I have been an entrepreneur for nearly my entire life. And I’ve always had an entrepreneurial mindset. Even when I worked for others, I knew my path would be to earn, learn and move on.
But that trajectory isn’t the case for many, if not most, women. At the beginning of a career in the corporate world, young, smart, confident women see a future and can envision themselves as leaders. For some, there is a sense of security and stability in receiving a steady paycheck. Though the workplace is improving (slightly) and we are seeing more women CEOs there are still many hurdles to overcome. Women that want it all—career, kids, family, home and a balance that really is equal parts work and life—often find themselves constrained by the demands of a corporate job.
Having both a satisfying career AND life outside of work is the catalyst for many women to ditch their corporate gig and become entrepreneurs. Starting and running one’s own business is no easy task, but having greater flexibility is key whether you’re a new mom, busy home-maker, empty nester or just wanting to do something meaningful.
Another reason women in mid-career often opt out of the corporate job: Earnings. In this article by Kathleen Elkins for CNBC, Research shows women’s earnings, which already lag behind that of their male counterparts, peak at around 42 years of age, while men’s earnings typically peak at age 55. It's predicted that’s this trend will not likely not balance out for 100 years. Yikes. Who wants to wait for that??
Ageism is yet another factor that women encounter at a greater rate and earlier then men. Just talk to any woman over 40 who has been downsized out of a job or tried to return to the corporate world after raising a family and it becomes apparent that this –ism is not only alive and well but quietly flourishing. I know many women personally who have struggled to find work that compensates them fairly for their expertise and experience.
For these reasons and myriad others, women, now more than ever, should consider entrepreneurial endeavors. We need to develop our thread, create our personal brand and explore opportunities for corporate alternatives, whether it’s a fun side hustle, consulting or other small business. EXPLORE
The allure of a corporate paycheck is nice, until the day you no longer receive it, but you can influence the income you receive and create your own stability by developing your skills, your thread, and your brand into a marketable service or business.
It’s never too late.
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