Here's how you can use your experience as a late career entrepreneur to achieve success.

May I suggest “Dont sell products….sell solutions

A while ago I saw this pretty serious segment from Leslie Jones, ironically on SNL, about not being in a rush for success. She mentions the following points: Harrison Ford as a Carpenter at 30. Vera Wang didn't design her first dress until she was 40. Oprah was fired at 23. She says, "Sometimes you gotta fail to succeed." Life is all about making mistakes and learning from them. The more time you spending doing that, the more you know in the long run. Sometimes quick success can hurt. Don't search for success early on, search for wisdom. Do you research. Spend time learning. Then go for it.

Use your industry connections to form strategic partnerships that can enhance your business. Collaborating with established companies or influential individuals can provide access to new markets, resources, and expertise.

As you embark on your entrepreneurial journey, embrace your wisdom as your superpower. Draw upon your wealth of knowledge, experiences, and insights to create a business foundation that is both informed and innovative. Your unique perspective and problem-solving abilities can be the driving force behind a successful venture that truly makes a difference in your industry and for your customers. Remember, your wisdom is a valuable asset that sets you apart from the competition. Leverage it to its fullest potential, and you'll be well on your way to building a thriving and impactful business.

Leverage your LinkedIn network, a treasure trove of professional connections, for your new venture. These contacts can become collaborators or mentors, offering invaluable guidance and support. Sharing insightful content on technological and scientific advancements positions you as a thought leader and attracts potential allies within your field.

Engaging in conversations with industry peers can provide you with up-to-date information and diverse perspectives, helping you to make informed decisions and stay ahead of the competition.

The network you've built throughout your career is a crucial asset for any entrepreneur. These connections can lead to partnerships, mentorships, and customer acquisition. Leveraging your network effectively can provide insights, resources, and opportunities that might not be accessible otherwise. Reach out to your contacts for advice and collaboration opportunities, as they can offer valuable support and perspectives. Your network isn't just a collection of names but a powerful resource of allies who can assist in navigating challenges and seizing new business opportunities, ultimately driving the success of your venture.

There are five ways to ensure your network becomes a superpower: 1. Nurture it: check in with your network regularly. One way i’ve done this is spotting when a regular contributor goes silent. It could be a sign of a sudden downturn in their lives. 2. Stay uncomfortable: Continually reach out for more experts in your field, attend virtual webinars, encourage telephone and face to face meetings if possible. 3. Stay with your kind: Your network should be like a well kept garden: nourish the flowers and take out the weeds regularly. 4. Post informative and relevant content regularly 5. Like, comment, and share their content. If you do this regularly, it’s easier to reach out when you need help.

My extensive network, built over years of collaboration and partnership, became one of my most valuable resources. Each relationship, whether with former colleagues, industry experts, or past mentees, was a potential catalyst for our new ventures. For instance, a connection from a 2018 conference became a cornerstone investor in one of our startups, illustrating how relationships can directly influence business success.

Analyzing past successes and failures helps you to predict potential risks and opportunities more accurately, ensuring that your strategies are grounded in a solid understanding of market behavior and business cycles.

The challenges you've overcome – economic downturns, career shifts, tough decisions – equip you with a critical eye for your new venture. Proactively assess potential threats and develop contingencies. This foresight not only safeguards your business but also fosters the confidence to seize opportunities when they emerge.

As someone who has worked for many startups and also founded a few ventures, risk management is very important for both the startup founder and the startup worker. As a founder, this rule of thumb is consistently true. You're startup vision is going to cost twice what you thought and take twice as long to reach the expectations of your forecast. So, make sure you plan your financial runway properly and set appropriate expectations for success. As a startup team member, its helpful to know that most startups last only a few years, so have a plan for weathering the storm if something were to happen to your company. When you have some money in the bank, you can afford to wait to accept the right job offer for your career.

Experience equips you with a nuanced understanding of risk. You’ve learned to identify potential pitfalls and devise strategies to mitigate them. Use your experience to assess risks thoroughly and create contingency plans. This doesn’t mean avoiding risk altogether, but rather managing it wisely. Your seasoned perspective helps you balance innovation with caution, ensuring that you take calculated risks that can lead to significant rewards.

With each new venture, my approach to risk management has been informed by past experiences. I've learned to identify which risks are worth taking and which are not, balancing potential gains with possible losses. This skill was particularly useful in deciding which markets our startups should enter and how aggressively we should pursue funding or expansion.

