Pursue Your Pivot: Risk Is Better Than Regret

A word …

I’m so glad you all enjoyed last week’s resource roundup! I appreciate the feedback, and I will definitely have similar future editions focused on different (but related) interest areas to help you pursue your pivot.

I center these editions around what I learned in my pivot journey, as well as what you want to hear. So, keep the suggestions coming!

Sometimes, the topics come from conversations with friends, which is the inspiration for today’s edition. I hope you enjoy, apply, and share it with brilliant Black women in your network.

I've had conversations recently about what is stopping people from pursuing their pivot, and as you may guess, bills/ money is the number one reason. I definitely understand that because FPL, Verizon, and the mortgage company could care less about my hopes and dreams. Nonetheless, I know I have to keep the dream alive and work to make it a reality.

While money was the primary reason, it wasn't the only one. People identified several risks that caused them to put their pursuit on pause, but hopefully, this week's edition will give you some perspective and energize you to take action to transform the perceived risks into calculated risks. 

What is a calculated risk? It's a decision made after carefully evaluating all the known factors and anticipating potential challenges. In other words, it's not moving off of vibes like shopping at Target with no list. Instead, you're moving based on data, valid and relevant information, and input from trusted sources.

So, let's dive into the top three types of risks I've heard that keep people from professionally pivoting and ways to mitigate them.

Financial Risks

What is it? Pivoting can sometimes mean temporarily reduced income. So, financial risk refers to the potential for losing money or facing financial instability due to transitioning to something new. 

How to reduce it:

1. Financial Planning: Consider your savings as a starting point for a financial cushion. Create a budget forecast with best- and worst-case scenarios. Engage with a financial planner who can offer professional advice tailored to your situation. 

2. Diversify Income Sources: Rather than relying solely on savings or loans, consider diversifying your income. This strategy could involve freelance work, consulting, or even part-time jobs in your current or new field. This approach provides additional financial security while you transition.

3. Seek Funding Opportunities: Explore grants, scholarships, sponsorships, or loans that could support your pivot. For example, if you're returning to school or joining professional training programs, financial support may be available specifically for career changers.

I reduced my expenses before pivoting to entrepreneurship to increase my savings and have a cushion while I figured things out, got clients, and started earning revenue.

Time Risks

What is it? Time isn't something you can get back. For most people, pivots do not happen overnight, so estimate how long you can dedicate to your pivot. Be sure to give yourself a runway of time to allow for your transition to take hold as you envisioned it (or some variation that you are happy with). 

How to reduce it:

1. Set Milestones: Break down your pivot into manageable milestones. This helps you monitor your progress and reassess your commitment at each stage without getting overwhelmed by the magnitude of the entire pivot.

2. Leverage Existing Skills: Find ways to leverage your current skills in new roles or industries. This approach can shorten the learning curve, reduce the time it takes to become proficient in your new role and minimize the time invested before seeing results.

3. Regular Reviews: Schedule regular reviews of your pivot strategy to ensure it remains aligned with your personal and professional goals. If certain activities do not yield the expected results, adjust your approach to save time and effort.

For me, time risk was closely intertwined with financial risk because I initially had as much time as my savings allowed. I also knew that if it came down to it, I had a skillset of being a CPA that I could fall back on and do contract work if necessary to extend the runway for my pivot. 

Personal Life Balance Risks

What it is: Pivoting often requires a significant time investment, whether learning new skills, networking, or building a business, which can strain your personal life, impacting relationships and personal time.

How to reduce it:

1. Set Clear Boundaries: Decide how many hours per week you can dedicate to your pivot without compromising your family time or self-care. Communicate these boundaries to the people around you.

2. Time Management: Use tools and techniques to manage your time efficiently, like your calendar, alarms, and timers to time block. Prioritize tasks and outsource or delegate responsibilities, if possible, that aren't central to your pivot or personal happiness.

3. Regular Check-ins: Have regular check-ins with yourself and your loved ones. Are you feeling stretched too thin? Is your family feeling neglected? Adjust as necessary to maintain harmony without sacrificing your pivot.

I know, I know. Following this guidance is easier said than done (for all of these risks), but know your why and that your pivot will ultimately create a better life for you and those around you.

Here are a few other ways to reduce risks and help make your pivot less daunting:

1. Research: Learn about the industry or profession you want to pivot to get a good lay of the land, what others have done to succeed, and lessons you learn from others' mistakes. YouTube, Facebook Groups, and now TikTok, believe it or not, are my go-to for getting real-time insight.

2. Skill Up: The more skilled you are in your pivot area, the less risky your pivot appears. Online courses, workshops, community service, or side projects can bolster your expertise.

3. Network: Build a solid support system and community of like-minded folks who can help open doors to your new life. You may be amazed to find people willing to help you in your pivot and share their experiences.

4. Start Small: Test the waters with a side hustle or part-time role in your new field before diving headfirst. This approach will allow you to see if this is truly the pivot you want to make. You may find that something else piques your interest.

Parting Thoughts …

It’s time to take calculated risks and bet on yourself!

Did you love today's topic? If so, reply to this email and let me know. I would also love to hear what other topics you want me to cover in future editions.

Before we go, here is a word from Tabitha Brown …

xoxoconfidence

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