From Corporate Executive to Start-up Entrepreneur: The Venture Builder Approach

0

Subomi Plumptre


It is understandable then that executives delay starting a venture until “everything is just right.” But there’s never a perfect time to take the plunge. Some things only become clear in a live environment – after launch.


Two core customer segments for the Asset Management industry, at least in Africa, are the upper Middle-Class and High Net-worth Individuals. These are the clients with enough liquidity and assets to invest.

As a Fund Manager, experience has shown that a large subset of these individuals have successful corporate careers, as C-Suite or Senior Management Executives in Private Organizations, Multinationals, and International NGOs.

From Career Executive to Entrepreneur

Many executives understand that their careers have a timeline and that they need to plan for the future and possibly that of the next generation. Thus, their interest in investment opportunities. Not surprisingly, some dream of even transitioning into entrepreneurship by starting a business of their own.

YOU CAN ALSO READ: A Thriving Africa: Crucial for the Global Economy’s Success

A few will try it, but they quickly realize that life as an executive in an established organization is worlds apart from life as an entrepreneur. As someone succinctly put it, “Start-ups are not smaller versions of big companies.” They are a completely different ball game.

Subomi Plumptre: African Business Leader, Social Entrepreneur - TheBoss  Newspaper

While one may have performed well as a company executive in an expert domain, it is no guarantee that they will succeed at running their own business. Many have failed because they think they can simply translate their skills from the corporate world to entrepreneurship.

But running an enterprise demands a different mindset and mix of skills – finance and sales being the most important. How do you keep costs low? And how do you ship products fast?

The Reality of Entrepreneurship

Entrepreneurship, especially in the early stages, will demand breadth of knowledge rather than depth, i.e., the ability to wear different caps and stretch beyond one’s comfort zone. This idea is the logic behind Startups being referred to as “Ventures”. A venture means: “a risky or daring journey or undertaking.” You start without knowing if you will succeed, and without having the golden parachute of a corporation’s balance sheet.

It is understandable then that executives delay starting a venture until “everything is just right.” But there’s never a perfect time to take the plunge. Some things only become clear in a live environment – after launch.

Also, sacrifices must be made. There’s no recurrent salary to sustain a predictable lifestyle. People won’t automatically take your calls because of your privileged corporate position; you are now on the other side of the table begging for favours and courting customers.

Volition’s Venture Advisory Program

At Volition Cap, we pair our funding for startups with an Advisory Venture Building Program at Volition Blue, to ensure greater success rates. We prioritize corporate executives who are transitioning into entrepreneurship, as our own founders understand this sub-group all too well. Both of our co-founders had decades of experience in the corporate sector and understand the peculiar strengths that executives bring to new ventures.

YOU CAN ALSO READ: Amazon Launches Pitching Event To Empower Women Entrepreneurs

Our Venture Build program provides a structured and guided approach to making entrepreneurial transitions. Our primary focus is helping executives identify business opportunities that are best aligned with their skill sets and interests. We then offer product validation and provide our database of resource persons and partners during the early stages of the business.

Volition Advisors Website

This approach mitigates the uncertainties and knowledge gaps often associated with a new venture.

For any executive hoping to build or grow an enterprise, the Venture Build approach may be a less stressful way to build. It’s often the co-founder you wish you had.

Plumptre is the CEO of Volition Cap, an SEC-licensed asset management firm. She’s also the co-founder of Volition Blue, a consulting firm that helps African and diasporan businesses scale globally.

 

Do you want us to share your enterprise and brand stories to the world on our platform for effective business leads and returns?

Kindly call this number, +2348063450905 or send an email to news@enterpriseceo.ng.

We will be glad to tell your impact stories.

Follow enterpriseceo.ng on Twitter and Facebook to join the conversation.