by Solange Lopes | Feb 16, 2016 | Career, Start Your Business
The day baby daughter brought a not-so-good behavioral report card from school, we knew the family “chatty” gene had hit again. You see, we kinda like to chat around here, and the gene had certainly not missed the next generation. And of course, the first thing we thought of doing was take away her privileges, including the music lessons she enjoyed so much.
But what happened afterwards left us all quite surprised, and relieved that we limited the taking away of privileges to occasional TV watching and candy eating. The more she got involved in her music lessons, the better her behavior and discipline turned in school. All of a sudden, my smart and chatty baby was smart, disciplined and focused. I knew my side of the family had that gene too by the way…
What if the same thing happened in our careers? If extra-curricular activities can the catalyst to success at school, entrepreneurship might just be the boost our careers need to be more focused, disciplined, and ultimately, wildly successful.
Take myself for instance…I was the one at the back of the conference room, who could barely manage to utter a word. All the good ideas and insight I had were magically imprisoned in my brain. Somehow, some way, nothing would come out of this mouth of mine, which by the way would prove to be very chatty in different circumstances…
After I started blogging, something also magical happened. The very fact that I trained myself, day in and day out, to speak, if only through the written word, made me bolder. I went from hiding behind the walls at work, to actually speaking and sharing my ideas. My brain (and mouth) was now wired to express itself. The start of my entrepreneurial venture had spilled over to my career, and the results were surprising even to me…
Developing your entrepreneurial spirit changes your career for the better. The minute you start creating, innovating, and expressing yourself, that’s the minute you’ve empowered you career.
This is also the very reason why college students are now encouraged to be more entrepreneurial with their job search. It’s also why some of the most prevalent career advice out there is to approach your career as an entrepreneur.
Among the many benefits that entrepreneurship can bring to your career, are:
- You show up more for your career. Many of us just let our careers happen to us. Day in and day out, we drag ourselves to the same desks, perform the same tasks, speak to the same people, and go home to the same feeling of emptiness. Yet the minute that “entrepreneurial” gene is activated in us, whether it’s through a side hustle, a new project, or even just a desire to create something new, we start “showing up” more at work. Speaking up in meetings. Offering news ideas and insight. Wanting to change and revolutionize things. And most times, it’s all the spark we need for success.
- You learn to manage failure. The foundation of entrepreneurship is failure. Doesn’t the average “overnight success story” take 10 years? There’s a reason why most entrepreneurs are filled with grit and determination. What if you could bring the same grit and determination to your own career? What if developing and nurturing your own entrepreneurial gene by starting your side business, creating a new project, or committing to a particular result, could also help you manage and turn career failure into success. What if that missed promotion, that failed pitch at work, would push you to work harder, instead of deterring you from trying again?
- You own your career. So many among us feel like our careers are dependent upon our managers’ will to promote us. Or the budget’s availability. Or the economy. There always seems to be something standing on our way to success. Always some external obstacle we don’t quite control. Yet being an entrepreneur teaches you to take responsibility for your own fate. To own it. Imagine bringing this to your own career, and taking your own advancement and career growth into your hands? How about asking for a raise instead of waiting for the budget to grow? Or presenting a new initiative of your own, rather than putting up with the status quo?
Now let me ask you this: How can you start adding some of that entrepreneurial zing into your career today? Not tomorrow, not next month or next year, but TODAY! Can you start your own side hustle, begin a project at work, or commit to a specific result today?
Let me know in the comments…
Love,
The Corporate Sis.
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by Solange Lopes | Apr 24, 2015 | Career, Make More Money
Photo credit: http://drvenusopalreese.com
A friend of ours once took his paycheck out in front of us while at a gathering, to show us he really makes as much money he says he does. Now this friend had never exactly been the tactful type (I mean, he once told me I was too close to my hubby’s age to sustain his interest over time, well), so we weren’t exactly shocked. Yet for someone, anyone to talk about money and how much they make, is always a bit of stretch for most people (not our friend obviously).
Fast forward to today, in the era of Equal Pay and wage transparency, is it still taboo (or at least the tacky equivalent of removing your weave tracks in public), to tell how much you make? Or is it actually an incentive to keep the records straight for everyone?
My $0.05: Especially for women, talking about money, salaries and paychecks often crosses the line of what’s considered “lady-like”. Yet, with all the controversy around Equal Pay (although we still have some ways to go before we can even talk about it at work), an increasing number of women are now asking demanding to get the raises they deserve, enrolling in salary negotiation courses, and rightfully asking why their male counterparts are getting paid more money for the same work! Actually, more women are now asking the question: “What’s your number?”
