Reply to Did you inherit a large amount of money (>$2 million) mid-career?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I did after the untimely death of my parents.

Used it to start my own company.  I could take on the financial risk of failing at that point, which was a huge gift.  I used some portion (not all) as seed money and didn't take a salary for years.  I already had a wife and kids.  She had a stable job the whole time.

Ultimately sold the company for 10x what I originally inherited and I'm set for life as are my kids and grandkids.  I could have been set for life with just the inheritance at a much lower standard of living.  But it was important to me to do something transformative with what I'd gotten under fairly crappy circumstances.

No regrets.[/quote]

wow, very interesting.  what kind of business was it?[/quote]

tech company[/quote]

awesome.  good job.  any advice for someone that wants to go down the entrepreneurial route but has no tech background?  [/quote]

First, I think it's all about finding the thing that fills a need that isn't met.  Doesn't need to be tech.  But do not get stuck in this stage.  I probably spent about 3 months figuring out what I was going to do and did a lot of talking to a lot of people in the industry I was targeting.

Once you are in it, I think you need to be consistent, driven, not someone prone to fits of doubt and losing self-confidence.  You need to be optimistic because there will be a lot of pitfalls.  It is a 365-24-7 job on some level.  There are no vacations like with a regular job where you are employed by someone else.  Can you mentally do that?  Also, are you comfortable selling.  From what I see, this is a stumbling block for many people.  Business development and sales is critical and it's hard.  Lots of rejection.  Lots of trying 10 times to get to someone and you keep going.  Do you have the stomach for it?

[/quote]

thanks, PP.  have you thought about being a mentor to entrepreneurs?  [/quote]

People in my life (friends and friends of friends) ask me pretty regularly to talk through ideas and I'm always happy to chat.  The bottom line is it's a whole lot of blood, sweat, and tears.  Risk of failure is high.  You have to want it.  It's very hard if you have a family and you're not young and in that place where you can live and breathe work all the time.  But I think a lot of people like to fantasize about it.

[/quote]

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