The idea of starting Hi-Tex Inc. in 1993 lit Craig and Randy Rubin's passion for business. Randy, a former PR consultant, and Craig, an executive in the textile industry, wanted to branch out on their own. They had the idea for their staple product, Crypton, a fabric that would not only resist stains, but would also be soft and comfortable. So Craig, 59, learned everything he could about the chemistry of creating such a product, while Randy, 56, focused on marketing it. "The key to our success is that we're never scared on the same day," says Randy.
Like most entrepreneurs, Randy notes their biggest fear was financial. The pair started out of their basement in West Bloomfield, Michigan, with a $100,000 bank loan. "You're laying all your money on the line," she says. "If you start a business at [age] 20 and it fails, you have a lot of years to recoup [that cost]."
While planning is essential in any business, it's especially crucial for those starting later in life, when losses can significantly affect retirement assets. "If you take a business idea and have poor execution, the idea isn't worth anything," says expert Chasen. "If you go into this business, what can you afford to lose? How will you handle it if you do lose?"
Because they had so much on the line, the "we can't fail" mentality actually pushed Craig and Randy Rubin to succeed. "That adrenalin helps you," says Randy. Today, the Rubins have grown Hi-Tex Inc. to more than $15 million in annual sales. "I've had enough experiences to really appreciate my life," says Randy. "I love what I'm doing. Craig and I are like two kids in a candy store. He loves inventing, and we know we're in a situation where we can call our own shots."
Though there's nothing easy about making the leap to becoming an entrepreneur in the later years of life, it can still be one of the most rewarding and, if done correctly, profitable decisions of your life. But don't take our word for it. Listen to entrepreneur Randy Rubin: "Being 50 is not so bad--there are things you know to do and things you know not to do. You might have gotten burned earlier, but now you're smart enough to keep those experiences as part of your encyclopedia," she says. "You're never going to have this day back, and if you don't ever take a chance, you'll never have the possibility of making it happen."
| Dos and Don'ts |
| DON'T be afraid to
go back to school to learn the new things you need to know about
your industry or business.
DO find a network of people who've had similar experiences--either with starting a business later in life or starting a business in your industry. DON'T go into it blindly. Spend a lot of time planning your strategy beforehand, looking at specifics like costs, market, projected sales and how much money you're willing to risk. DO tell everyone you know, from cousins to former colleagues, that you're starting out on your own. DON'T let fear get in your way. Planning, networking and passion for your venture can all help alleviate your fears. DO count any experience in the business world as an asset and find ways to use all the things you learned from previous employment (even if it's what not to do). DON'T think this will be an easy, breezy retirement-style gig. You'll likely work harder and longer than you ever have before. But doing it all for yourself is the reward. |
This article was originally published in the October 2003 print edition of Entrepreneur's StartUps with the headline: Late Bloomer.
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