5 Things to Keep in Mind For Entrepreneurs Who Start Post 35
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Striking when iron is hot, and starting up with a fresh idea in the market when young and vulnerable, both of these actions are similes. But this get-up-and-go attitude mellows down when you want to start a new venture after your 30’s. Being on a full time job where you are your own boss, demands a lot of time and momentum. And when you have a family to look after, the whole task becomes challenging. Despite all the hurdles and uncertain future you can apply your courage, your wits and experiences to make your own footprints in the arcade of business world.
But along with those conquering intentions you can use some ‘loan-to-value’ suggestions that will not only facilitate some profitable fiscal years but also keep you vigorous and thoughtful in terms of professional and intimate lives:
Play to your strengths, have conviction
With the assumption that you are giving away the comfort of a pay cheque which takes care of the bills every month, your startup must be laid on the solid foundation of conviction and a desire to change the game in the sector you are venturing. The environment around might be talking of other “hot” sectors, but do not venture into it just because it’s the in-thing, do something you believe in because that is when you are playing to win and playing to your strengths
Align Family and Friends
Starting at a later age can be a bit tricky as there are a lot of stakeholders who get impacted by your decision, be it your spouse, parents, children and even friends. It’s important to talk to them and radiate your conviction because you are going to miss a lot of social occasions and you will need a strong support system to understand that you might not be that available as before. More importantly, be mentally prepared for the change. Talking to friends and family about your idea is extremely important, because they will be a part of your journey. And if you want to raise an initial round of capital, there is no one better than friends and family, hence, keep them in the loop.
The 24 Month rule
Make sure you have the funds to take care of your personal expenses including EMIs for the next 24 months, besides the seed fund you have apportioned for your venture. While no one plans for failure, the assumption that your venture would get funded immediately because of your decade long experience is throwing caution to the wind. And if you believe there is a gap in the funds required, that’s when you should immediately reach out to friends and family for a seed investment
Be ready to unlearn
One of the toughest part for mid and senior level executives is getting out of their comfort zone and working style which is augmented by team members and juniors. You are now both the CEO and the mail-boy so learn to wear multiple hats very quickly.
Focus on Health
Typically you will be stressed by a sinusoidal graph of ups and downs and every day might spring a surprise, pleasant or otherwise. A good regimen of exercise will ensure you can take these ups and downs in your stride and help your mental faculties be in the best of shape. For remember, you are now the master of the destiny of your venture. So do take out at least an hour from the madness to focus on yourself. And if you have a partner, try to pick up a team sport so that you share this quality time with them.