The Journey of Self-Employment

Starting your own business is often seen as a feminist act. This was the mindset of the author when she founded her first company, Clear Ink, in 2006. However, the reality was more complex. With a son suffering from an undiagnosed illness and a four-year-old daughter needing care, the pressure was immense.

Facing the Dilemma

Exhaustion from long office hours made it difficult to cope with the responsibilities of her business journalism career. The author was left with many questions: Should she stay in her job or go? After years of gaining expertise, was it time for a change? Could she balance the joys of independence with the risks to her pension, personal life, and sanity?

Mid-Career Change Motivations

Many individuals seek change in their mid-career for various reasons such as boredom, the need for flexible hours, or feeling unappreciated by their employer. Women, in particular, may face unique challenges, as noted by Paula Fitzsimons who runs programs for women entrepreneurs. Women often seek more flexibility, transition from caregiving roles, or wish to overcome the glass ceiling.

Professional Barriers for Women

In 2024, only 36% of senior management roles in mid-market Irish businesses were held by women, reflecting a concerning 10% drop from the previous year.

Key Lessons for Aspiring Entrepreneurs

1. Take Time to Develop Skills: Transitioning into entrepreneurship doesn’t have to be immediate. Freelancing while exploring business models can be beneficial. Focus on developing essential skills like sales, strategy, and accountancy.
2. Assess the Risks: Many women entrepreneurs underestimate the challenges of running a business. The primary barrier is often access to finance. A long-term vision is crucial; simply creating a job for oneself won’t suffice.
3. Build Your Network: Networking is vital. Engaging with business contacts and seeking advice can provide invaluable insights. If a network doesn't exist, create one through events and gatherings.
4. Find Your Purpose: Maintaining motivation through ups and downs is essential. Aligning your business with your values and passions will sustain you through challenges.

Starting your own business is challenging but with the right mindset, energy, and support, you can create a successful and fulfilling career.

Margaret E Ward is the chief executive of Clear Eye, a leadership consultancy.