I personally think if you’re comfortable sharing your salary with a friend, family member, or even colleague, why not? Think about how much a genuine talk about salaries could help in new fields where pay information is not readily available. Or how much easier it would be asking for a raise when having enough information to at least target a reasonable range. How would you know your salary is not up to par if you don’t have anyone else’s to compare it to?
Do you think it’s OK to tell how much you make?
The Corporate Sis.
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by Solange Lopes | Apr 17, 2015 | Start Your Business |
Photo credit: theconnectionexchange.com
Many of us are dreaming of working for ourselves, building multi-million dollar businesses and leaving legacies to last well after we’re gone. Or we just want to get out of the rat race, have more work-life balance, spend time with our kids, and not ever have to deal with a micro-managing boss.
And the fact is, entrepreneurship is on the rise, as evidenced by the rise of entrepreneurial activity from 22 to 53.4% from 2003 to 2013, according to the Kauffman Index of Entrepreneurial Activity. Among this wave of new entrepreneurs, many of them Millenials, are those who juggle a full-time job and a part-time gig.
Here are 10 quick but effective tips to build a business while working full-time (and raising a family, trying to make it to the gym, or finding clean socks any day of the week):
1. Have a clear vision! Building a business is hard, whether you’re working full-time or not! Make it easier on yourself, and get a good head start, by having a clear vision. What do you want to accomplish? What products will you be selling? Who is your targeted clientele? If necessary, hire a coach to help you.
2. Have a plan! It doesn’t need to be a defined one. Have a general timeline for your prospective business, and key milestones to reach. Use it as a guide as you’re progressing, and be open to changing it as well. Finalize it and turn in into a bona fide business plan you can present to investors soon!
3. Build a schedule! Time is of the essence, especially when building a business while working full-time. It’s easy to get sucked in to meaningless, no-impact activities, instead of focusing on the meat and potatoes of the business, literally. Construct your schedule around major activities, and try to stick to it!
4. Focus your efforts! Newsflash: you can’t do it all! Whether it’s getting new clients, building a killer website, or growing your email list, focus your efforts as you go! Tackle one major theme for a certain period of time, get the best out of it and move on to something else…
5. Use the power of “productive laziness”! There’s such a thing as harnessing the power of laziness to produce results. Automate time-consuming manual tasks, get a virtual assistant, skip on perfection, and focus on what matters!
6. Yet don’t forget immediate action wins! Perfect is overrated, and so is excessive contemplation! If you want results, you’ve got to act. Go past your limitations and act on your side projects, even if they are imperfect! Remember, if you’re not embarrassed after looking at your first product, you may have waited too long.
7. It’s a marathon! Building a business while working full time is taxing, and is not the road to immediate riches. Yet it is your consistent efforts that will lead you to success. Stop looking at the clock, counting the days, or frantically checking your sales page, you’ll get there in time.
8. Don’t quit just yet! Stay put at your current job until you’ve gathered enough financial and mental cushion to move on. Trust that the Universe is in motion for your success, keep acting but don’t rush!
9. Use your current job! Your current job is not only providing you with resources while you’re transitioning careers, it’s also teaching you skills as you go. Dealing with co-workers, finding solutions to every day issues, juggling work and side hustle, all of the everyday stuff you may overlook is preparing you for the next phase of your career.
10. Stay open! Building a business will teach you who you are deep down inside. It will reveal your strengths, and show your weaknesses. It will make you incredibly happy and unbelievably miserable at times. Stay open to the change, to learning about yourself and others, and to receiving success. Work with the Universe, it wants you to succeed!
How did you build a business while working full-time?
The Corporate Sis.
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by Solange Lopes | Mar 19, 2015 | Make More Money |
Photo credit: https://kellyewhitney.files.wordpress.com
We already know the gender wage gap is here, and is much more complex than we’d ever imagined. And apparently, it won’t close for another 43 years…Unfortunately, performance-based pay is also subjected to the much-dreaded gender bias. Back in 2009, Bank of America was the target of a federal lawsuit alleging discrimination against female brokers who received lower retention bonuses. More recently, cases like Silicon Valley’s Ellen Pao’s, have reminded us of the unfair biases and practices that happen at all levels of management.
A 2013 study by UK-based Chartered Management Institute finds the gender bias in salaries is being aggravated by bonus to male managers being 50% higher than that of female managers. The disparity between these is unfortunately striking, and very real. And given the nature of bonuses, they’re also very hard to discuss or remediate for obvious confidentiality and subjectivity reasons.
A “pay-by-committee” solution, whereby executives are evaluated strictly in terms of performance and results, has shown women CEOs on boards of FTSE350 companies to clearly outperform their male counterparts, according to a survey by the University of Southampton.
