A Nigerian Man identified as Christian Ali, who went into coma just a day after his wedding, has reportedly died. Christain, a motorcyle mechanic, was laid to rest in his hometown Enugu Ezike, Enugu State today, Wednesday, November 11. According to Facebook user, Ezema Chekwube, […]
Every large company says that their people are their biggest asset. Yet everywhere we look, we see talented leaders leaving big companies. One senior marketer left running a $300 million brand to trade stock options for himself. Another senior marketer turned down a chance to run a billion-dollar portfolio to be the CEO of a small startup. Yet another senior strategy executive of a multi-billion dollar public company left to re-start his personal consulting practice.
The facts back up our anecdotal observations. Per a McKinsey survey, only 7% of Fortune 500 executives believe they retain high performers. The Conference Board believes Europe and the United States will be short up to 18 million high-skill workers in coming years. Interestingly, this number is eerily similar to the 18 million independent workers (aka solopreneurs) that were identified by MBO Partners, which provides technology solutions to self-employed workers.
For Christopher’s book, Niche Down, he and co-author Heather Clancy interviewed dozens of solopreneurs. What is striking is that these folks were not poor performers being forced out who started their own solo businesses out of necessity. Quite the opposite: all were star performers who chose to reject the traditional large company career path. All had discovered a relevant niche they were uniquely excellent at, and that they had more upside working outside of the constraints of one large company. So they executed what we call a “personal IPO” to unlock that value. These individuals no longer have one owner (their boss/company) and instead have multiple owners. And their skills command a much higher valuation. As solopreneurs, these people have more autonomy, make more money, and have more leisure time.
There is a clear economic and emotional business case for leaving big companies to go solo or small.