Randal Charlton has had long, colorful career with plenty of ups and downs; he’s done everything from tending dairy cows for a Saudi sheik to starting a jazz club in Florida. And as a lifelong entrepreneur, he has bought and sold 14 different companies. He shares some strategies for small business start ups from a personal development perspectivehere. Written by Mark Miller
Randal Charlton
Charlton built TechTown by raising $24 million from foundations and government, and gathering together an impressive array of resources for training and start-up funding. He recruited a small army of start-ups that have created a total of more than 1,800 local jobs — not only in high-tech industries. “There’s an absence of everything from grocery stories to dry cleaners and taxi services in the city,” Charlton says. “We need to provide services to a broad range of entrepreneurs.” TechTown has been home to 250 companies, and more than 2,200 entrepreneurs have graduated from its training programs.
Charlton recently transitioned to a new role heading up a program focused specifically on helping Detroit adults over age 50 transition to new careers, entrepreneurship and volunteer service. The idea for BOOM! The New Economy began to germinate after Charlton noticed the outsized number of older adults attending TechTown conferences and entrepreneur training.
When I asked Charlton for his top tips for would-be, he walked me through a seven-point plan of advice based on his own numerous and colorful life experiences:
1. Get fit and keep fit. Running a business requires physical and mental stamina.
2. Focus on skill sets. Think about finding work tied to your strengths, rather than your former title.
3. Plan an exit as you enter. If you are partnering with others, think about how you can set up your business so that you have a “pre-nup” that allows you after a few years to pass the business along, and therefore get some value out of it.
4. Mitigate risk. Stabilizing your personal expenses is one way to do this. Charlton says he was “ruthless when setting up my own business at age 60. I had no credit card debt, rented a small apartment and then built a small house later on, when I could afford it. I still drive a 10-year-old car. I made sure that if the business went south I wouldn’t be left with a lot of personal debt.”
5. Leverage everything and anyone who offers help. “Universities, economic development agencies, states and cities have an incredible number of services that they want to offer to small businesses to help create jobs,” he says. “The challenge is identifying them.”
6. Network, network, network. “Forget resumes. If you send out enough resumes you will need anti-depressants quickly. Most jobs are obtained by knowing people who know people.”
7. Get in the game. “Don’t stand on the outside waiting for a plum job to come along. Volunteer or work as an intern.”
Great advice here. Though Charlton is now working with the over 50’s, those younger entrepenuers should take heed of these tips as well. That brings to mind another point, don’t under estimate the ‘oldies’, there wisdom gained over the years could save alot of pain and suffering, so don’t forget to ask for help… even when you feel like you don’t need it 🙂
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