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Episode 0008 Transcript
10 reasons for leaping into business after the PhD
Don't want to loose time? Jump to your most interesting reason:
#1: Opportunity for innovation and creativity
#2: Potential for financial rewards
#3: Opportunity for professional growth and development
#4: Transferable skills
#5: Broaden your network
#6: Opportunity to make an impact
#7: Flexibility and work-life balance
#8: Pursue your passion
#9: Global opportunities
#10: Diversify your skill set
Every incoming PhD should listen to this episode to reflect early on the career path.
Why? Because academia, specifically grad schools overproduce PhD holders and the majority of them need to transition into business as there aren’t enough tenured positions in higher education.
And to be fair, you can’t expect your professors who never left academia to know or to share what we cover in this episode, as this could make them feel uncomfortable, as they chose NOT to leap into business. Only those, who are happily and successfully on the other side can share this with you and that’s why, cue the confetti, we will feature informational interviews with thriving career transitioners in season 2 of our weekly PostdocTransformation show.
If you are new to the show, welcome and please also listen to the first episode “How to check your readiness to leap out of science, with relation to the vision of life in question 8.
So, what are good reason FOR a career transition into business after a doctorate or postdoc and I want you to reflect on each one of them and weight them against each other, so that you can move towards your vision of life.
Reason #1: Opportunity for innovation and creativity
Leaping into business after a doctorate or postdoc can provide an exciting opportunity for innovation and creativity. The fast-paced and dynamic nature of the business world creates a stimulating environment for those who want to innovate and create. Especially now, after the Corona crisis, the war, the energy crisis, the human energy crisis and the rise of artificial intelligence, there are endless opportunities and demands for innovation and creativity. Please also listen to episode 0004 on the “The future of work for new PhD holders in business”.
In the business world, there is always a demand for interdisciplinary, innovative and monetizable ideas to stay ahead of the competition. As a result, businesses are constantly looking for creative solutions to problems. This opens up an opportunity for individuals with a background in research to bring their analytical and problem-solving expertise to the table.
Additionally, the business world offers a broader scope of projects and challenges, which can stimulate creativity and innovation. Unlike the academic world, which may focus on narrow and specific research topics, the business world offers more opportunities to explore a variety of topics and industries.
Entrepreneurship is also an option for those who want to innovate and create, and have business acumen. Starting a business allows individuals to use their knowledge and expertise to solve problems and create new products or services to make more sales than costs. Entrepreneurship provides an opportunity to have control over one's work and to pursue passions and interests without having a toxic boss. But you need to be profit-oriented, to keep providing these services, unless you are supported by other resources. By the way, if you have questions regarding entrepreneurship, please let us know via our speakpipe or social media comments and direct messages, so that we can address them in our planned episode on entrepreneurship towards the end of season 1.
Overall, the business world offers a dynamic and stimulating environment for those who can and want to be visionaries and trailblazers.
Reason #2: Potential for financial rewards
One of the most attractive reasons to consider a career in business after a doctorate or postdoc is the potential for financial rewards. While academia may offer some job security for a few often already privileged and overrepresented people, it's no secret that academic salaries are generally lower compared to those in the private sector.
In contrast, the business world offers more opportunities for high salaries and financial stability at all levels. Many successful entrepreneurs and business leaders have achieved significant wealth and success by starting their own companies, investing in the stock market, or climbing the corporate ladder. In addition, businesses are often more likely to offer bonuses, profit-sharing, and other financial incentives to employees who help the company achieve its goals.
Furthermore, the earning potential for business professionals tends to increase with experience and professional development. This means that if you're willing to put in the time and effort to advance your career, you could see significant increases in your income over time.
It's important to note, however, that financial rewards shouldn't be the sole motivator for pursuing a career in business. While money is certainly a factor to consider, it's also important to find work that is fulfilling and aligns with your personal values and goals. If you want to dig deeper, please listen to episode 0001 “How to check your readiness to leap out of science”.
Reason #3: Opportunity for professional growth and development
One of the most significant advantages of pursuing a career in business after a doctorate or postdoc is the potential for professional growth and development. Academic careers typically have a defined trajectory with limited room for upward mobility: Once you become a professor, a few may become a dean or chancellor, and assume responsibilities in higher education management. In contrast, business careers offer a wide range of opportunities on all hierarchy levels replicated across industries to advance and take on new challenges.
