Jumping from the security of a corporate role to setting up a startup is largely a leap into the unknown. And that brings with it a fear factor that often holds women back from taking the plunge.
But Emma Sharley, the Founder of Sharley Consulting and Co-Founder of personalised shopping app, Shop You, has some sage advice from her own experience.
Speaking just before her address to the Mrs V Shift Day event in Sydney, Emma told BusinessWomanMedia the fear can be overcome if you take steps at the start to prevent it stalling you.
One of her key tips is to thoroughly research and do due diligence on the industry you want to launch into. And don’t underestimate informal knowledge.
“Start the initial industry research process earlier, long before you leave corporate,” Emma says.
“I’ve always sought to find people that are 5 to 10 years ahead of me in the industry… So you not only do the research, you get the ‘intel’.
“With that comes confidence, because you are building your knowledge base… being able to learn from others’ failures as well as their successes.”
Emma also says that when things get rough — as they undoubtedly will from time to time — it’s important to keep a positive mindset.
“The one thing that I always come back to is that every day is a new day,” she says.
“When I’m going through a challenging period — getting bunches of ‘no’, technology not working as it should, or facing the people challenges (trying to find the right ones) — I always remind myself that tomorrow is a new day.”
She says it’s important to start each day with the right foundation, and we imagine this applies no matter how exhausted you are.
“Get up and exercise in the morning, and clear your mind. It’s a brand new 24 hours for you.”
She advises that if you need to, you should tap into one of your networks, “whether it’s family, friends or other business owners.” Set up those relationships and foster them, she says.
“If you have networks you can bounce off when things get challenging, it’s going to help you in the long run.”
“The ‘new 24 hours’ attitude means you start each day with a positive mindset — there’s no point in letting negativity take over.”
At the event, Emma gave some insights into the fast-changing retail world.
“The pace is incredibly fast, and there are two drivers behind this. First; as customers we’ve dramatically changed the way we shop,” she says, pointing out that clients are more sophisticated and better informed about what’s on offer.
“The second driver is online — 50% of the world is now online — and it’s changed the way businesses interact and connect with us.”
What is means, she says, is that customers have overwhelming choice in the market, and research shows that this can actually sometimes constrict purchasing rather than enabling it, as people become frustrated with the bigger weight of making a selection.
“When you think about what we’re offering our customers, it’s really important to curate as much as you can and have a really strong brand.”
Her handy mantras for those tough days?
There is no secret to success, it’s a combination of hard work and discipline.
Be brave and take risks, nothing can substitute for experience
What you do everyday matters more than what you do once in a while.
Emma also shared her top 5 tips for making a successful transition from the safety of the corporate world to the exciting — but often daunting — launch into a new venture.
1. Know your purpose and your why
“Research shows, the number one reason for someone starting a business is personal financial gain. Whilst returns can be high if the growth is lasting, the key to a fruitful and sustainable start-up is to have a clear purpose and understanding of why you are doing what you are doing. At the same time, it’s equally important to remind yourself why you can be a successful start-up, especially in your 30’s to 40’s with a corporate background. This milestone indicates experience with management and deeper industry specific knowledge that, nine times out of 10, will lead to a stronger sense of purpose and reasoning for creating a start-up. By 40, many have figured out what they want to do and why, are more financially stable and have relevant networks that can be leveraged to support the business concept.”
2. Shift your network
“In a corporate work environment, most will have family, friends and a particular set of colleagues that they continually connect with. However, this has to change when building a start-up. The start-up sphere requires a very different mindset, having the right people around you can help you succeed. Connect with others who have been though these experiences (building or scaling a start-up), or who are facing similar opportunities and challenges. LinkedIn is a great place to start; research who is in the same industry, and find those that are five to 10 years ahead. Attending events, joining industry-specific communities and reaching out to your network for introductions are also other great ways to forge new connections. It’s also important to give your time to those coming to you for advice or guidance, as business knowledge is more powerful when shared.”
3. Hire thoughtfully
“Running a start-up goes back to the very basics of the corporate world. While the recruitment and employee process will not be as quick as large businesses, it will be more crucial. Putting in all the hard yards by yourself will begin to take a toll and it’s important that, when it is affordable, to bring on extra help. To do this effectively, hire thoughtfully. Don’t jump into long contracts or if you can, refrain from hiring full-time staff at all unless they have a unique skill the business needs. Utilise paid interns and strategic advisors as much as possible especially while the business is still developing and growing. If you do engage someone in the initial stages, make sure you can trust them and that they have the same vision for your business.”
4. Prioritise self-care and practise time management
“There is no shelter in the start-up world, no one telling you what to do or how to do it. This means sometimes going in circles trying to get to the next stage of business and juggling a million things at once. Tune into how you work best and create your work habits around this. With so much to do in the initial stages of a start-up, it is important to prioritise self-care. Whether it’s regular exercise, meditation or setting aside time for friends, this will avoid burning out.”
5. Utilise your previous experience and skills
“Having corporate experience before leaping into the start-up world is a huge asset. Utilise this previous experience and inject it into your start-up. Skills such as emotional intelligence, stakeholder management, leadership and communication are what make or break corporate organisations and will either catapult or flunk a start-up. Founders of start-ups that are also able to understand the end user, maintain investor relations and stakeholder relations, blend corporate connections with new networks and implement processes and structure already hold the keys to being a successful entrepreneur. While the corporate world seems similar at times, there is definitely a bonus; less politics.”
Emma was just one of the expert panellists at the Mrs V Shift Day event, which also included well-known commentator Jane Caro, Wordstorm PR maven Monica Rosenfeld and growth strategist Julie Elliott — joined by 20 other speakers you can find here.
