Dear Mr Chandu, I have failed two start-ups and lost Rs 2 crores. I took a break and worked as a consultant for a year. I want to be an entrepreneur again. Any tips that you'd like to share with me?

Ans: Hi there,

It's great to hear about your extensive entrepreneurial experience. Finding your niche and developing expertise can be a valuable step in advancing your career. Here are a few suggestions to help you navigate your career and be viewed as a competent mid-career professional:

Reflect on your past experiences: Take some time to reflect on your previous roles and identify the aspects you enjoyed the most. Consider the skills you excelled at and the tasks that brought you the most satisfaction. This reflection can provide insights into potential areas of expertise.

Assess your strengths and interests: Conduct a self-assessment to identify your strengths, skills, and interests. What are you naturally good at? What topics or industries fascinate you? This evaluation can help you pinpoint areas where you can build expertise more quickly.

Stay updated with industry trends: Stay informed about the latest trends and developments in your field of interest. Subscribe to relevant newsletters, follow influential figures on social media, and attend industry conferences or webinars. This will help you gain a deeper understanding of the subject matter and identify potential areas of specialization.

Seek learning opportunities: Take advantage of various learning resources available, such as online courses, workshops, or certifications. These can provide you with the necessary knowledge and skills to build expertise in a specific area.

Network and collaborate: Engage with professionals in your field of interest. Attend industry events, join relevant communities or associations, and participate in networking activities. Building connections and collaborating with others can help you gain exposure, learn from experts, and discover new opportunities.

Start small and build gradually: Begin by focusing on a specific aspect or niche within your field of interest. By starting small, you can gradually build your expertise and become known for your proficiency in that particular area. As you gain experience and credibility, you can expand your scope and take on more challenging projects.

Remember, developing expertise takes time and effort. Be patient with yourself and embrace continuous learning. By leveraging your past experiences, identifying your strengths and interests, staying updated, seeking learning opportunities, networking, and starting small, you can work towards becoming a competent mid-career professional in your chosen niche.
Good luck on your journey!

Regards,
Abhishek

Ans: It is time to first make yourself financially stable and ensure your family's well-being too. To do this, it would be sensible to cut your losses and find ways of getting a stable source of income. With your experience in running a pharmacy and your contacts in that industry, you could consider a job in Pharma sales for example. That would help you retain your network and familiarity with the pharma industry. Later on, once you are well-set, you could reconsider business.

Ans: I think you need focus in your life. Build your core skills in either a vertical industry or a horizontal function that cuts across all industries. Do 1-2 pilot projects with some companies, at whatever compensation they are willing to hire you. Once you build your credentials, sell your services aggressively.

Ans: Dear Mr Dinesh,
It looks like you have been through a lot after getting into business on your own. Your children too are at a critical stage in life which requires funds for higher education in the next few years. The first question to ask yourself is - what is the priority in your life? Is it financial stability for the family esp for the kids? Or is it the pursuit of your business? The second question is - what is the current status of your household finances? Is there enough savings to manage the household, upcoming education expenses, other expenses (travel, medical etc)?
If you are shaky, it may be time for you to consider taking an assignment which offers you a fixed remuneration and also flexibility to work on your idea. You say you were in the field of IT security. Can you consider an assignment which might take 2-3 days per week managing and overseeing the IT security for a company which cannot afford a full-time professional?
You may also want to consider getting incubated in a good healthcare incubator in your city and also apply for a start-up funding grant from the government of India and/or local state government programmes.