In this episode of Lochhead on Marketing, let’s have a very different conversation about your career. Here’s how you can take the plunge and achieve your “Personal IPO”.
This episode is based on the Category Pirates ?☠️ Newsletter.
The YOLO Economy
Welcome to the YOLO economy.
You’ve probably heard this term. It stands for You Only Live Once. That said, there’s certainly something really interesting going on.
One of the powerful effects of the pandemic is that it has created a sort of a global existential life set of questions and redesign for many people. Millions of people around the world asking the same kinds of questions: Why do I do what I do? Does my work matter to me? Why do I live where I live? Am I making a difference in the world? How do I integrate my personal and professional life?
I’ve always thought work/life balance was a broken paradigm. You only have one life and sometimes you’re working, sometimes you’re not. There’s really not a clear-cut way of dividing and “balancing” it. It all depends on your preference in the end.
According to The New York Times, we are now in this thing called the YOLO economy, and people are saying, screw it and let’s go YOLO.
Taking the Plunge
According to a study by Microsoft, more than 40 percent of the global workforce is considering leaving their employer this year. Blind, an anonymous social network popular among tech workers, shares that 49 percent of its users are planning to land a new position in 2021.
For most people, a good job, nice car, steady paycheck, and a house on the suburbs are no longer enough.
“In the words of Loverboy, many are done “Working for the Weekend”. People want agency, choice, freedom, and meaning.” – Christopher Lochhead
Your Personal IPO
I think as a result of this pandemic, a lot of people are making a shift in their thinking. With all of that said, here are some ideas that might make a difference for you.
One is to think about doing what you might call your personal IPO. And this is an idea that Maddie and Cole have been writing a bunch about. It’s a strategy for finding deeply meaningful work, living a happy and successful and highly profitable life all at the same time.
To those doubting this I say, Why not? Who said we couldn’t have it all? And the sort of concept of a personal IPO is how can we successfully take control of our life and career while achieving agency?
So let’s address three big things:
- How much is agency worth to you?
What are you working for that’s greater than a paycheck?
- Who is your Archimedes?
Archimedes said, “If you give me a lever and a place to stand, I can move the world.”
You don’t need the whole world to support you. You just need that one supporter, one client, one customer, or that one opportunity.
- Who is your Auctioneer?
Who can advocate for you is your auctioneer. Your auctioneer is probably a friend, mentor, family member or former coworker. Someone who bolsters you with: “You need to charge 10x more!”
Although sometimes, you have to be your own auctioneer. You need to dig deep, look them in the eye and say: “That will be <insert large dollar amount that makes you scared to ask for here>.”
In order to do so, you need to build your Personal IPO. Change your investor base from people who buy on past performance (your former employers) to people who buy on potential. Simply put, you’re swapping out “value investors” for “growth investors”.
Christopher Lochhead is a #1 Apple podcaster and #1 Amazon bestselling co-author of books: Niche Down and Play Bigger.
He has been an advisor to over 50 venture-backed startups; a former three-time Silicon Valley public company CMO and an entrepreneur.
Furthermore, he has been called “one of the best minds in marketing” by The Marketing Journal, a “Human Exclamation Point” by Fast Company, a “quasar” by NBA legend Bill Walton and “off-putting to some” by The Economist.
In addition, he served as a chief marketing officer of software juggernaut Mercury Interactive. Hewlett-Packard acquired the company in 2006, for $4.5 billion.
He also co-founded the marketing consulting firm LOCHHEAD; the founding CMO of Internet consulting firm Scient, and served as head of marketing at the CRM software firm Vantive.
We hope you enjoyed this episode of Lochhead on Marketing™! Christopher loves hearing from his listeners. Feel free to email him, connect on Facebook, Twitter, Instagram, and subscribe on Apple Podcast! You may also subscribe to his newsletter, The Difference, for some amazing content.