All content (c) 2024 Jennifer Azapian, DALL-E Image Prompt (c) 2024 Jennifer Azapian
Introduction
In today's dynamic and ever-evolving job market, thinking creatively about your career is not just an advantage—it's a necessity. This brief guide is focused on people pursuing careers in the corporate world, in tech, and in entrepreneurship but I hope will provide valuable to anyone contemplating a career move or launching their career. It will provide an overview of key points to consider, from deeply understanding yourself to making informed choices, building effective networks, and negotiating your worth.
Whether you are a new college grad or someone at mid-career or other inflection points, I hope this summary and recommended resources help you create an individual framework for a path forward. By embracing these concepts and strategies, you'll be better equipped to navigate the complexities of professional life and I hope towards creating a fulfilling career path.
i. Know Thyself: The Foundation of Career Success
Inquiry:
Why are you making career (and life) choices? What do you value?
What attitudes are influential for your long term success?
What mindset and characteristics can be supported to improve your options and success rates?
Several qualities and themes that will help you pursue and develop a career include:
Growth Mindset
The concept of growth mindset, developed by psychologist Carol Dweck, is crucial for career development. This mindset is based on the belief that your abilities and intelligence can be developed through dedication, hard work, and learning. Great managers also have this attitude and can perceive potential for growth and transferable skills in their people.
Key points:
- Fixed mindset: Believes abilities are static, leading to a desire to appear smart and a tendency to avoid challenges.
- Growth mindset: Believes abilities can be developed, leading to a desire to learn and a tendency to embrace challenges.
Resource:
Dweck, C. S. (2006). Mindset: The New Psychology of Success. Random House.
Self-Efficacy
Self-efficacy, a concept introduced by psychologist Albert Bandura, refers to an individual's belief in their capacity to execute behaviors necessary to produce specific performance attainments.
It is defined as a personal judgment of "how well one can execute courses of action required to deal with prospective situations”[1]. Expectations of self-efficacy determine whether an individual will be able to exhibit coping behavior and how long effort will be sustained in the face of obstacles.
Individuals who have high self-efficacy will exert sufficient effort that, if well executed, leads to successful outcomes, whereas those with low self-efficacy are likely to cease effort early and fail.
Key points:
1. Mastery experiences which build self-confidence
2. Vicarious experiences of witnessing someone else succeed in difficult situations
3. Belief in success and the positive social persuasion of others when one is prepared to achieve something
4. Emotional and physiological states – how you interpret information sensed by your body, as “good” or “bad” - such as interpreting a fast heart rate before public speaking as “excitement” rather than “anxiety”
Resource:
Bandura, A., Cervone, Daniel (editor), 2023. Social Cognitive Theory: An Agentic Perspective on Human Nature, Wiley.
Grit
Grit, as defined by psychologist Angela Duckworth, is the combination of passion and perseverance for long-term goals. While there has been some controversy over Duckworth’s research methodology, the following qualities can serve as a useful framework to keep in mind:
Key points:
- Consistency of interest
- Perseverance of effort
- Long-term orientation
Resource:
Duckworth, A. (2016). Grit: The Power of Passion and Perseverance. Scribner.
ii. Understanding Risk and Failure
Risk Tolerance
Understanding and managing risk is crucial in career development. Your approach to risk can significantly influence your career choices and trajectory.
There is no reward without risk (this is a fundamental rule of finance – and life). Each person has their own “risk tolerance” level – it’s important to understand yours, as it will guide your decision process and also will tell you a bit about what type of business or career path will be the best fit for you.
Those with a higher risk tolerance level make better entrepreneurs (and early-stage investors). If you want to work at a startup (or found your own), be sure to do the self-reflection to understand your own appetite for risk.
Also note that cultural differences may affect risk tolerance and aversion – based on your country or family of origin. There are job opportunities, industries, and company growth stages which may be a better fit for you from a performance and satisfaction perspective.
Inquiry: Which statements do you agree with more?
“I fundamentally believe that hard work is recognized and pays off.”
“I fundamentally believe that people succeed due to luck, chance, and personal circumstances.”
“I would be willing to accept lower salary for the opportunity to get a larger bonus or stock incentives in the company."
“I expect to be paid better than market salary and consistently get salary increases and promotional opportunities”.
“I am open to the unexpected happening at work if the opportunity to develop my career were significant”. (Consider management changes, job transfers or scope changes, or potential job loss)
“I prefer to work for a stable company that provides a clear career progression, robust learning benefits and management structure.”
“I would be willing to wait (stay in job and bypass other opportunities) to receive an unpredictable, but potentially outstanding payoff.”
“I would leave a company that had an unpredictable future, even if the potential wealth creation opportunity was outstanding.”