Why then don’t more companies adopt this, or a similar system, to award bonuses strictly on the basis of performance and results generated?
The Corporate Sis.
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by Solange Lopes | Mar 18, 2015 | Career, Make More Money
Photo credit: gobankingrates.com
So we’ve been discussing getting the bonus you deserve, and what not to do with all your bonus moolah once you get it. Now, one question most employees ask themselves after receiving their bonus is, why did I have to pay so much tax on it? Geesh…
Sorry to burst your bubble, but your bonus does get taxed. It’s intact considered “supplemental income” by the IRS, which recommends a flat 25% tax rate to employers. Keep in mind some employers do follow this, and others choose not to, preferring to combine your bonus and you regular pay together and withholding tax at the normal rate.
It may look like you’re taxed more on your bonus than on your regular pay. What really happens is this “supplemental income” may just end up placing you in a higher income tax bracket, which in turn makes it look like your withholdings are higher. However, no higher tax rates are used for bonuses.
My $0.05: You know the saying, “there’s no certainty in life other than death and taxes”. That holds true for your bonus too. So prepare yourself to see a chunk of it go to Uncle Sam every year! Keep in mind you can also beat Uncle Sam at his own game, by 1) saving some or all of your bonus money in your 401K (check with your employer how bonuses are handled in this case though, practices may vary from company to company), 2) investing it in a diversified portfolio,or 3) contributing in multiple accounts like a health savings account or Roth IRA to reduce your taxable income.
Or you could buy those shoes…
The Corporate Sis.
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by Solange Lopes | Mar 18, 2015 | Career, Make More Money
Photo credit: http://www.entrepreneurialwoman.ca
It’s bonus day! You’ve asked and negotiated to get the best you deserve, and now, as you happily log into your bank account with much anticipation, you notice it’s finally here! As plans start accumulating in your head, you begin to envision new shoes, gleaming purses, spa days and relaxing vacations by the beach…Or if you are the more reasonable type, you may find yourself dreaming of becoming debt-free and reducing your monthly cash flow.
If you’re one of the few fortunate enough to get a yearly bonus, there are many theories out there about what you should spend your bonus on, how you should invest it, turn it around, and make it last a lifetime! Yet, as far as I can remember, for the longest time I have received bonuses and..do not remember what I did with them! And when I did remember, I’d rather not list some of the splurges I’ve made here. So in the interest of not repeating the same mistakes twice (or three, four or five times), here are 5 things not to do with your bonus:
- Make on a big ticket purchase that is not urgent or really necessary: Unless you’re buying your significant other or family member the gift of a lifetime, or helping them out of a serious (read life-threatening) jam, blowing all your bonus money on that Rolex watch all at once may not be your best bet…
- Not saving any of it…at all! Treat your bonus as any amount of money coming in. Unless you really have unexpected emergencies, you should save some for the rainy days, or any day for that matter.
- Treating it as it it were your regular pay: Bonuses are infrequent in nature. As such, don’t use it in the same way as you would your regular paycheck. Whether you decide to pay down debt, invest or save some of it, choose to use at least some of it to set you ahead!
- Go on a splurge campaign! Just because you have the money now does not mean you’ll have it forever. Avoid over-spending and splurging on more items than you need to.
- Do nothing fun with it! On the flip side, not enjoying your bonus money at all can backfire on you, usually in the form of excessive shoe-shopping as a form of retaliation. Enjoy some of your money, and use the rest for wiser, long-term goals!
What advice do you have on what not to do with your bonus money?
The Corporate Sis.
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by Solange Lopes | Mar 17, 2015 | Career, Make More Money |
Photo credit: madamenoire.com
So you’ve just had your annual performance review meeting with your manager, and s/he just told you you got yourself some extra spending (or saving) money in the form of a pretty generous bonus. Ka-ching! Can you say good news, especially since you’ve been eyeing that Michael Kors bag for months? Now, do you share the awesome news with your colleagues, or should you keep your good financial fortune to yourself? Is there a “sharing etiquette” when it comes to bonuses at work?
My $0.05: While it’s totally understandable (and even recommended by fellow professional shoe addicts) to call your bestie and schedule your shoe-shopping calendar post-bonus, blabbing how much extra money you got (or didn’t get) as a bonus is a more delicate topic to discuss at work. Keep in mind bonuses are performance-based, and as such imply a certain level of ranking between colleagues, which can lead to unhealthy comparisons.
There’s no rule forbidding you, or anyone else, to divulge your bonus amount. However, for the sake of your own reputation and in the interest of team harmony, you may want to err on the side of caution! When in doubt, just smile!
What are your thoughts? Would you divulge your bonus amount at work?
The Corporate Sister.
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