When you start a business later in life, personal life often becomes more important. You realize that time is precious and balancing work with family, health, and personal interests is key. Your past work experience helps you manage time better. Having "been there, done that," you know how to prioritize tasks and delegate effectively. You focus on the most important tasks for your business while making sure you have time for personal commitments. This approach helps you achieve success in both your work and personal life, using your experience to make balanced decisions.

Time is a limited resource. The older you become, the more you become aware of its value. Then one word becomes a superpower. As one who started my journey in my forties, that one word is simple. it’s called ‘NO’ - No means only staying with the things that are central to your mission. Those are your excellents. My mantra: Banish the bad, Say no to the good, embrace the excellent. But to do this well, you must be able to pinpoint with clarity the answer to this question: “Can i summarise to myself what my core business or purpose is about? “

One of the greatest advantages of a late-career entrepreneur is the understanding of time’s value. You know how to prioritize effectively and focus on what truly matters. This time wisdom allows you to allocate resources efficiently and avoid distractions. Delegate tasks that can be handled by others, and concentrate on strategic initiatives that drive growth and innovation. Your ability to manage time wisely can significantly enhance productivity and achieve better results.

Valuing my time has always been a priority, but never more so than during my recent entrepreneurial pursuits. I focused on delegating tasks that others could handle efficiently, reserving my efforts for strategic decision-making and high-impact activities. This approach maximized my productivity and also ensured that I could dedicate adequate time to mentorship and leadership within our ventures.

Respecting your time is necessary because the number of tasks you face is unlimited. You will always need to prioritize your time, and the only way to do this properly is to focus on the main issues—the ones that are really important. You cannot work your way out of all problems, even by working 20 hours a day. You need to maintain a high level of energy for what truly matters, which will come when you can prioritize and spend less time on smaller issues.

As an entrepreneur who initially lost it all and was staring bankruptcy in the face, the most valuable advice i can give here: - Make sure your financial foundations are secure. - What is your alternative if everything goes south? This is even more crucial if you have dependents - in my case I was a trained healthcare professional, so i could always go back, or better still, use my entrepreneurial venture as a side-hustle until things in the venture took off. - Don’t grow too soon too fast. I use three truths: 1. Explore, exploit, consolidate. Many entrepreneurs forget the last point, which is to consolidate.

Having financial insight is crucial for entrepreneurial success. Your extensive experience in managing finances equips you with the ability to forecast accurately, allocate resources efficiently, and make strategic investments. With a deep understanding of financial statements, market trends, and economic indicators, you can steer your business towards profitability and growth. This insight allows you to implement effective budgeting, identify cost-saving opportunities, and secure necessary funding, ensuring that your enterprise remains financially healthy and resilient in the face of challenges.

My financial insight, gained through years of managing budgets and investments, was instrumental in navigating the startups toward fiscal health. Understanding cash flow, investment returns, and financial forecasting allowed me to advise our teams on where to cut costs and where to invest, ensuring the financial stability and growth potential of our ventures.

Adapting to change has been essential, especially given the rapid technological and market evolutions we've witnessed. For example, when a health technology disrupted our industry in 2019, we quickly pivoted our business model to incorporate it, keeping our ventures competitive and relevant. This adaptability was key to maintaining an edge in a fast-paced market.

We all know how easier it is to go with the flow rather than against it. As the environment is permanently changing, going with the flow means adapting to the environment, showing flexibility, adaptability, and acceptance. It needs to become a way of looking at the unstoppable flow of issues and events in the changing environment.

Having been through this, the key is to determine whether you want to keep doing what you've been doing for decades prior. If so, the consideration is how to inject creativity and enthusiasm into something you've been doing for that long. If you're venturing into something new, it's vital to meticulously assess your financial standing to determine if you can sustain for 3-5 years before turning a profit. BEST IN SUCCESS! Yes, there are outliers when it comes to making money sooner and faster, but the average time to penetrate a new marketplace is 3-5 years.

One thing that is easy to overlook is all of that unique experience you've amassed over your career. I glossed over this for so long and, as a result, missed opportunities. This level of "unconscious competence" is easy to overlook. There is a huge opportunity here for you to highlight all of that extensive experience, the way you do what you do, and the 'on the ground' experience that comes with a whole wealth of knowledge. Don't skip this 'real world' experience. Make sure to Position yourself as a seasoned expert who brings a wealth of experience and a fresh, adaptable approach to solving problems. Not only does this help you with distinctive positioning but it will also help you with premium pricing.

Continual learning is vital, no matter how much experience one has. Staying updated with the latest industry trends, technologies, and business models has allowed me to keep our startups innovative and forward-thinking. Engaging with younger entrepreneurs and participating in industry forums has not only broadened my perspective but also sparked new ideas, keeping our ventures dynamic and growth-oriented.