If your responses were predominantly “agree” to odd numbered questions, you have a higher tolerance for risk. If your responses were predominantly “agree” to even numbered questions, you have a higher risk aversion. If your responses were equal for odd and even questions, consider other factors that may tip the scale in one direction or the other for you.
Follow-up:
How can I limit the potential downsides of a specific career opportunity, given my understanding of my own risk tolerance/risk aversion levels?
Embracing Failure
Mistakes and failure are an inevitable part of any career journey. How you interpret and respond to failure can significantly impact your professional growth.
"There's only one thing that is an absolute certainty in business - we all make mistakes."
- Sir Richard Branson, Founder, Virgin Group
“VCs recognize the complex, contextual nature of failure and do not necessarily perceive the entrepreneur to be the primary cause of the venture's demise”.[2]
- A study of VC perspectives
What’s key to understand in these statements is the implication that mistakes are followed by learning and improvement – and if necessary, corrective action. “Learning” organizations value innovation and some level of risk (remember “Growth Mindset”?). Ask your prospective employers what their approach is to learning, performance management, and career development.
While excellence is a noble quality in work and life, it’s next to impossible to get there without also having the expectation that some measure of testing, trial and error will lead to improvement.
“Business presents no easy answers, just a succession of sub-optimal solutions that must be worked at, then rethought and worked at again”
– Jeffery Immelt, Former CEO, General Electric
A standard behavioral interview question is: “tell me about a mistake you made, and what you did to fix it. What was the outcome? What would you have done differently, if anything?”. Reflect on this – there could be mistakes you’ve made at work or in life that led to a change of tactics and better resolution than if you had proceeded on the initial trajectory.
Resources:
Arden, Paul. (2006). Whatever You Think, Think the Opposite. pp. 38-41 (Steady Eddie vs. Reckless Erica). Penguin.
Branson, Richard. (2012). Like a Virgin: Secrets They Won't Teach You at Business School. Portfolio.
dePrisco, Michael. January 20, 2022. “How To Transition From A 'Fail Fast' Mentality To A 'Learn Fast' Mindset”. Forbes.
iii. Making Smart Career Choices
Identifying Your Objectives
Clearly defining your career objectives is crucial for making smart choices. This process involves self-reflection and consideration of various factors. This does not imply stating “in 15 years I will have X job title and be living in Y country and making Z amount in compensation”. Rather, think about your values and strengths, and what interesting paths may emerge from research and analysis.
Objectives are personal
-Different objectives will suit different people, and different decision problems
-Objectives should not be limited by the availability of or ease of access to them. Even a “crazy” objective may be worth pursuing, even if it may seem outlandish on the surface.
-If a prospective decision sits uncomfortably in your mind, you may have overlooked an important objective that it won't satisfy, or some other nuance about the type of work you'll be doing.
Considering Tradeoffs
Most career decisions involve tradeoffs between competing objectives. You need to give up something on one objective to achieve more in terms of another. Understanding and evaluating these tradeoffs is crucial for making informed choices.
Long-term vs. Near-term Choices
Balancing short-term needs with long-term career goals is a constant challenge in career development. Prepare to reassess your choices and objectives periodically as you and your life circumstances change.
Be aware of how much other people’s perceptions or desires for you (real or imagined) play into your decision process.
-Parents and Family
-Friends
-Teachers/Professors/Managers/Mentors
-Partner/Spouse/Boyfriend/Girlfriend
-Society
-Yourself!
Resource:
Hammond, J. S., Keeney, R. L., & Raiffa, H. (2015). Smart Choices: A Practical Guide to Making Better Decisions. Harvard Business Review Press.
iv. Networking and Negotiation
The Power of Weak Ties
You have different links — or ties — to other people. Strong ties are characterized as deep affinity; “Weak ties” in contrast, might be acquaintances, or a stranger with a common cultural background.
The concept of "weak ties," introduced by sociologist Mark Granovetter, suggests that acquaintances can often be more valuable for career opportunities than close colleagues, friends or family.
-People with weak ties not only find jobs that the rest of the tight network cannot see, but those jobs come with higher compensation and satisfaction.
-More than 40% of jobs are typically found through referrals, and referrals yield higher quality hires for businesses.
“strengthening and growing your network is the most effective way grow your real net worth…networking has evolved from a transactional game into a transformational process...it’s not just about ‘who you know’ it’s about ‘who you are becoming as a person’”
–Porter Gale, CMO and Board Member, “Your Network is Your Net Worth”
Social networks and online communities can serve as an excellent platform for cultivating a network of professional connections who can serve as sources for potential opportunities, industry knowledge, advice, and feedback.
Informational Interviews
Informational interviews can help you make more informed decisions about your career path and potentially uncover hidden job opportunities. They are short, informal conversations with professionals working and companies or in functional areas you are exploring.
