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I’d say 1. Access to capital (through having worked a high paying consulting job and saving) 2. Access to networks (connections to others in business through years of consulting) 3. Consulting is shit for work-life balance (often flying and living out of hotels for much of each week) and of course grinding hard as consultants do.
I’d say at some point they are experiencing #3 and say hey I’ve got money - I’ve got connections - I’ll start my own damn business!
Many ex-Deloitte and KPMG employees venture into entrepreneurship post their stint with these firms due to the invaluable exposure and experience they gain. These companies provide a rigorous environment that instills a strong work ethic and critical problem-solving skills, elements crucial to entrepreneurship. Additionally, the expansive network they build within these firms often proves beneficial in their entrepreneurial journey.
thank you gpt
If I'd have to guess, a combination of:
They have a lot of money after working at those companies.
Have the right connections which’s give easy access to loans and other financial capital.
Often they are pretty intelligent meaning they can find solutions quicker (generally)
Finally they can always get a job pretty much anywhere if the business fails due to their experience at these companies
Not everyone who works at those companies makes a lot. I have friends (CPAs) who worked there and they just made average salaries…
None of the above.
Only so many people can become partners or managers making $600K. You reach a point where you have to shit or get off the pot.
It takes a long time to become partner 25+ years. The burnout is insane as well.
Number 3 is a good one. Most people get into the big 4 with the idea of 2-10 years to leave. It’s just unbelievable burnout.
I have friends traveling 3 weeks a month. Hard pass.
I wouldn’t underestimate the exposure to many different businesses and their financials. When you do accounting or audit work, you learn how companies work. You get to see which ones seem to be insanely profitable, for instance.
You can work fewer hours and make similar if not better money. Assuming you can generate leads and have a good network its a natural progression.
They get hands on experience with dozens and dozens of business models and strategies where a typical employee of a company gets hands on experience to magnitudes fewer.
i worked at Deloitte for a bit. Deloitte internally has an entrepreneurial spirit. Essentially you can build a small business inside the company if you are incredibly talented at selling the work. People who become partners are responsible for interfacing with top level execs around the world. They win over the work of these execs and then hire internally talented people to complete the work. This then becomes their own internal organization with structure. A self contained business unit.
The employees are basically made to form connections and seek out work from day 1. People that need their skills reach out, but you have to sell yourself.
They are known and trusted by VCs - otherwise you have no chance of getting funded.
I think tech layoffs will probably cause lot of new businesses
Ex-KPMG here (3 years). I’d say the answer is “because they can”. After a while you understand that you were one of the cogs that kept the machine running. Might as well do your own thing with less stress and restrictions. And you know how the sausage gets made. All organisations are broken. There is no secret sauce. Big or small (business), you have to put in the work. Ex-Big4 folks have no illusions and they are willing to put in the work.
I'm sure a not insignificant amount of them see proprietary business strategy documents and get "inspired"
I'm sure a not insignificant amount of them see proprietary business strategy documents and get "inspired"
Knowledge. Contacts. Low risk (they can easily get another job with a consulting company if it doesn’t work out)
Knowledge. Contacts. Low risk (they can easily get another job with a consulting company if it doesn’t work out)
Adding to connections, financial stability and perpetual midlife crisis I think it's a personality thing.
Well you have two kinds of people in consulting:
Prefer the safety net, politics and structure of corporate life and would exit to a client side position if they left consulting
People who feel stifled by the corporate world and realise consulting is as close to the sharp end of business you can get as an employee and you're already pretty much operating like a business in the business, responsible for getting projects, billing hours, making relationships etc. I remember saying to my colleagues at many points that this pitch could be a business idea in itself and could make more money with less work as a product company than a consulting project where a lot of value would get squandered by client politics.
I did a chartered accountancy in Canada with Deloitte. Worked. Audit, then advisory working on m&a due diligence.
For poached from there for tech sales selling data to banks & hedge funds. Did sales then mgmt, was a chief revenue officer then ceo. Left industry to buy companies, then got back into it building a b2b tech augmentation agency where we share royalties alongside various software partners.
Went on my own at 34 I think it was. 41 now.
Go for it, it’s a blast. Highly liberating knowing how to drop and go and build.
Factors: I left the big company I was at as an SVP managing a part of the company, to do a 300 person one as CRO then CEO. Then in feeling more like an employee than ever as a CEO, I decided I want to own my own thing.
Bought a few small companies, then later decided to go back into tech. Started another company from scratch that grew fast right away. It’s been a wild ride but I had some luck and was able to be financially free by mid 30s. 41 now, building my companies still but more for fun.
I did a chartered accountancy in Canada with Deloitte. Worked. Audit, then advisory working on m&a due diligence.
For poached from there for tech sales selling data to banks & hedge funds. Did sales then mgmt, was a chief revenue officer then ceo. Left industry to buy companies, then got back into it building a b2b tech augmentation agency where we share royalties alongside various software partners.
Went on my own at 34 I think it was. 41 now.
Go for it, it’s a blast. Highly liberating knowing how to drop and go and build.
Factors: I left the big company I was at as an SVP managing a part of the company, to do a 300 person one as CRO then CEO. Then in feeling more like an employee than ever as a CEO, I decided I want to own my own thing.
Bought a few small companies, then later decided to go back into tech. Started another company from scratch that grew fast right away. It’s been a wild ride but I had some luck and was able to be financially free by mid 30s. 41 now, building my companies still but more for fun.
Adding to connections, financial stability and perpetual midlife crisis I think it's a personality thing.
Well you have two kinds of people in consulting:
Prefer the safety net, politics and structure of corporate life and would exit to a client side position if they left consulting
People who feel stifled by the corporate world and realise consulting is as close to the sharp end of business you can get as an employee and you're already pretty much operating like a business in the business, responsible for getting projects, billing hours, making relationships etc. I remember saying to my colleagues at many points that this pitch could be a business idea in itself and could make more money with less work as a product company than a consulting project where a lot of value would get squandered by client politics.
I worked at KPMG in audit. Apart from what other people mentioned, I got to see 100% of how public and private companies operated. I learned their processes. It's all you need to run a business. The next step is just finding that area or industry that you're interested in
I worked at KPMG in audit. Apart from what other people mentioned, I got to see 100% of how public and private companies operated. I learned their processes. It's all you need to run a business. The next step is just finding that area or industry that you're interested in