Risk #1: Returning to Education

Going back to school can be a double-edged sword. While gaining a new degree may open doors and expand your professional network, many individuals—especially those who have found success through education—can feel disoriented during this transition. They often seek the validation that comes with a degree to prove their readiness.

However, this path involves two main risks. First, you have tuition fees and the potential loss of income during your studies. Second, the educational experience may not yield the results you anticipated.

When I returned for my Ph.D., there were numerous opportunities in business academia. I was able to maintain a good income while completing my studies. Even as an older student, I had multiple job offers upon graduation.

Five years later, the job market had shifted dramatically. A colleague who entered business school during a hiring boom found himself jobless by graduation. Although he eventually secured a position, it was not one he enjoyed.

Risk #2: Quitting a Job You Dislike

Sometimes, shifting careers can be less risky than remaining in a toxic job environment. While leaving your current position without another job lined up is typically a gamble, pursuing a new career while still employed might be a prudent choice.

However, if you're truly unhappy, you risk undermining your own future. You may make critical errors or say something inappropriate, and deep down, you likely knew the consequences.

Risk #3: Declining Additional Duties

Turning down a promotion can mean sacrificing salary and prestige, but it also comes with its own set of risks.

If you find yourself overqualified, boredom can set in, leading to frustration when you encounter misguided directives. Many mid-career professionals I've spoken to accepted lower-level roles to reduce stress, only to find that they faced more challenges due to the mismatch between their skills and job recognition.

Risk #4: Transitioning to Self-Employment

Making the leap into self-employment can be highly risky—especially for those who lack sales experience or entrepreneurial skills. However, starting your own business can sometimes yield rewards more quickly than endlessly applying for corporate positions.

For instance, one of my clients lost her high-profile job and struggled to find new employment due to her reputation, which intimidated potential employers. Additionally, she faced subtle age discrimination, making corporate opportunities unattainable.

When she began exploring consulting options, she was met with immediate interest.