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I joined EY recently as senior manager, I am thinking to switch in probation period due to following reasons:
1. HR offered me lower than market standard citing my previous ctc.
2. Not eligible for current cycle appraisal or bonus
3. Unrealistic expectations of knowing internal tools and processes without any onboarding trainings..
4. 80-85% non technical responsibilities
Anyone in my shoes faced similar issues and does it change over time?
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Collections, AR, benefits, taxes, sales pipeline. All the BS running a business entails that takes my focus from delivery
It’s hard. I am one of the cofounders of my firm and yes it is super stressful but also the most rewarding professional experience of my 18 years in consulting. Having direct power over who to hire, what focus you want, what type of culture you want to foster, which clients to go after and which to ditch, how to manage supply and demand. I could not have done it myself so I am thankful I have a group of cofounders that complement each other and feed off each other’s energy. Client acquisition is not that hard if you have a great network and past delivery that clients will trust to give you a shot. Then you have to over deliver to establish your reputation. But the hardest thing is scaling the business, Consulting is money hungry and working capital becomes so important. You have folks that depend on you for their livelihood and this is a massive responsibility. You have to weather cash flow issues when people are on the bench and also when you sell big deals and grow your team. Net 45 or net 60 is the death of the young consulting firm. But I wouldn’t change what I am doing for anything, especially coming from big 4 and then going to midsize Consulting. Starting my own was the next natural step and my experiences from both prepared me for startup consulting. I have hired seasoned big 4 consultants who couldn’t hack it because of not having the big name to hide behind so have to be fearless and confident and not afraid of failure, living the business, and never giving up. But regardless of whether you succeed or fail, it will be the single most growth you will experience in your entire career. It was the best decision of mine.
Running your own consulting firm doesn’t require experience in your competency in my opinion You’re running a business aka managing people and resources. The only difficulty I see is acquiring customers
Owned my consulting shop before. If you're not satisfied with work-life balance while being an employee and believe in freedom that being an entrepreneur implies - you're fooling yourself. The amount of stress was too much for me. I'm so happy that I'm walking out of office and don't have to think how much money I owe for it every single day and how hard it is to win a business..
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The “right time” for each individual is a somewhat subjective. I believe that is once you have a balance of domain/functional experience and your network and business relationships. Also, personal financial stability to weather the downs so you’re not abandoning the business when the deals don’t come in
Perhaps controversial...but if you are not a white male it can be extremely difficult to build out your client portfolio. Not saying its impossible, but the reality is, if a potential client has a choice to make between two small to medium sized independent companies; one being led by a black female and the other a white male, 99% of the time they are going with with the white guy. Now, the client is most likely not racist/sexist or anything, its just people like doing business with people who remind them of themselves and chances are that potential client also happens to be a white male.
Something to think about regardless of what side of the aisle you are on.
Not wanting to do 4X the work for 2X the money
Agree ... also PWC2 spot on! Thats exactly how I see it - aside from running the business you should also understand the need of your clients and industry trends (focus on one starting out).
I think acquiring the customers is not that bad, network like crazy! And make connections with all the clients you have come across thus far. You can also be the face of your business (yes i lnow not everyone has the luxury to do this and it could be a risk) but if you are a good business analyst why don’t you win a contract and build that relationship with the client.
@A1 I think it’s best to do it with a team. I can see how stressful it would be by yourself.
You need at least 4 vetted individuals trying to win business with you.
And selling when you don’t have a big 4 Brand is tough
Not enough experience yet
@PWC1 how much experience do you think you would need before you take that route?
ImagineX, Hi Neel
Bell User 1 not Neel but one of the other founders ;)
Ability to sell. I can deliver real well but selling is not a skill I have yet.