Very interesting perspective, thanks for taking the time to share.
When possible I like to chat with the partners of consulting/auditing firm we work with: I am curious about the entrepreneurial angle of their job.
In fact I believe that you describe not just a consulting firms dynamic but the problems of transition to entrepreneurship in general.
I think archetype [1] can be an especially difficult transition for those that somewhat were pushed out from the corporate ladder at some point, because of the humbling factor.
Profile [2] could still represent a good entrepreneurial “exit” but more to become a “consultant to consultants” ?
I don't have experience in auditing so that world is a bit of a black box to me.
A consulting partner has to act as an entrepreneur to be successful: you have to do everything in your control to find, and then deliver, business.
When I say "everything", I really mean "everything", even tasks that you would think are beneath you... My experience is that corporates don't train that aspect well.
I agree with you on #2: they typically fit better than #1 in a consulting firm but not as well as #3.
The world of auditing has one big advantage over consulting… gross recurring fees. I.e. when a firm is appointed as an auditor they know - as long as they don’t muck up - that they will get the audit for many, many years. How many other professionals have that luxury of a business model?
In fact, partners are often made up in audit practices to facilitate the rotation of audit partners to help satisfy good governance practices.
Very interesting perspective, thanks for taking the time to share.
When possible I like to chat with the partners of consulting/auditing firm we work with: I am curious about the entrepreneurial angle of their job.
In fact I believe that you describe not just a consulting firms dynamic but the problems of transition to entrepreneurship in general.
I think archetype [1] can be an especially difficult transition for those that somewhat were pushed out from the corporate ladder at some point, because of the humbling factor.
Profile [2] could still represent a good entrepreneurial “exit” but more to become a “consultant to consultants” ?
I don't have experience in auditing so that world is a bit of a black box to me.
A consulting partner has to act as an entrepreneur to be successful: you have to do everything in your control to find, and then deliver, business.
When I say "everything", I really mean "everything", even tasks that you would think are beneath you... My experience is that corporates don't train that aspect well.
I agree with you on #2: they typically fit better than #1 in a consulting firm but not as well as #3.
The world of auditing has one big advantage over consulting… gross recurring fees. I.e. when a firm is appointed as an auditor they know - as long as they don’t muck up - that they will get the audit for many, many years. How many other professionals have that luxury of a business model?
In fact, partners are often made up in audit practices to facilitate the rotation of audit partners to help satisfy good governance practices.