Late Bloomer
The Plan and the Payoff
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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?" Content Continues Below
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. |
Originally published in the issue of Entrepreneur's StartUps
 Page 1 | 2 | 3
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