had final say.
Now in my own business, good or bad, I make the decisions, and many can make or break the business at such an early stage of it. But the energy, the feeling of "I can Do this" the adrenaline rush that comes from running your own business is such a thrill that it overcomes everything else.
Trust yourself, see the dream and go for it. In my opinion (that and $2.50 will get ya on a NYC bus lol) You live once and if you don't go for it, will you always say "what if."
If we fail today, tomorrow will still be there, our skills and expertise will still be there and if needed so will opportunities in the Corporate world.
But is there often the right opportunity to go for it for yourself?
Unless you make that opportunity for yourself. Good Luck with whatever you choose, I am sure you will be successful either way.
All the best to your success Auggie
Senior Consultant @ Ask8
That is a question that only you can answer. One person's experience, personal motivations, purpose for starting a business/working in a corporate position, will not be the same as your own. If you are concerned that you will not have enough financial resources to get your business launched, then you might seek a corporate position to build capital and support yourself, while you develop your business on a part-time basis.
Deana: With difficulty. Entrepreneurs have certain characteristics among which are a tolerance for risk, discomfort with organizational structure and the desire to monetize your venture in relatively short time periods. Note that these cultural issues have nothing to do with the product, service or financial resources needed to fund the venture.
As corporations grow, they become more risk averse, more structured and less willing to fund ventures that do not have a high probability of meeting well defined profitability targets. Corporate culture also does not accept failure easily. Failure is expected in new ventures. The corporate risk is not only one of possible financial loss but job risk to you and to any internal advocate needed to promote new ideas throughout the organization. There are, however, a few companies that truly practice entrepreneurism one being 3M Corp.
I suggest that you first work on your own business. If you have a proven concept and rational plan, there are investors who can be found top support your vision. Good luck.
I have three in the corporate environment. Different companies have entrepreneurial spirit or spirits: Sales (as in new products, new territories); New product development; Marketing of new product or services. You'll work with many different departments. Try new strategies. Work in many different areas in the 9P's of Marketing (Product or Services); Planning; Place or Distribution; Price; Promotion (eight components or parts); People (Targeting/Segmentation); Partners; Passion (YOUR entrepreneurial spirit here); Presentation. Your spirit could change a culture. New products at Apple, Whole Foods and Nike do
Good luck. Here to help.
Hi Deana, yes, it's possible to find a corporate job with an entrepreneurial feel. When you are interviewing for a corporate job, try to find out as much as possible about the culture of the business. Once you get past the first interview process and get to the hiring Manager, you will have a better chance to evaluate how the Manager leads his/her team of staff. Their management style will tell you if you will be given a chance to be entrepreneurial or not.
Many people start their own business while at the same time working for a Corporation. This can be achieved by taking contract corporate jobs to pay the bills while working on your own startup on your own time. If trying to balance the two, make sure your startup is not causing a conflict of interest with your corporate employment. Good luck.