Asking for an informational interview request works best with an introduction. You should have a short paragraph about the aspects of the person’s career that you are intrigued by or need more information on to pursue or rule out opportunities. While some professionals may be too busy to respond to a request, many will be happy to take time for a coffee or short call - people generally enjoy talking about themselves and their careers. Prepare a few questions you’d like answered.
Follow up with a thank you note and a resume – informational interviews are a great way of getting referred directly to a hiring manager.
Resources:
Granovetter, M. S. (1973). The Strength of Weak Ties. American Journal of Sociology, 78(6), 1360-1380.
Gale, P. (2013). Your Network Is Your Net Worth: Unlock the Hidden Power of Connections for Wealth, Success, and Happiness in the Digital Age. Atria Books.
Negotiation as Self-Advocacy
Negotiation is a critical skill for career advancement, yet many professionals, especially early in their careers, fail to negotiate effectively.
A significant majority of all job hunters accept the first salary figure quoted to them.
The most likely group to make this blunder is younger, inexperienced or first-time job seekers. Yet, the majority of experienced workers also admit that they didn’t negotiate for higher pay either!
As of Q3 2024, only 22.3% [3] of job seekers were completely confident that they would negotiate a job offer before accepting.
Increases in salary compound over time. Each time you negotiate successfully, it’s a win for now, and for your lifetime earnings potential.
Key points:
-You do not need “permission” to negotiate.
-Negotiating in good faith is not a power-play.
-You will rarely, if ever lose an offer because you tried to negotiate.
-Negotiation conveys confidence to a potential employer (assuming requests are reasonable).
Assume there is the possibility that everything can be negotiated. But don't speak first when quantifying your ask in a negotiation:
“…Gender differences in negotiation were...dependent on whether there was an explicit statement that wages were negotiable. We find that when there was no explicit statement that wages are negotiable, men were more likely to negotiate than women…men are more likely to negotiate for a higher wage, whereas women are more likely to signal their willingness to work for a lower wage.”[4]
Resources:
ZipRecruiter Job Seeker Confidence Survey (updated quarterly) https://www.ziprecruiter-research.org/
Babcock, L., & Laschever, S. (2003). Women Don't Ask: Negotiation and the Gender Divide. Princeton University Press.
v. Career Development Strategies
Starting, or Re-Starting Your Career Journey
Beginning your career journey involves self-assessment, career exploration, skill development, and gaining relevant experience.
A career isn’t a sprint – nor is it a marathon. It’s more like the Tour de France - with stages, uphill and downhill slopes, leaders and followers, teamwork, terrain, and unexpected weather conditions.
“Jobs are a delivery device for the life you hope to lead.”
-Coach Pamela Mitchell
When considering job opportunities, it's important to evaluate various factors beyond just salary, team, and job title, such as:
-Company Culture & Work Expectations
-Organizational Structure
-Development and Mobility Opportunities
-Benefits including paid time off/holidays, health and welfare, perks
-Company Performance (financial, investment, etc.)
-Does the job actually seem reflective of the job as posted or described by the hiring manager/recruiter? Is the hiring manager clear about what it is they need and want?
Inquiry:
What are the aspects of a job/company that you find appealing or think will make it a good fit?
What are the aspects of a job/company that will NOT make it a good fit?
Key points to consider:
-Is the business or role in a subject matter or industry I find exciting?
-Is it the best option for someone with my education/experience/capabilities?
-How much ability is there to learn on the job and have career progression?
-What qualities and competencies do I require from my Manager/Team/Leadership/Mentors?
-How functional/dysfunctional is the team and company?
-Is it a successful (or potentially successful) company? Can I help make it a successful company?
-Does the business have sufficient runway (cash or investment on hand), if a startup?
-What is the company’s work culture?
-Does the opportunity provide strong brand affiliation (name recognition, exec team, investors) and resume building opportunity?
-What’s the company size (50 or 5,000 employees)? What is my team size (2 or 20) ?
-Fits into my lifestyle (commute, work hours, travel, flexibility of schedule/hybrid/remote)
-Compensation – what is the salary, potential bonus, or stock?
-Benefits including paid vacation, family/parental care policies, health, welfare, 401(k), etc.
Follow-up:
Which of the above aspects are most important to you? What other aspects would be deal- makers or breakers?
Resources:
Bolles, R. N. (2022). What Color Is Your Parachute? 2022: Your Guide to a Lifetime of Meaningful Work and Career Success. Ten Speed Press.
Burnett, Bill; Evans, Dave. (2021). Designing Your New Work Life. Designing Your New Work Life: How to Thrive and Change and Find Happiness--and a New Freedom--at Work. Vintage.
