‘I Invested in a Business, But It’s Not Doing So Well. Am I Always Going to Be Just an Employee?’

Brick by Brick is a monthly column that helps professionals tackle the intricacies of workplace issues and answers questions about career growth and advancement. In this edition of Brick by Brick, our columnist responds to a letter-writer who is feeling let down after his first business venture is turning out to be a failure

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Dear Esquire,

I’ve been working in HR since I graduated from college eight years ago. The job can be frustrating at times (because of some people I work with), but all things considered, I'm doing okay. I do my job, and then I go home to my wife and two-year-old son.

Last year, a friend of mine invited me to invest in a food business. I had never really thought about going into business for myself, but after he told me about his idea, I got excited, and I even managed to convince my wife to say yes. We ended up investing a big part of our life savings. Things happened really fast after; my friend got the business going—it’s a quick service concept that serves milk tea and rice meals in a small space located in an area with high foot traffic. I think the products we serve are really good, and I often visit the space myself to help out, especially in the weekends. I didn’t realize I would enjoy being a part-time entrepreneur and I started thinking about quitting my job and just focusing full time on the business.

However, a couple of months ago, my friend said that the business was in trouble and there’s a possibility that he might close it down. I was stunned. For months he gave us regular updates, and as far as I knew, we were doing well. But now my friend said there were too many problems that he couldn’t address properly, including supply issues, employee turnover, and increasing overhead costs, among other things. While he promised he could give us back maybe half of our investment, I’m so disappointed that our first business venture is looking more and more likely to be a failure.

I’d still want to pursue going into business, but this experience is just a big letdown and is making me second-guess my future decisions. It also made me realize that I’m not very happy and fulfilled with my current full-time job. Any advice?

Ken

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Dear Ken,

By the sound of it, you seem to be coming close to a career crossroads, signaled by that feeling of curiosity about entrepreneurship (regardless of the disappointing experience) and what seems to be tedium in your current career. Let me start by saying that sense of wonder about what’s next is a good sign of growth which typically comes with discomfort. That’s just how change works I’m afraid. 

Eight years in an HR career is no small feat. So, pat yourself on the back for putting in the work and responsibly providing for your young family. While work life has its ups and downs, it may be time for you to step back and take a different perspective and ask yourself what have you “built” over the past years since graduation? What “bricks” do you have today, to build your career in the future, beyond doing the day-to-day grind?

• Functional Expertise – in this age when different people have different ideas of what “work-life” means to them and when the rise of AI and other workplace changes increasingly disrupt corporate life, what views and skills have you gained as an HR practitioner? What areas of your work do you excel at and enjoy the most? Are there other roles or functions in your company that interests you? 
• Business Understanding – from your unique vantage point of HR, how would you assess your understanding of what it takes to run a company? How might your current work have exposed and educated on the workings of business models and operations from sales and marketing, operations, to finance and whatever it takes to run a profitable and sustainable enterprise?
• People Skills – though a lot of people assume that HR folk automatically have “people skills”, there is a lot more to know and practice when it comes to influencing, negotiating, managing, and leading people. What have you learned so far about your own inter-personal skills and working style? What kind of network of mentors, coaches, and peers have you developed? What would they say your strengths are and would they advocate for you?

Your current job – in your current or any other workplace – is a good learning ground to develop these aspects of your career, because these “bricks” would be the same ones you will be using in any entrepreneurial venture you may pursue in the future. 

• Functional expertise is what you bring to the table as you will solve business problems whether technical or people related. It also helps to have a strong interest and related skill in the kind of business you are entering. If you were to enter the food business again, how much would you need to know about it and like it enough to go through the business’ ups and downs.
• Business understanding is what you will need to run your own company to find ways to make it profitable and sustainable. Passion is one thing, but entrepreneurship requires a different level of discipline and commitment that goes beyond the 9 to 5, not to mention a different appetite for risk. If entrepreneurship was easy as it seems enticing, then more people would be doing it.
• People skills are what you will need as you deal with future employees (yourself included) and potential customers and partners.

The best part about being employed as you build your “bricks” is that you have the benefit of a stable livelihood as you contribute to someone else’s company – that is, an entrepreneur who simply came before you. And within companies, there will always be more than a few avenues to practice and hone your skills, if you seek out them out as opportunities to add value to others. Some would call this corporate entrepreneurship or intrapreneurship. 

Set some time and mind space to find your opportunities within your current workplace, other organizations, or other industries to develop the skills you need to lead and run a business or to be able to dig deeper within yourself to discover the career paths that call to you. Start with your intentions for yourself and your family. What would success look like for you, regardless of the path you take?

As you approach this crossroad in your career life, remember that there aren’t only two paths. It is not an either/or. There are a lot of entrepreneurial stories that begin with little experiments, side-hustles that start after the 9-to-5, and weekend passion projects. See your current job as the venture capitalist fueling your research and development for the next version of your career – whether in or out of corporate. 

Also remember that neither path is a guaranteed success nor happiness, only guaranteed learning from experience. Another pat on the back for you, for dipping your toes into entrepreneurship. Not everyone has built enough confidence to even try. Listen for the lessons you earned from the experience, as you continue working to rebuild your savings. What did you learn about yourself? What did you learn about running a business? And what would you do differently? What would you need to learn more about?

Lastly, if second-guessing your future decisions is what is bringing you down, take your time to prepare. You aren’t being indecisive; you are using your time wisely to plan your next best move and set yourself up as success. Every experience, even uncomfortable ones, is learning. And each learning prepares you for what’s next. Think of it as experience points (XPs) on a game before you get to the next level. So, keep on playing.

All the best Ken! Exciting times are ahead!

Myke

Myke Santos is a strategy and HR consultant, a university faculty member, and the founder of Brick Management Consulting. His focus is on facilitating change for individuals and organizations by shifting perspectives. He is a certified coach for Transformative Coaching and The Leadership Circle, and a certified facilitator of the LEGO^® SERIOUS PLAY^® Method, which he helped pioneer in the Philippines. He is a seasoned executive and HR leader with more than 25 years of experience in Human Capital Strategy specializing in Organization Development, Change Management, and Mergers and Acquisitions. Myke has led various enterprise-wide initiatives in business and people strategy alignment, corporate restructuring, talent management, and culture transformation. Having worked in a variety of settings, from startup to corporate, local to regional and multinational, has given him a broad perspective of the dynamics of business, organizations, and culture.