I am working in a Pharmaceutical company in sales & marketing for last 30 years. Now I want to start something of my own venture. Would you please advice.

Ans: As you are 50 years age and has vast experience in this field.
You can look for a job in the relevant field through job portals.

Ans: Starting a new business is a significant decision, and it should align with your skills, interests, and financial capabilities. Since you have extensive experience in sales and marketing and have prepared numerous projects for companies, you have a strong background that can be leveraged to your advantage. Here are some steps to help you decide which business to start:

Self-Assessment:

Reflect on your passions, interests, and hobbies. Starting a business in a field you are passionate about can be more fulfilling.
Consider your strengths and skills, including your sales and marketing expertise.
Evaluate your financial situation and determine your budget for starting a business.
Market Research:

Conduct market research to identify industries and niches that have growth potential and align with your expertise.
Look for gaps or unmet needs in the market that your skills and experience can address.
Identify Opportunities:

Consider opportunities in your local area or industries that are experiencing growth.
Explore the possibility of consulting or offering services based on your expertise in sales and marketing.
Business Plan:

Develop a detailed business plan that outlines your business idea, target market, competition, financial projections, and marketing strategy.
Assess the feasibility and potential profitability of your business idea.
Networking:

Leverage your professional network and industry contacts to explore potential partnerships or collaborations.
Seek advice from mentors or experienced entrepreneurs who can provide valuable insights.
Validate Your Idea:

Before fully committing, consider testing your business idea on a smaller scale or conducting a pilot project to validate demand.
Evaluate Risk Tolerance:

Assess your risk tolerance and consider how comfortable you are with the potential challenges and uncertainties of entrepreneurship.
Legal and Regulatory Considerations:

Research the legal and regulatory requirements for starting a business in your area, including licenses, permits, and taxes.
Start Small:

It's often advisable to start small and gradually scale your business as you gain experience and confidence.
Seek Professional Advice:

Consult with business advisors, accountants, and legal experts to ensure you have a solid foundation for your business.
Ultimately, the business you choose to start should align with your skills, interests, and goals. Given your background in sales and marketing, you may consider starting a consulting firm or offering marketing services to small businesses. Remember that entrepreneurship can be challenging, but with the right planning and dedication, it can also be a rewarding journey.

Ans: I have suggested approaches to take with respect to identifying and validating business ideas to previous Rediff users. Kindly go through the same. There are several opportunities but you need to focus on those which are
1) relevant to your experience, expertise,network, passion,
2) take into account finance available or that can be organised by you, plus
3) offer growing prospects.
Pharma and healthcare itself is such a growing industry India from manufacturing to diagnostics to sales and marketing to exports and more.

Ans: Best to rigorously research and find out a business idea, that you would like to venture into, else it will see the same fate as your first business. Remember that entrepreneurship is more difficult than doing a job, so reconsider why you dont want to work in a company and have your own venture.

Ans: There are some who are able to identify a start-up idea during their studies. You have not been able to do that. I would suggest that you get into an area of the pharma/ healthcare industry that interests you, work there for a period of time (3-5 years at least), get a hang of how it works, what problems are there, how are they being tackled, gaps that you can identify etc. This experience will also help you build a network of contacts and add to your expertise.
Tap into your alumni network and see if there are start-up entrepreneurs who can act as your mentors.
Also plug into existing entrepreneur networks and associations so that you can find out how different people came up with ideas and converted them into businesses. There are several such bodies now across India.
All the best