We love a good small business success story here at Prime Strategies, and open forum’s telling of Charles Henagan’s is a great example of someone moving from executive status to becoming a successful entrepreneur.
Embarking upon what appeared to be his dream job, Henagan was tasked with bringing new life to a legendary brand of vodka. Nearly 50, he was given new life with his exciting schedule of travel, meetings and strategy sessions while staying connected to his younger colleagues over post-work drinks.
Only 6 months into his new role, spirit sales began to sink internationally in response to the recession. As a result, Henagan was let go, leading him from the work force to becoming an unemployment statistic.
Henagan decided against looking for another corporate job in such delicate economic times, so he established Market Edge International, a New York City-based consulting firm that helps clients create sales teams and marketing strategies.
Henagan laments “The U.S. economy is changing so dramatically that in most industries, even when things pick up, the management structure will be fairly flat.” He felt exiting that scene and starting his own company was the most logical and dependable solution.
Not all victims of the down-turned economy have landed on their feet. Flexibility and long-term experience saved Henagan from the unemployment line but for some, starting their own business with a corporate executive mindset is slightly trickier. Most at the executive level are used to collaborating on big decisions and spending corporate money. Having sole responsibility for all decisions and tasks, can be a difficult mindset to accept. Plus it’s tough to deal with the loss of status. Some even experience anger, denial, depression, and so entrepreneurship is not for every transitioning executive.
Henagan, however, considers himself lucky to have made a smooth transition into entrepreneurship as opposed to pursuing another corporate job. He’s busy at work applying his acquired skills and new knowledge to his growing business. It works for him.
If you’re an entrepreneur seeking help with planning for 2014, Prime Strategies offers One-Day Fast-Track Planning to guide you in creating a solid Action Plan that will lay the foundation for a successful and profitable year.