Invoice Bazaar Blog

How should an entrepreneur cope after successfully selling a startup and before transitioning to a new career?

By Invoice Bazaar | May 18, 2022

An entrepreneur who has successfully founded and built a startup and eventually sold it off should make the optimal use of her time and resources after exiting her business and before transitioning to a new career. Since she would have amassed a plethora of knowledge and experience before exiting the startup, it would be an enriching experience to chronicle the entire journey from the inception to the exit. While doing so, she can highlight the challenges and obstacles on the path and how they were overcome. She can also warn startup aspirants about the likely pitfalls one may face and the mistakes that should be avoided on the way. All these could serve as a goldmine of information for aspiring entrepreneurs. They can also be published as a book or conveyed to aspiring business owners through motivational talks or by taking up teaching assignments at business schools.

The career-transition phase can also be used as a sabbatical during which dormant hobbies and inherent passions can be revived and developed, even to the level that it can serve as a new career option. For example, an IT entrepreneur who was a gymnast while at college used to dream of pursuing martial arts training to recover her old fitness level but never got the time for it. During the career-transition phase, she attended a martial arts training program as she now had ample free time and money. After completing various levels of training, she became capable of training young schoolgirls in self-defense and uploaded online training videos, which became popular over time. Similarly, enthusiasts of classical arts can use such transition periods to take their training to a whole new level, which would give them immense personal fulfillment and open up an opportunity to lead a more meaningful life.

Furthermore, traveling or globe-trotting is another option for someone who now has enough money and a void to fill. In the course of traveling, you may come across new places and people, which can be beneficial in two ways. Either you can learn many useful things from them, or they can benefit from your knowledge and experience. Moreover, as a startup entrepreneur, you can offer suggestions, advice, and solutions to business owners facing seemingly insurmountable challenges. Thus, one can reinvent oneself as a mentor and guide startups through the hand-holding stages. This exercise can be a new business opportunity that can prove mutually beneficial to both the parties – the one facing the problems and the solutions provider. Last but not least, an out-of-work entrepreneur should always surround herself with creative minds, and positive people as the latter can inspire news business ideas. Meanwhile, it would help if you also keep your LinkedIn profile and social media accounts active and updated.