When opportunity knocks, be prepared to answer the door. Your midlife career crisis could be just the knock into entrepreneurship you need. Let Romain Berg help you. We are your go-to resource for all things entrepreneurial — and we’re special experts in mid-career transitions to entrepreneurship.
Sometimes, however, opportunity doesn’t knock. Sometimes it only whispers. Those fleeting thoughts in the back of your entrepreneurial mind to start your business venture could become a reality. Even during a pandemic and recession.
Not convinced yet? Read on.
Before a Mid-Career Transition to Entrepreneur, Take a Look at the Facts
Recessions slow the economy down, no argument there. But it doesn’t slow down innovation. In fact, in an economic downturn, innovation is needed more than ever to help bring the economy back on its feet.
Your idea could be the next big thing, but you won’t know unless you try. Many startups are initially side hustles or part-time jobs and only turn into more after much time and dedication. Perhaps your current side job could end up being your life’s calling!
Granted, there are many risks involved with starting your own business. This fear of the unknown can dissuade even the most staunchly passionate person. But a true entrepreneur knows that it takes more than a passion for getting a business on its feet.
Investing in you vs. working for someone else is typically the pull towards entrepreneurship. And experts agree it certainly takes a significant investment of time and capital to get it up and running.
While investments in the economy slow during hard times, many investors are willing to take a risk if they believe the product or service will be successful in the future. Business tycoon Tim Chen (CEO of NerdWallet) boldly states that a recession is actually the best time to start a business. It forces you to learn to become highly efficient on lean cash flow. He even advises new entrepreneurs to raise as little cash as possible in order to build a better bottom line.
While that might be scary for some, it can also be freeing, knowing you don’t have to raise a ton of capital upfront. However, that doesn’t mean you shouldn’t have supporting cash flow on hand. Maybe it means keeping your current job until your venture takes off. Or possibly grab a part-time gig until your business gains ground.
Learn From the Experts
Not all successful entrepreneurs started that way. Famous French chef Julia Child was once a CIA agent. She didn’t go to cooking school until she was 37, and only after her husband convinced her to appreciate French cuisine.
Vera Wang was once a figure skater turned journalist before designing wedding gowns at age 40. Gordon Bowker didn’t open the first Starbucks until age 52! Sometimes it just takes a little more growing up to do before the world is ready for you and your ideas.
Change can happen in an instant, but not all change is monumental. Sometimes it takes many small changes over time. As Vincent Van Gogh so poignantly stated: “Great things are not done by impulse, but by a series of small steps brought together.”
It all starts with one action. Maybe you meet with an accountant to understand the financial end of what your business needs. Or finally, get up the nerve to attend that new upcoming networking group near you. Or even something as simple as speaking with a career counselor to narrow down your vision.
Your decision today could be the start of something incredible. Think you’re too old to be an entrepreneur? Think again.
While Bill Gates and Charles Schwab may have dedicated their whole lives to their business from the beginning, not all entrepreneurs became successful overnight. It takes time, persistence, and a willingness to fail repeatedly until success breaks through.
Once your business has gained ground, finding good help is essential. Often, quality labor is cheaper during a recession since many people have come under hard times. Chances are you could find quality help for less.
What About COVID?
No doubt, COVID has changed and will continue to change our world as we know it. It has changed the economy, the way we do business, and has touched each person’s life in its unique way.
Pandemics such as this are a source of fear. People are searching for services and products to make them feel “normal” and secure. While some businesses are failing during COVID, others are thriving. Zoom, Instacart, Amazon, and others have all risen to the challenge COVID brought about by being one step ahead.
Your unique business ideas could potentially fulfill the unique needs people developed due to COVID. Your idea could be so revolutionary that it could awaken needs people never knew existed pre-pandemic. A reliable business model should be adaptable to the times and able to shift on a moment’s notice.
Romain Berg can provide resources necessary to build your business, including articles, online support, networking, and monthly topical presentations from some of the business’s best minds.
Ready to Take the Leap?
If you feel stuck or frustrated in your current career, don’t lose hope. Right now is the perfect time for a change, and you are the only person that can make that happen. So what are you waiting for?
Whether you are still employed or not, if you find yourself thinking about starting your own business, let Romain Berg help you in your entrepreneurial venture. No one succeeds in a vacuum. We are here to help you network, provide research and advice, as well as support you in all things entrepreneurial. The good and bad alike!
Keep our website, blog posts, and events as your favorites to stay on top of the changing business landscape in the Twin Cities and beyond.