In the business world, there are many different paths to success. You might start as an entry-level analyst or project manager, and over time, work your way up to executive positions. Alternatively, you might choose to pursue specialized training or education to become an expert in a particular field, such as finance, marketing, or operations. Whatever path you choose, the opportunities for growth and development are vast, and even parking on a level for a certain time can be stable and financially attractive.
Business careers also offer opportunities to develop important leadership skills, such as communication, decision-making, and strategic thinking. These skills are essential for success in any career, and the business world provides ample opportunities to hone them.
Furthermore, business careers offer opportunities for continuing education and professional development. Many companies offer training programs, workshops, and other resources to help their employees develop new skills and stay up-to-date with the latest industry trends. Overall, the potential for professional growth and development in the business world is a significant reason to consider a career in this field after a doctorate or postdoc.
Reason #4: Transferable skills
Earning a doctorate or postdoc requires an immense amount of dedication, perseverance, and skill. These qualities, if you apply them in a monetizable manner, are highly valued in the business world and can lead to a successful career in various industries.
Skills like critical thinking, problem-solving, and effective communication are transferable to the business world and are highly sought after by employers. Doctoral and postdoctoral graduates are equipped with research, analytical, and project management skills that can be applied to the business setting. These skills can be used in a wide range of industries such as consulting, finance, and marketing. If you haven’t, please also listen to episode 0004 on “The future of work for new PhD holders in business”.
Additionally, during the course of their doctoral or postdoctoral research, graduates in STEM often develop expertise in specific subject areas. This expertise can be valuable in business settings where a deep understanding of a particular field is necessary. These jobs are often in research and development of a biotech, pharmaceutical or chemical companies etc.
Doctoral and postdoctoral graduates in the humanities have also demonstrated their ability to learn quickly, adapt to new situations, and think critically through their qualitative research – all of which are highly valued in the business world.
So, the transferable acquired during a doctorate or postdoc can lead to a successful and fulfilling career in business, where these skills are highly valued and can be applied and monetized in a range of industries.
Reason #5: Broaden your network
One of the advantages of working in business after completing a doctorate or postdoc is the opportunity to diversify your network and hence get broader inspiration from all walks of life. In academia, you may be limited to networking within your field of study, whereas in the business world, you can interact with professionals from various industries and backgrounds. This diversity can open up new perspectives and opportunities.
Through networking, you can build relationships with individuals who have experience and knowledge that can be beneficial to your career growth and development. You can learn about different industries and their operations, as well as gain insight into the latest trends and developments. Additionally, networking can lead to potential job opportunities or business partnerships.
Please also listen to episode 0003 “Ten steps to transition your career into business” to learn more about networking in business.
Reason #6: Opportunity to make an impact
Working in business provides an opportunity to make a significant impact on society, as businesses have the power to drive change through their products, services, and operations. Businesses have a responsibility to operate ethically and sustainably, and many companies today are taking steps to reduce their environmental footprint and promote social responsibility. Working in such a business provides an opportunity to be part of this positive change.
Furthermore, the products and services developed by businesses can have a significant impact on people's lives. For example, developing new medical technologies can improve people's health and quality of life, while creating innovative and sustainable products can help protect the environment for future generations.
If you are a future doctor who means business, you might want to take your research and found your own company or capitalize on it it in a research & development unit of a company.
In addition, businesses can play a vital role in addressing social and environmental issues. For instance, some companies have initiatives to promote diversity and inclusion, while others work to address poverty and inequality. Working in such companies can be an opportunity to contribute to important social causes and make a difference in people's lives.
You should check them out first, before you apply, so that you can be aligned according to your values. If you want to know why aligning to your values is important, please check our first episode on “How to check your readiness to leap out of science”.
Reason #7: Flexibility and work-life balance
One of the most attractive aspects of working in business is the flexibility and work-life balance it can provide. While academia often demands long hours and rigid schedules, many businesses offer more flexible work arrangements to their employees. This can include the ability to work remotely, flexible hours, and generous vacation time.
Having this kind of flexibility can be especially important for those who value a healthy work-life balance. It can allow for more time to pursue personal interests and hobbies, spend time with family and friends, or simply have a break from work-related stress.
Additionally, many businesses understand the importance of employee well-being and actively promote work-life balance. This can be seen through initiatives such as on-site gyms, wellness programs, and mental health resources.
For those seeking a better work-life balance, a career in business can provide the opportunity to achieve this goal while still pursuing their professional aspirations. It is important to note that not all businesses prioritize work-life balance, so it is important to research and choose companies that align with your values and needs.
