Yesterday I wrote about the benefits of starting early as an entrepreneur especially for those who are studying at college or university.
Then there are those who wake up to the thought of doing their own thing a little late in life. Somebody who is 30 or 40-plus, in a job, have a family to take care of and have a latent desire to become an entrepreneur. What to do in such a situation?
Options are plenty. Accepted there are benefits for those who start early but the late bloomers or experienced folks are not at total loss. Let us see how?
Network: It has been said that “WHO You Know is More Important than WHAT You Know!” I would say that it is important to possess right knowledge. If you have that – your network (the people you know) will help you leverage that knowledge for business profits or social good; choice is yours.
Nobody is born with a network. You acquire it over a period of time. If you have been working for some time then chances are that you would have met people at work and outside. If you are the one who waters the plants of your relationship — then day by day you create a network of people who become your sounding board, potential partners, and well-wishers. Your network can help you make the right connections, compliment your individual strengths as business partners and associates and very importantly provide emotional support when things are not going your way.
Skills: It makes sense to start your first venture in a space that you know about later when you become established you may choose to diversify by hiring people with different skills. It takes years to develop significant skills in an area of work. For some these may be technology skills; for others sales, marketing and negotiation skills. Working in a large organization also helps your understand processes something that you can also implement in your venture when you scale. So it helps to have done your time at a job before you take the entrepreneurial plunge.
Funds: Many a wannabe entrepreneurs cite lack of funds as one of the reasons of not starting-up. If you come with this mindset and have a focused on becoming an entrepreneur for some time; then working for couple of years can help.
You can use this time to save start-up and survival funds. People say it is ok to have money equal to 3 times your monthly expenses in the bank. I suggest that you shoot for 8-12 months of living expenses plus your start-up costs in bank if you want to have a real shot at entrepreneurship.
Ability to bring life into your venture: There are many husband and wife duo that have created successful ventures. It helps when your life partner bring a complementary expertise to the table. Your life partner may not be an active contributor in your venture but can help financially by working in a job while you focus full-time on making your venture a success.
So when you start after working for some time you have a lot going for you. It is up to you — to make the best of it and see your dreams taking shape.
To our success.