How to transition from employee to entrepreneur | Toni Harris Taylor | TEDxThird Ward
Toni Harris Taylor shares her journey from corporate employee to entrepreneur, triggered by her mother's advice to join the family business. She provides a three-step framework for transitioning to entrepreneurship and advocates for franchising as a safer alternative to startups.
Summary
Toni Harris Taylor begins by recounting how at 24, while working at an oil and gas company with plans for a 30-year career, her mother asked her to quit and partner in her business. Her mother's pivotal question - 'what's the worst thing that could happen?' - became a guiding principle. Taylor addresses audience members experiencing career transitions, noting that Gallup research shows only 30% of US employees are engaged at work, meaning 70% are 'showing up but not lit up.' She presents a three-step framework for entrepreneurial transition. Step one involves determining your 'why' through an exercise of creating two lists: things you love to do and things you want to stop doing ('no more'). Her personal love list included connecting people and being a resource, while her no more list included having limitations imposed by others and having her worth determined by salary. Step two focuses on facing fears directly by writing them down and consulting with other entrepreneurs who overcame similar challenges. Her fears included losing steady income, benefits, and fear of failure. Step three involves choosing the right path to entrepreneurship. Taylor presents sobering startup statistics: 20% fail within two years, 50% by year five, and 90% by year ten. As an alternative, she advocates for franchising, describing it as 'entrepreneurship with guard rails.' She explains that franchises extend beyond fast food to over 30 categories including home services and senior care, with many being home-based and affordable. Her own path led to a home-based networking franchise. Taylor emphasizes that 85% of franchises survive beyond year five, contrasting sharply with startup failure rates. She concludes by encouraging immediate action on the three steps and reinforcing her mother's wisdom about taking calculated risks.
Key Insights
- Taylor reveals that Gallup research shows only 30% of US employees are engaged at work, meaning 70% are showing up but not lit up
- Taylor presents stark startup failure statistics: 20% fail within two years, 50% by year five, and 90% by year ten
- Taylor describes franchising as 'entrepreneurship with guard rails' where franchise systems and support bring you back into the lane when you veer off
- Taylor states that 85% of franchises exist after year five and beyond, contrasting sharply with startup failure rates
- Taylor discovered through coaching that franchising covers over 30 categories including unusual niches like a franchise for picking up dog poop with recurring income
Topics
Full transcript available for MurmurCast members
Sign Up to Access