Reason #8: Pursue your passion
One of the reasons to consider leaping into business after completing a doctorate or postdoc is the opportunity to pursue a passion. Pursuing a passion is essential for job satisfaction and overall happiness. While academia provides the opportunity to delve deep into a particular subject, it may not necessarily provide the freedom to explore other interests. A career in business, on the other hand, provides a diverse range of opportunities to follow one's passion or interests.
For example, those with an interest in entrepreneurship can start their own business or work for a startup. This provides the opportunity to develop and launch innovative products or services that can make a difference in the world. Similarly, those with a passion for social impact can explore opportunities in social enterprises or non-profits that aim to create positive change in society.
Moreover, working in business provides the opportunity to pursue a variety of other interests that may not be related to one's academic discipline. For instance, someone with a background in science or engineering may have a passion for marketing, and they could explore opportunities in marketing and sales roles in a company that aligns with their values.
Overall, pursuing a passion outside of academia can bring renewed energy and motivation to one's work, and a career in business provides ample opportunities to explore new interests and passions.
For me personally, I am more than a professor teaching a specific curriculum. I want to have more impact than with my research. My passion is people developing and with my own business PostdocTransformation I make money by helping you in your career transition.
As most of my services are free for you (while you can buy my e-courses), my revenue streams comprise of grad schools booking my services and sponsorships by employers that hire PhD holders, third-party podcast ads and affiliate sales.
So, if you found value in my free content so far, please like, subscribe and share our weekly show. Your social engagement pays our way forward, and encourages me to keep creating content for you!
Talking about graduate schools, did you know, that I offer e-courses and memberships for future-proof grad schools?
If you can't see yourself unveiling your interest to leap out of science, but need to transition into business asap, this PostdocTransformer Bundle is for you!
As long as you subscribe, you have 24/7 access to our e-courses for our grad school clients.
And when you have questions (based on your own CV, job ads cover letter, interview preparation, contract negotiation, preparation of your first day at work etc.), you send Eleonore your material and she herself will answer via a video linked in an email to you exclusively - within 24 hrs!
Click below to learn more about our digital personalized career consultation: PostdocTransformer Bundle!
Reason #9: Global opportunities
Working in business can offer global opportunities that are not always available in academia. Many businesses have an international presence, which means that employees may have the chance to work in different parts of the world. This can be a valuable experience, both personally and professionally. Employees can gain exposure to different cultures, languages, and ways of working, and develop skills in cross-cultural communication and adaptability.
Working from Germany, I had business counterparts in Australia, USA, UK, Finland and Austria, so that provided opportunities for personal growth and development. I was able to expand my professional network, and gain new perspectives on global issues.
Furthermore, international experience is highly valued in many industries, and can enhance an individual’s career prospects. It demonstrates adaptability, cultural awareness, and an ability to work in diverse teams. In addition, international experience can be a valuable asset for businesses that operate in global markets.
Reason #10: Diversify your skill set
Working in business provides individuals with opportunities to diversify their skill set and gain knowledge in new areas. While academic pursuits can be narrow and focused, a career in business offers exposure to diverse areas such as finance, marketing, operations, and management.
For example, by diversifying my skill set from research into IT and business, and entrepreneurship, I became a more versatile and adaptable professional, with the ability to take on a variety of roles and responsibilities.
And let me say this as a mother: This is especially crucial, if you are or will be the breadwinner of your future family. I’d say, it’s your insurance against being laid off or staying jobless for a long period. Raising children costs a lot of money from daycare to school fees, from daily provisions to holiday and building a house. So, prepare yourself against economic headwinds.
Diversifying one's skill set can also open up new career opportunities in the future. Having a diverse set of skills and knowledge can make one a more attractive candidate for a variety of roles, including leadership positions. In addition, diversifying one's skill set can provide a greater sense of fulfillment, as individuals are able to explore new interests and apply their knowledge in different contexts.
Recap:
#1: Opportunity for innovation and creativity
#2: Potential for financial rewards
#3: Opportunity for professional growth and development
#4: Transferable skills
#5: Broaden your network
#6: Opportunity to make an impact
#7: Flexibility and work-life balance
#8: Pursue your passion
#9: Global opportunities
#10: Diversify your skill set
If these ten reasons convinced you to leap into business, please check out our free career transition services and previous episodes.
And if you immediately need more support, check out our monthly subscription PostdocTransformer Bundle.
Thank you for listening, and remember, you will manage your PostdocTransformation, if you invest into your doctorate according to your vision of life!
Thank you for listening and sharing our show with your PhD besties, take care until the next episode!
Eleonore & Team PostdocTransformation
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