Mitchell, Pamela (2011). The 10 Laws of Career Reinvention: Essential Survival Skills for Any Economy. Penguin.
Gallup, CliftonStrenghts Assessment https://www.gallup.com/cliftonstrengths/en/252137/home.aspx
(N.B. regarding online resources: crowdsourced compensation data is poor quality; culture and management comments may provide a window into a team or organization, with some measure of bias ):
SEC website for 10k and Proxy Statements: https://www.sec.gov/
Crunchbase for accessible startup and scaleup funding information: https://www.crunchbase.com/
GreatPlacetoWork (https://www.greatplacetowork.com/),
TeamBlind (https://www.teamblind.com/),
Glassdoor (www.glassdoor.com),
vi. Succeeding in Your New Role
You got the job! Now what? The first few months in a new role are critical for setting the foundation for your success.
Many companies have an “introductory period” (usually the first 90 days) during which your performance may be reviewed. Use this time to engage as much as possible on the job –especially if there are any projects/processes you can complete or implement.
Some of the best questions to ask your manager when starting (or interviewing for) a job:
“How do you prefer to communicate (in person/email/slack/time of day/etc.)?”
“Are you comfortable with my taking initiative on assignments and projects?”
“What are the top three things I can do in this job to make your life easier/help this team succeed?
Network internally and ask for introductions to people in other departments you may be interfacing with or could rely on for resources. Try to understand the internal decision process and organizational hierarchy.
Request feedback from your manager if there is no structured feedback process.
If there initially isn’t enough work for you, don’t be afraid to ask for additional assignments/projects – consult with your manager. Making an impact in your first 6-12 weeks will be critical for setting the tone and expectations of the people you work with.
Resource:
Watkins, M. (2003). The First 90 Days: Critical Success Strategies for New Leaders at All Levels. Harvard Business School Press.
Performance
Regular performance reviews and periodic feedback can be incredibly helpful when you’re developing your career. Use the time to ask how you can improve and develop your skills and knowledge. This can include lateral feedback and input from external sources, such as customers.
If you have a manager that doesn’t like to give feedback, or isn’t focused on developing you, then it’s OK to ask for feedback periodically. If you work for an entire organization that’s feedback and development averse, then that’s likely not an ideal situation to be in, especially early in your career.
Unfortunately, the workplace isn’t always a meritocracy. “High-potentials” are especially sensitive to perceived preferential treatment or lack of recognition. If you’re not happy about the way you perceive you’re being treated, test your assumptions. Managers may be constrained in their freedom to provide salary increases and promotions.
Moving Up (or Sideways)
There are major differences in how you’ll develop your career based on industry, function, company size and stage (startup vs. mature business, R&D vs. sales vs. finance).
Mature companies often offer a structured approach to career progression, along with training and development benefits.
Startups offer the opportunity to “learn by doing” and take on a broader set of responsibilities with little to no structure in place.
Sometimes a lateral move to another function or department may be the best thing for your development and career, long-term. Even if the tradeoff is taking a pay cut.
A note about advanced degrees
A generalist business degree like an MBA can be a significant commitment of time, energy and money. Consider why you are pursuing the degree and if there are alternative methods for obtaining the same knowledge, network, or expertise.
A Masters’ or PhD in EE/CS, on the other hand, will likely help you progress faster and further if your goal is to be a Principal Engineer or CTO.
Other professional certifications or degrees can usually be obtained on a part-time basis while working. Contacting your network of peers in your target industry or role can help you decide if pursing this will be worth the commitment of time and funds (if your employer will not cover the cost).
Conclusion
Thinking creatively about your career is an ongoing process that requires self-awareness, strategic planning, and adaptability. By embracing a growth mindset, understanding your values and goals, building strong networks, and continuously developing your skills, you can navigate the complex landscape of modern careers with confidence and purpose.
Remember that your career journey is unique, and what works for others may not be the best path for you. Stay curious, be open to new opportunities, and don't be afraid to take calculated risks. Your career is a significant part of your life's journey—make it a fulfilling and rewarding one.
Endnotes:
[1] Bandura, A. (1997). Self-efficacy: The exercise of control. W.H. Freeman and Company.
[2] Cope, Jason, Frank Cave, and Sue Eccles. (2004). “Attitudes of Venture Capital Investors towards Entrepreneurs with Previous Business Failure.” Venture Capital 6 (2–3): 147–72. doi:10.1080/13691060410001675965.
[3] ZipRecruiter Job Seeker Confidence Survey (updated quarterly) https://www.ziprecruiter-research.org/
[4] Leibbrandt, A., & List, J. A. (2015). Do Women Avoid Salary Negotiations? Evidence from a Large-Scale Natural Field Experiment. Management Science, 61(9), 2016-2024.