Consulting to Entrepreneurship: Is This Feasible?
Many professionals have shifted from consulting to entrepreneurship. Kathryn Minshew, co-founder of DailyMuse.com, was grateful she had developed her research skills at McKinsey because it helped her conceptualize her career and professional development website. John Tabis, the founder of The Bouqs Co., an online flower shop, used to be a consultant at Bain & Company. He attributes the success of his business to his experience working with senior consultants and clients across various industries.
And perhaps a perfect example is Daniel Stefanac, the founder of this website, ConsultingFact.com. After his two-year stint at McKinsey, he explored the corporate world and then decided to be a full-time entrepreneur.
Why are so many of those who venture from consulting to entrepreneurship successful? Here are some possible reasons:
Exposure to Best Practices
If you are privileged to work for a huge consulting firm such as McKinsey, Bain, and Deloitte, you will be assigned to work on projects in various industries including healthcare, media and entertainment, manufacturing, and aviation, among others. Your role doesn’t stop at understanding the main problem; you are expected to generate the best solutions for the client. In the process, you learn how other companies successfully manage their operations, human resources, technology, and market strategies. When you decide to shift from consulting to entrepreneurship, this knowledge will help you develop efficient processes and procedures.
Market Knowledge
Management consultants understand that no business will flourish if it doesn’t have a specific market. In fact, one of the major services of huge consulting firms focuses on market studies. You examine the needs, buying capability, and behavior of a potential market and then identify market segments to determine which subset matches the requirements of a particular service or product while exploring the competition among suppliers and strategies for product branding. Again, when you venture into business, your extensive, first-hand experience in data collection and analysis will come in handy.
Enhanced Problem-Solving Skills
Consultants are hired for one main purpose—to resolve business dilemmas outside the expertise of top management. In order to serve this purpose effectively, you should approach the problem objectively. You can break the issue into manageable segments to determine all the factors involved in the process. You investigate financial documents, read research studies, and go through other documents for relevant facts. After thorough analysis, you generate solutions that will lead to the growth and profitability of the company. Your enhanced problem-solving skills, when applied to your new startup, will help you make more effective decisions.
Increased Connections
As mentioned above, consultants are usually assigned to various clients. In most cases, you spend your days in the client’s office interviewing rank-and-file employees, conducting focused group discussions with supervisors, and consulting with top management. This exposure allows for a huge advantage—powerful and diverse connections. If you can maintain a good relationship with your contacts, it will be easy for you to tap their resources, inquire about their expertise, and gain inspiration from their experience. Start being a people-person now, and once you shift from consulting to entrepreneurship, you will receive the assistance you need.
References
- Management Consulting: The Perfect Prep for Entrepreneurship
- The Rise Of The Consultant-Turned-Entrepreneur