Anyone suffered a major career set back.......
Discussion
After a rapid rise in the career stakes I took a big promotion abroad with my company. I have now returned to the UK and been given notice of redundancy as the UK business does not have a position at the same level.
This has really shaken my core values - I thought if you always delivered and did a great job you would succeed - I now feel that isn't necessarily the case. The operation I ran overseas was losing money for 3 years and I turned it around in 12 months.
I am now in a quandry, do I take another job in the same industry - probably on more money or do I take a massive risk and start my own business in an area I am passionate about and risk losing everything? Part of me thinks this is a great opportunity to do something new and the other side says this is not the economic environment to try and better to stick with what I know....even if it bores me.
What do people think? What are there experiences?
This has really shaken my core values - I thought if you always delivered and did a great job you would succeed - I now feel that isn't necessarily the case. The operation I ran overseas was losing money for 3 years and I turned it around in 12 months.
I am now in a quandry, do I take another job in the same industry - probably on more money or do I take a massive risk and start my own business in an area I am passionate about and risk losing everything? Part of me thinks this is a great opportunity to do something new and the other side says this is not the economic environment to try and better to stick with what I know....even if it bores me.
What do people think? What are there experiences?
Unless you have some kind of "wonder product" that you have a 6-12 month lead on & that you'd be giving up by not starting a business now, I'd take the money for a couple of years & use some spare time to plan & research a new business properly.
Edited by Iain328 on Thursday 1st January 13:27
335man said:
After a rapid rise in the career stakes I took a big promotion abroad with my company. I have now returned to the UK and been given notice of redundancy as the UK business does not have a position at the same level.
That begs the obvious question; why did you return to the UK? Did you just wonder over without checking, or did your contract end overseas? How about going back overseas, is that position still available? The UK seems to be a pretty miserable place to be right now.
)In terms of doing your own thing, a set back is often just the push you need to start your own company.
However.....
Most businesses require a certain level of debt, even just for cash flow purposes - debt is hard to come by at the moment, particularly for someone with no track record. Also, you should to 'stick to the knitting' - i.e. stick with what you know, what you're good at. Here's another 'however'..... you're in a tricky spot to take customers or contacts with you because you've relocated from a different market.
Right now I would be tempted to try for a job (income quality/stability is important), but with an eye on creating your own business in the future. Start writing a business plan, develop some ideas, it's an interesting exercise.
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