Friday, 13 October 2023 04:39

How to know when it's the right time to make a move in your business

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Over my career, I've tried to time things perfectly with the goal of entering and exiting opportunities at the right time. 

In some instances, my timing was spot on, and in other instances, I stayed too long or left too early. There are so many variables – alignment, when preparation meets opportunity, and plain old chance. 

Great timing is really about being in the right place at the right time, and below are a few things to think about as relates to timing.

The First-Mover Advantage

Being the first to enter a new market can offer a solid competitive edge. You're potentially ahead of everyone and can blaze a path that shapes the landscape in your favor. 

As an individual, you're on the ground floor in a position to get more equity, opportunity, on-the-job training, and exposure at a career-defining organization that could be a rocket ship. 

When you get there first, you have the opportunity to establish yourself and create a substantial professional and commercial lead. 

The Early Adopter

Correspondingly, by virtue of timing you can become an early adopter. Think about the folks at OpenAI or Uber. They were not only first movers, but their timing of embracing emerging technologies and methodologies positioned them ahead of the pack. 

When you combine first-mover advantage, early adoption, and (being operationally excellent), it makes the bet more viable – as applied both to career choices and entrepreneurship, it can pay dividends.

I've worked with people who were early Meta, Uber, and Google – their careers have soared. I've also worked with founders who've created multiple companies and have seen dramatic opportunities unlock before them because they got there early.  

The pattern I've noticed from working up close with these folks is they have great timing and an innate ability to see what others haven't. They know when to join and, in most instances, when to exit.

Leaving Too Early

One of the most common pitfalls folks face is leaving a company prematurely. It's necessary to strike a balance between recognizing a dead-end situation and the temerity to weather the storm. 

A hasty departure might mean missing out on potential growth, valuable learning experiences, or a bull market. The thing about timing is it shouldn't be knee-jerk. It should be painstakingly deliberate.

Staying Too Long

Head starts are helpful, but leads can be lost – whether a founder or an early-stage employee, staying too long can hinder personal and professional growth. I've seen early employees who steadily moved up the ladder but ended up staying beyond their shelf life. 

It's not that they weren't good but it was no longer a fit – the company changed and so did they. When you begin to see the skills or products undervalued or as obsolete, or how they could be leveraged elsewhere, start planning your exit.

Founders aren't immune from staying too long. They've built the company from scratch, pitched investors, raised several rounds of funds, and introduced products that had a market fit. 

They may be a great founder at the earlier stages, but when a company gets to a certain size founders need to consider whether new leaders are needed to take the company where it needs to go. When a founder doesn't realize this, they hurt the entire enterprise with their presence. 

It takes a great deal of maturity to know when to exit, and that requires constant introspection. When you find yourself stagnating or not adding value the way you once did, it's time to assess whether your continued presence serves your goals. 

Exiting

The decision to exit a business or role shouldn't be taken lightly – there's the competitive landscape, market demand, and even your own capabilities when considering an exit. Similarly, knowing when to exit a business involves understanding the market, and assessing the upsides and downsides.

Balancing Factors  

Timing is a balancing act that represents the totality of reasons why one might choose to start or join a company – impact, market, mission, values or to add value, compensation/benefits, reputation, role/scope, culture, the challenge, opportunity to work with a key team/leader, to deliver a project/program/product, purpose, etc. 

Create a rubric of your why, assign a value to weight each goal, and constantly calibrate to ensure that you're honoring what you set out to do. With each of your goals having a weighted value, you can better ensure that they continually align.

It's about maximizing moments so you can take full advantage before the window closes. Ultimately, in both career and entrepreneurship, timing is a critical factor. Recognizing when the door of opportunity opens or when it's time to leave can be the difference between success and stagnation. 

 

Inc

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