The Layoff Story - April 02, 2024

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Welcome back! 👋 We’re dedicating this email to startups — and how, with a little time, hard work and a bit of focus, you can make yours happen. Let’s dig right in.

In today’s edition:

• From layoff to side hustle →

• How to launch a successful startup →

• A goal action plan to get you started →

IN THE SPOTLIGHT

The phoenix that rose from the ashes layoff

The year 2021 saw the first wave of mass layoffs within tech as a bid for companies to correct their over-hiring practices during the COVID-19 pandemic. Since then, over 520k people have lost their jobs because of this. 😮

Keith Chaney was one of the layoff victims.

He started working at Google in early 2022, as part of the global strategy and partnerships team. Less than a year into his job, he learned in the car park of his daughter’s daycare that he had laid off.

But, Chaney says, it was a blessing in disguise.

While at Google, he started a side business: a personal advisory board management tool called Peadbo. When he was laid off, he put all his energy and time into making Peadbo really happen. And it did: the platform’s disruptive technologies is taking the world by storm. ⚡

Though he makes less than half of what he was earning at Google, Chaney says that he has “learned a lot about myself and entrepreneurship” and that he loves “the autonomy of being self-employed”. Even if it was initially quite the adjustment for his finances.

Sometimes, something that hits you out of nowhere could just be what you need to follow your passion — just like Chaney did.

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DAILY INSPO

To gain real success, Huda Kattan, founder of Huda Beauty, swears by the 80/20 business rule. 

TODAY’S ADVICE

3 must-know tips for launching a successful startup

Compared to previous years, 2023 was the year of entrepreneurship, with data from the US Census Bureau indicating that some 5.5m startups were launched in the span of 12 months. 🚀

If you yourself have been considering starting your own business, this seems to be as good a time as any. To help, we’ve hand-picked some of the latest advice and compiled it below, including 3 essential tips by serial entrepreneur Josh Chodniewicz, founder of Art.com and Fundify.

Starting with Chodniewicz’s wisdom, as an aspiring entrepreneur, you need to...

• Embrace patience. 🧘 He likens building one’s vision with a marathon, not a sprint, saying that investors will, most of the time, take a very, very long time to jump on board.

• Know your customers. Better than the customers know themselves. (No pressure!) That is because, to become successful, your product needs to solve real problems people have.

• Build your expertise. Not just by studying your competitors’ actions and your customers’ needs, but by also keeping a finger on the pulse of emerging technologies you can leverage to your advantage. 💻

Beside these spot-on points that Chodniewicz makes, we would also like to stress the following:

• Dedicate plenty of time to creating your business plan.

• Speak with a financial advisor to define short-and long-term goals.

• Invest in promoting your product, particularly by targeting the right users online.

WEEKLY GIFT

Ready… Set (your goal)… Go!

Whether you’ve created a goal to start your own business, learn a new skill, change jobs or read one a book a week, it can be tricky following through with it and keeping track of your progress. The good news is that our Goal Action Plan worksheet has got your back.

Stay tuned for more awesome gifts.

WHAT WE’RE LISTENING TO

10 tips for aspiring entrepreneurs who feel stuck

Social entrepreneur Brianne West talks about setting up ethical businesses that can transform the world — in just 10 steps. Through interactions with her audience, she has uncovered where in the startup process people tend to become stuck and shares some of her favorite remedies.

BREAK ROOM

Catch you on the next one :)

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Created with care by Chris Leitch, Joanna Zambas, and Electra Michaelidou.