Curious about the entrepreneurial trend among former Deloitte and KPMG professionals – what drives individuals from these firms to start their own businesses after leaving, and what key factors contribute to this common career transition?
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:
- earned good money
- has connections
- has ego
- midlife crisis
- wants the thrill of fucking over investors (sometimes)
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.
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
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.