The labour market is constantly changing, and since the pandemic, many executives and managers call their career into question; they long to become independent or launch their own business. But where to start? On the 12^th of July, as part of the Alumni Summer Sessions, the EDHEC Alumni Career Centre welcomed Hind Frata for a masterclass about how to build a successful career B plan, and move from a corporate job to an independent one. Ex-EDHEC, Hind is an International Executive Career Advisor and Stategist, Business Mentor and Speaker, certified in Coaching and Leadership. She helps executives and managers to move away from their comfort zone, overcome fear to fail and create their own professional projects. She shared with us many insights to develop your own career B plan with confidence.    

For Hind: “Anybody in the corporate world needs a B plan because of things changing all the time”. Indeed, though the drivers to opt for self-employment vary (job loss or dissatisfaction, desire to do something meaningful or to earn more money, lifestyle choice…), this is a fact: more and more executives and managers wish to leave their corporate jobs to explore their own projects. So how to set about creating your career B plan?

Self-employment: a growing trend   

Let’s start with the reality of the figures. Today, self-employed people account for 15% of the total European workforce (2019 Eurostats figures). This figure is expected to reach 30% by 2030. And according to the Harvard Business Review, the average age of people who founded the highest-growth start-ups is 45 years old, showing that success is not reserved to the youth! Whatever your age, nowadays there is a growing need to build a career with purpose. People long for a job that is fulfilling, offers flexibility, freedom, and a good balance between working time and personal time, as well as financial security.

Don’t let your beliefs limit you

But becoming independent or starting your own business can appear like a big challenge for anyone coming from the corporate world. And the first step to take up this challenge is to change your mindset. How to do that? Hind explains that you need to overcome 4 common beliefs. 

1. Stop thinking you’re not an entrepreneur

Move away from this idea that generation X clings to: thinking that building a career in a big company is the way to go. According to freelancers.com, freelance jobs raised by 25% in Europe in 2020 and by18% in 2021. And self-employment is the number 1 job option for millennials. So abandon your prejudices and like Steve Jobs said, “Have the courage to follow your heart and intuition”.    

2. Stop thinking you’re not ready

To feel ready for the transition, you need to train. This implies to invest time and focus to prepare yourself. It also means to surround yourself with entrepreneurs and to get inspiration from successful ones: this will help you adopting an entrepreneur mindset, which is a key for success. As Hind puts it, “Fear makes you stay in your comfort zone; that’s why preparing yourself is important”. 

3. Stop thinking it’s not the right moment 

If you keep asking yourself whether it’s the right time, you won’t make time for your project. So, push yourself to move from your comfort zone (where you feel safe) to your growth zone (where you find purpose, joy, and new goals). For this, you’ll need to go through your fear zone (where you lack confidence and find excuses) and your learning zone (where you acquire new skills and can face challenges).  

4. Stop thinking you won’t make a living from it

A survey led by Localogy in May 2021 on Europe’s freelancers demographic landscape shows optimistic figures. It reveals that 55% of the 35-44 years old who went freelance reached their financial goals – a figure rising to 70% for people above 65. 

First, be careful to be realistic about the investment needed to launch your project and about your budget. You can start part-time, create your business with somebody to share the risks… Also, bear in mind that in Europe, taxes are usually more advantageous for self-employed people.

Hind’s 5 keys to design a solid B plan

1. Identify what you like and what drives you

Asking yourself the right questions will help you clarify your goals. For Hind, “Once your life vision is clear, your career vision becomes clear too. Then you can start creating your roadmap”.

Think about the Japanese ikigai model, aimed at aligning your work to your talents and values. This concept encompasses 4 dimensions: doing what you like, what you’re good at, have an impact on the world’s needs and get paid for it.

2. List your strengths and areas of expertise

This means the skills that you have developed but also your natural talents. Divide these in 3 areas (technical skills, management skills and entrepreneurship skills) and capitalise on all of them. Also ask yourself what people say about you, what makes you unique as a professional and as a person.

3. Clarify your needs

And don’t underestimate them. How much have you got to invest? What external resources will you need? What’s your income objective within a year? 

4. Train like an athlete 

Make time to work on your B plan, or it will never happen. Create your own ecosystem (networking, attending conferences, reading books…) and endeavour to plan, focus and persevere. Hind also advises to get the help of a mentor as they can guide you, make you go outside of your comfort zone and gain confidence. You’ll also need to get used to embracing challenges and apprehend failure as a way to learn.

5. Make your idea into a real business plan 

Approve your idea (for example using surveys), create a simple template to refine it, draft your business plan, test and learn, start at a small scale and analyse the results to put things right.

You’ve now figured out that clarifying your life and career objectives is the first step towards change. Identify what you really like, think about how to match your skills and talents with your purpose, then create your business plan and roadmap.

To be successful, you’ll need to invest in yourself, which is the way to learn and grow. So, adjust your mindset, develop your strategy, and don’t hesitate to use guidance. In short, take action to make it happen. 

Are you considering a shift in career? The EDHEC Alumni community is here for you; feel free to contact us for any question or to share your experience. Don’t forget to look at the calendar so not to miss any interesting masterclass or webinar.