The corporate life delivers scores of tempting rewards, from plush benefits and industry prestige to the illusion of security. As anyone on their way to the penthouse office knows, those perks often come with a high price tag that can include serious health consequences from stress, uncomfortable or toxic work environments, and a compromised quality of life in terms of family time and friendships.

Those very considerations are resonating with a growing number of corporate employees. According to the United States Census, there were 473,679 business applications in August 2025 alone (adjusted for seasonal variations). And while leaving the familiar structure of a corporate career to go solo involves its own challenges and risks, many executives discover the leap is worth taking.

Although far from being a casual decision, those who have begun their own businesses, along with experts in executive coaching, agree there are ways to mitigate risk. Preparation and possessing the right skill sets can provide the necessary scaffolding for success.

James McDaniel, founder and managing director, Stone Street Collective, a boutique consultancy firm, learned the ins and outs of the corporate hospitality industry in an above-property role with Marriott International. His past positions as senior brand manager for several of Marriott’s luxury brands, including St. Regis, JW Marriott and The Luxury Collection, were preceded by on-property appointments supporting the openings of several of Marriott’s EDITION hotels globally.

McDaniel leveraged his experience in — and passion for — the world of luxury hospitality, along with the skills he honed during his various positions, into a business that addresses the weaknesses and flaws he knows exist within the industry.

“At Stone Street Collective, we work with clients found across the hospitality industry, from hotels and resorts to luxury apartments and residential communities. We aim to bridge the gap between service trainings and service execution. In my experience, having had a seat on the other side of the table, there are many hospitality-adjacent businesses that offer presentations on luxury service, but they struggle to actually demonstrate how to accomplish these goals. This is where we aim to make our mark — because we not only feel confident in showing what great service is, but we also have the experience to make that goal a reality.”

McDaniel incorporates workshops that break down processes and find inefficiencies with spending time on the floor with teams to help them better understand their roles. “In this way,” he said, “we are an end-to-end service provider: crafting a bespoke message and then living out that message alongside the teams we are supporting.”

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Among the many considerations for those toying with the idea of departing from a structured executive position is the ability to accurately assess personal strengths and weaknesses. According to Lila Low-Beinart, MA, LPC, of Lila Low Coaching and Divergent Paths Counseling, individuals successful in leaving a corporate structure to launch their own business often possess a high tolerance for risk and uncertainty, a strong internal locus of control (they own challenges and outcomes and act proactively), resilience and grit, high levels of adaptability and flexibility, and robust self- motivation and discipline. Additionally, she adds, what can sometimes be considered detrimental traits when working in a corporate setting, such as stubbornness or wanting to pursue personal passions, can actually be strengths when starting your own business.

“Some research has shown that executive function — the skills that allow you to plan, monitor and execute tasks — actually predicts work success better than IQ,” explained Low-Beinart. “In the context of being your own boss, executive function skills are even more important: There’s no one setting deadlines for you, you have to juggle myriad disparate tasks, and there’s no one to pick up the slack in areas you habitually struggle with. Therefore, having a baseline competence in most or all of the executive function skills is much more important when working for yourself.”

McDaniel described the most satisfying and personally rewarding aspects of his time with Marriott as seeing the broad, big-picture goals of an enormous company resonate with the line-level staff who bring brand promises to life. This, he said, taught him the importance of being an effective communicator.

“People who succeed at launching their own business tend to balance risk and caution very well. They tend to have bold personalities with strong self-motivation, a sense of purpose and creativity,” said David Brendel, M.D., Ph.D., founder and director, Leading Minds Executive Coaching LLC. “At the same time, they are realists who recognize hurdles and potential pitfalls of setting out on their own. They engage in strategic thinking, brainstorm with others and pay careful attention to operational details. When they encounter obstacles or face setbacks, they engage in self-reflection and reconnect with their core values in order to define a new path forward.”

Building and managing relationships in a professional, corporate environment was crucial to McDaniel’s success within that space. He ranks himself high on the determination scale and has a firm belief in his product, describing himself as a disciple of thorough research who spent months looking into similar or adjacent businesses, crafting business plans and designing service offerings.

All of that paid off, generating confidence and allowing him to hit the ground running. Because he took the time to fully develop his brand vision, the result was more seamless when making a pitch in front of his first client.

Turns out, groundwork is key. Brendel advises thoughtful and extensive preparation, including a careful consideration of financial resources before leaving a job with steady pay, not taking on more debt than can be managed, having as much of the operational infrastructure as possible in place before leaving a current job, and being cognizant of not “burning bridges” with colleagues. He also counsels seeking out the input of others regarding your ideas and execution.

“People need to trust their intuition about when to make the leap, but that intuition should be supported with facts and reality,” emphasized Brendel. “They should feel a sense of heightening excitement along with a mild anxiety that can help them identify and avoid potential dangers. They should have their financial ducks in a row. They should also have the understanding and support of key stakeholders — especially close family members — who can be impacted in a major way by the transition.”

Low-Beinart concurs. She points out when working in the corporate world there is built-in camaraderie and support. Finding your own support people as you launch your new business, both emotionally and physically, is key in starting and maintaining a thriving business.

In McDaniel’s experience, tenacity is crucial, along with being able to be told “no” and not lose your cool. He’s also discovered it’s essential to be open to change and to things you might not have initially considered, such as when you see a competitor doing something better.

Then, science suggests you trust your gut.

“Our guts are intimately connected to our brains,” said Low-Beinart. “In fact, our guts have been called our ‘second brain’ because they contain up to 500 million neurons. What we call a ‘gut instinct’ or ‘intuition’ is most likely the result of taking in hundreds of thousands of data points that are analyzed by both our conscious and subconscious minds, resulting in the sense that ‘Yes, this is the right time’ or a ‘No, not quite yet, but soon.’ Our gut instincts can and should be trusted as an important barometer of when is the right time, even if we can’t begin to comprehend all of the data that went into this knowing.”

Ultimately, whether or not to pull up stakes and head out into the wild is a very individual decision. McDaniel stresses there may never come an exact moment when you’re certain beyond any shred of doubt that the time is right. For him, having the confidence, discipline and structure in place to support his new endeavor were crucial factors in his success. As adventurous entrepreneurs continue to leave corporate systems behind to re-enter the world of small business, it may be wise to heed the advice of those who have succeeded and the experts who urge taking stock of finances, personal strengths and proven skills to create the best possible environment for prosperity.