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.

Using Odyssey Planning to Help Chart your Tech Career Pivot

(Photo credit @stilclassis)

OMG I think spring is finally here! Tho I am trying not to shout from the rooftops as I worry Mother Nature might send more snow my way just to spite me. And with spring comes all sorts of new beginnings. I decided this is the year I’m going to grow veggies in a backyard garden box (help!) - I’ll keep you posted. And the new energy is palpable with new clients joining, some returning after a winter break, and current clients seeing growth in # of interviews and offers! I hope you are feeling the energy too! 

#announcements

I wanted to share that registration is now open for the Digital Orchards Fellowship! 

I launched the program to bring together a small cohort of early to mid-career professionals who want structured guidance on how to navigate a career change into tech AND want to work with like-minded individuals to achieve that goal. 

In my program, you will learn from an experienced coach (that’s me) the information & tactics you need to achieve your tech search pivot AND you will get support from folks going through the same challenges as you are. Everyone will end the program with a clearly articulated plan for a successful job search. 

Sign up today to learn more and join the waitlist: Digital Orchards Fellowship

#careertip

When you are trying to make a complicated decision about your life and/or career, it can be difficult to keep all the variables in your head as you think about what you want to do. And that can lead to frustration and making snap decisions that don’t quite align with your actual goals and interests but are expedient! 

Instead, try using a technique called scenario planning, tho here we use a modified version called odyssey planning. I really like the version that has been popularized via the Designing Your Life book as it turns this into an exploratory, learning process than a prescriptive, rigid planning document. And it’s invigorating to imagine embarking upon an odyssey or journey of exploration. The possibilities are promising and vast!

1. What is scenario planning & why does it work?

   • Scenario planning in business is used to help companies identify & assess uncertainties about the future and decide how they want to address them. It’s a tool used to help make decisions when you don’t have a lot of concrete information but you still have to move forward. Sounds familiar, huh?

   • Scenario planning is a helpful tool to keep you agile in the face of change and able to adapt to a range of possible future outcomes. And in the tech industry, agile and change are terms we see daily - so having a tool that helps you to assess & react quickly will help you navigate constant change. 

2. How do I use it?

   • The DYL Odyssey Planning exercise is simple in direction yet offers a wealth of information about how you want to approach your future. 

   • You will be designing 3 different five-year plan alternatives, not as concrete plans, but more to investigate and answer the ‘what if’ questions. 

   • For each plan, you’ll develop a short sentence that serves as the title or theme and the questions that you hope the plan will answer (or at least explore further). I’ve provided some example questions below to get you started. 

     • ‘What if I took that promotion? How could that play out in my career over the next few years? Will the promotion mean I can finally make real change here?’ 

     • ‘What if I decide to start that side hustle? Do I want to quit my day job and do the business full-time, or keep it as a thriving side business? What will my non-entrepreneurial family say?’

     • ‘Do I like tech enough to make the pivot? Will my skills translate to this new industry?’ 

   • While I’ll provide you with worksheets you can complete, I think it’s more powerful if you draw each plan out on a separate piece of paper so you can visually compare them at the end. 

   • Once you’ve filled in the five-year plan portion, it’s very important to assess what you’ve written using the 4 dials in terms of resources, interest, confidence, and coherence. I’ve had many clients do the exercise and see that plan A is feasible financially but doesn’t align with their actual interests. And maybe they adore plan B but are very uncertain they can pull it off. 

   • To try out the DYL Odyssey Planning exercise, you can download a copy HERE. 

3. Seek out someone to help you process what you have produced

   • One of the great things about this exercise is that it usually provides many a-has to those who complete it, both during their individual review and when discussing it with someone else. 

   • Make sure that you discuss your Odyssey Plans and what you’ve learned with someone else. It can be a coach, a trusted friend, or a peer group. Sometimes the value lies in processing what you see to articulate it to someone else. Sometimes the other person can help you see holes in your thought process or help provide confidence in the decision you are leaning towards. It can also help to have an objective voice to guide you in turning this scenario sketch into a plan for action. 
     

#random

Light reading for a Friday evening…11 Epic Mysteries Scientists Totally Can't Solve

Why it’s a great time to look for a job in tech in 2022

(Photo Credit @jasongoodman_youxventures)

You might be wondering - should I take this leap? Am I really interested in pivoting to a career in tech? How can I feel more confident in making this move?

It’s ok to wonder - in fact, it’s a smart move to think about the reasons you are making a change.

(This is actually a great skill to develop to work in tech - challenging your assumptions...more on that later.)

Here are 3 insights to help you understand why it’s a great time to be looking for a job in tech (Updated for the 2022 Job Market Outlook):

1. There is considerable growth in all kinds of jobs in tech companies.

• As you can see from the first chart, the number of net tech jobs is increasing year over year (despite the pandemic, or in response to it).

• Chart #2 dispels the myth that all of the available jobs in tech are related to coding — in fact, 43% of jobs at tech companies fall into the ‘non-tech’ category!

• And chart #3 shows that there is long-term growth in the tech industry so if you pivot now, there will still be many jobs for you to occupy for decades to come.

CompTIA Cyberstates 2022 Report

CompTIA Cyberstates 2022 Report

2. Tech values many of the same things you do

Me using my Google Glass to think extremely hard about the students I worked with every day

• If you are someone who values creativity, innovation, dynamism, flexibility, navigating ambiguity, and data-driven decision-making, the tech industry is for you! 

• Core values are a driving force behind a company’s day-to-day activities and are an essential building block for creating culture. As you look to transition into tech, start looking at the core values expressed on the website of your potential employers, and see if they resonate with you. 

• When I started working at Google, I loved the core value “Focus on the user, and all else will follow.” I appreciated that by listening and focusing on the needs of the person in front of you, big strategic decisions would naturally become clearer.

3. Tech companies have really great compensation and benefits packages.

For many people, the first thing that comes to mind with ‘tech company perks’ is the image of the ping pong table. It’s an iconic representation of the benefits that come from working in tech…but it’s not nearly the most important one.

Instead, here are 3 key points on the money side of things to consider when looking at working in tech:

1) Depth & Breadth of benefits options: Take a look at all of the benefits that are standard for some of the largest tech firms, like Google, Facebook, Adobe and Salesforce. Some of these benefits packages can be valued upwards of $20,000 each year!

• https://www.techrepublic.com/article/12-tech-companies-with-impressive-benefits/

• https://tech.co/hr-software/best-companies-employee-benefits-perks

• You can use this tool to compare the benefits offered: https://www.levels.fyi/benefits/

2) Flexibility with Remote/Hybrid Options: Tech companies are also more able to support remote or hybrid working options. The number of technology and IT jobs offering remote work has boomed by 77% in two years, with more than a million tech roles offering hybrid or WFH options in 2021.

3) Higher than average salaries: Tech also has a significantly higher median wage than the national median wage.

CompTIA Cyberstates 2022 Report

These are just some of the great reasons that you should consider a job in the tech industry. Reach out to me if you’d like to discuss how we can work together to help you pivot into a great new career in tech!

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

Interested in working with a small group to support each other during your tech career pivot? Check out the Digital Orchards Fellowship.