Transitioning to a new sector and navigating the paycut + fear of starting scratch.from

I'm planning to leave the world of early-stage startups/VC for version 2 of my career.

I'm slightly apprehensive as it will involve

1) starting from scratch. I have no network + no direct skills (but lots of transferrable skills)

2) cutting my salary by 60% at least.

Has anyone else made a similar move? How did you navigate it?

Amaraja's profile thumbnail
That is a scary move but I would 1) hang tight and keep a positive mindset2) look for 5 skills that you want to sharpen up3) set up one on one with the new network folks. atleast 2 per month
AdeleOg's profile thumbnail
Hi @beckystephens7 that is my jam! I made a shift from Big Law $200,000+ comp to tech and it took me ages to get the courage to do it because I couldn't afford a pay cut or to start from scratch after years of law school, family obligations etc. The truth is - depending on what you want to do, you may not need to take a pay cut. The fact that you have transferrable skills is a bonus and now you need to start thinking about where you want to take those skills and how you can reframe your existing experience to match. You will also need to know how to identify any skills gap and close them in the most efficient way unless you are pivoting into an industry/role that absolutely requires you to go back to school. For me, I went to a nine-week coding BootCamp and set up a personal routine around upskilling. Im not an engineer by any means, but understanding the language and structure of Tech was pivotal in helping me to negotiate higher consulting rates (I leveraged my big law background to become a digital transformation consultant/tech advisor to big law firms). I also recently helped a client move from education to a senior M&A Program Manager role for a Big Tech company using similar strategies. I would start with a positive mindset first because you need that to be expansive in your thinking and spot opportunities instead of roadblocks. You will also ABSOLUTELY need to develop your network - that is key for referrals, and being recommended for opportunities you would not have known existed by just applying online. I cannot emphasise this enough. I have a youtube channel dedicated to this topic and here is my story with some tips - https://www.youtube.com/watch?v=SzrN96JMG8c . Im also hosting an event on this topic with a keynote from a fellow career transition at Google, and you are welcome to attend! Here is the link - https://www.careertransformationweekend.com/ In all, you can do it! It is relatively simple to make a career transition, but not easy because you have to be committed to do the work of upskilling, reframing your experience, networking etc. But it paid off for me, and Im sure it will for you too! Best of luck :-)
laurenvriens's profile thumbnail
Hi Becky, congrats on having the courage to make such a big move! It's really crucial to have support while going through a transition like this. Have you heard of Habit & Co? Check it out: www.habitand.co - might be helpful!
rachelserwetz's profile thumbnail
Hi @beckystephens7 , below I linked a 7-step guide to making a career pivot which might have some good helpful tips for you! I think the key to pivoting is a) updating all your personal branding materials to be in line with keywords for your new direction (resume, professional summary, linkedin profile, cover letter, video pitch, website/portfolio) b) pursuing reputable upskilling opportunities (use networking to understand which ones are worthwhile) and highlight these on your branding materials c) having a clear understanding of your target role/path so you understand the nuances of how people actually break in, in reality d) having a deep understanding of your target roles so you can easily speak to your fit during interviews e) working with a coach, mentor, or peer to see any gaps and areas for opportunity. https://www.canva.com/design/DAFDqUjXbOc/g-8n-6oO9UW-K9aXECaVog/edit?utm_content=DAFDqUjXbOc&utm_campaign=designshare&utm_medium=link2&utm_source=sharebuttonBTW, I'm Rachel, a Career Coach - My profile has a lot of info about me where you can get in touch and also book a free initial call with me if you'd like more support.