How Do You Know When to Take Career Risks?

(Photo credit @claybanks)

Venture capitalists are by definition investors who take calculated risks, and usually really, really big ones. Their goal is to invest in multiple companies with the assumption that the majority of them will fail, but at least 1 out of 10 will yield 10X or higher results (which will hopefully make up for the failed investments). They spread the risk out. They listen to hundreds, even thousands of startup company pitches and select the ones they think have the best chance of success, after evaluating the company’s management team, the financials, the tech’s potential, etc.

And even with all the resources at their disposal, they get it wrong ALL the time.

So please don’t think you have to have everything figured out completely before you decide to take a career leap. And know that you’re going to make some mistakes along the way - but that’s ok!!

Let me offer you some tips and strategies to help you with this type of career decision-making.

With VCs being taken in by the hype, how can you avoid joining a leaky ship (aka a bad startup)?

• Try thinking of making career changes as taking calculated risks. For some, it’s helpful to think of a chess game. How many moves ahead can you plan out and how does that help you decide what to do today? When/how do you need to shift strategy when your “opponent” throws up a surprise move (aka a life change, an industry shift, or an economic downturn)?

• Learn to identify your risk tolerance. I talk often with students/clients about identifying your ‘risk tolerance.’ Everyone has a different way of assessing risk in their career and in figuring out how much risk they can handle at any one time. Remember, it can also fluctuate based on your age, family dynamics, finances, etc.

  • Check out this article for more details on the RRIS method for improving your risk tolerance.

• Face your fears. You can also work to increase your risk tolerance by trying this fear-setting technique from this famous guy Tim Ferriss I knew in college.

  • The aim of the exercise is to name your fears so you don’t let them lurk in the shadows and prevent you from taking big actions. I was surprised by how helpful it was the first time I did it, that even though I scared the hell out of myself, it felt great to vocalize my fears and face them!

  • Here’s another take on this fear-setting exercise too.

Another way to make hard career decisions is by educating yourself so you aren’t leaping blindly.

• What universal skills do you have? You can educate yourself about your skills by taking assessments like StrengthsFinder.

• Learn about the startup landscape. You can also use some of the tools the VCs do to educate yourself about the startup landscape & specific niches within it (fintech, 3D printing, IoT, etc): CBInsights and VentureScanner.

• Get recommendations on top startups to join. Wealthfront also does a yearly career-launching companies blog post, and provides great criteria/methodology for how to choose among one of these organizations.

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Want personalized career guidance? Take a look at my Career Strategy Session options.

Tips for staying motivated during a career pivot

(Photo credit @kellysikkema)

#ANNOUNCEMENTS

1. I’ve kicked off the Pivoting into Tech Workshop Series, happening on Fridays between 12-1pm ET. Sessions 1 & 2 are already over, but you are welcome to join me for Sessions 3-5!

   Session 1 was ‘Understanding the Tech Industry’ - click here to check out the video replay.
   👉Upcoming Sessions:
   💥Tech Resume Revamp: Jan 28

   💥Develop your 30-Second Tech Networking Pitch: Feb 4

   💥Finding the Right Tech Contacts: Feb 11

2. You can register for any of these workshops here: lu.ma/lizarnold AND newsletter subscribers get a discount, so subscribe to my newsletter HERE to take advantage for future workshops!

3. You are welcome to share this public link with anyone who you think could benefit from these workshops!

#careertip - Motivation

The Pivot Post-it! 

I shared this tip with someone recently & it was super helpful to keep her motivated. Making a career pivot is often hard. And when you’re currently in a bad or boring work situation, it can make it even harder. So here is a mini-motivation step you can take right now that serves as an in-the-moment reminder of your goals! 

1. Set a date for your departure & write it on a Post-it. Aim for a date that is motivating to you but realistic so you don’t get discouraged (say, 3 months from today).

2. Write down 3-4 companies you want to pursue. It’s ok to put down the dream ones - this is to help keep you motivated!

3. Add other words or visuals of encouragement. This is for you - so if it helps to add things like ‘You go girl!’ or ‘You can handle whatever comes your way!’ or silly stickers, go for it!

4. Stick your Pivot Post-it to monitor or desk & look at it whenever you are bored, frustrated, or otherwise dissatisfied with your current work situation. You might be surprised by how a simple piece of paper can help you keep your energy directed towards your future goals, and not wasted on the situation you’ll be leaving soon.

Try it out and let me know how it worked! 

Another thing I’ve admitted to myself in working from home: it’s ok to admit that you’re only about 40-50% as productive as normal. Here’s some advice on how to recover: 

• The Guilt-Free Guide to Getting Back on Track After a Completely Unproductive Day

Still struggling to get motivated? It happens to all of us!

• One approach is to remind yourself why you were a great hire in the first place! How to Find Your Job Search Value Proposition

Check out these 3 tips for handling job search-related stress

(Photo Credit @elisa_ventur)

A few of my current clients have been expressing that they are more stressed about their job search these days, so I wanted to share three tips on how to manage job search stress. 

1. Do something physical to release the stress from your body. 

   • I listened to a great Brene Brown podcast where the guest speakers talked about the physiological aspects of stress and that you need to complete the chemical chain reaction caused by the stress neurochemicals -- and that physical movement is what can complete the chain reaction. 

   • Get up and walk around or go exercise. Sometimes a simple 30-second shake of your arms & legs will allow your body to process the stress chemicals. Personally, I am a fan of silly dance breaks when I’m working alone at home. Two great songs for this are ‘Hey Ya’ by Outkast and ‘Don’t You Worry ‘Bout a Thing’ by Stevie Wonder.  

2. Take a break from job searching for a set period of time! 

   • It can be for a few hours, a day, or a weekend -- but allow yourself the time to recharge your energy bank. Continuing to push forward usually only results in more stress, which can cause under-performance in interviews -- the exact opposite of what we all want!

   • Make sure to give yourself a specific timeframe for your break, so you don’t stay away from the search for too long. 

3. Talk to someone you trust. 

   • Sometimes you just need to get the stress out of your head & have someone else listen to you & validate what you’re feeling. Talking to a trusted friend, family member, colleague, or coach can help you release all those negative thoughts and gain valuable perspective on your situation. 

   • Make sure you are clear with that person on what you need. Are you seeking advice on what to do next, or simply an ear to let you vent a little? If you’re not sure, lean towards just getting the support you need in this moment (you can always then ask someone to give you advice.)

Feel free to use my YouTube ‘Dance Break Music’ playlist to build your own!