NEVER TOO LATE, IF
Entrepreneurs have to be amazing people, especially the successful ones. Starting and running your own business is not for the faint of heart. The entrepreneur must be passionate, focused, resourceful, efficient, persuasive, energetic, and wise. It doesn’t hurt to have lots of cash or many other investors. No matter when you decide to start your own business, timing is always a major factor to consider. One of the timing questions that can arise is where you are at in your larger life cycle. The analysis might bring different results when you are in your 20s versus your 50s.
Alex Blumberg left his long-term career gig with National Public Radio to start his own business. Given that he began his business much later in life, Blumberg offers this analysis on the timing question (Hank Gilman. “Lessons of a Serial Entrepreneur.” Money . September 2015, pp. 84–87):
“ Too late is maybe a better time to [start your own business] in a weird way. It is hard to start a business at this stage in life. But if I hadn’t done all these other phases of my career, it would have been so much harder. I couldn’t have done this when I was 23 or even 40. So many people I now work with I met in my old job. Also, having a family grounds you. It gives you discipline. I can’t couch surf and live off credit cards with a family to support. ” (p. 87)
I think what Blumberg is saying is that it is never too late to start your own business if certain conditions are met. These are the conditions that I would say must be present to maximize the opportunity for success. You absolutely must possess:
- An idea whose time has come.
- A passionate commitment.
- A business plan that makes sense (and cents).
- A personal and professional support network.
- A willingness to do what it takes.
