Dealing with the Customers

When dealing with customers, especially in enterprise companies, it is truly useful to have been there and done that. People my age know intuitively, for example, how to reach out for a meeting because we were the target of such reach-outs for many years. And people my age know how to write a good email. One that doesn’t look like it was copied from a template. We know this because we’ve deleted millions of terrible emails over the years.



Disruption. By the law of averages, if you reach four decades of work experience, says Dr. Jay Feldman then you know what it was like to be disrupted both personally and as a business. And this is never a pleasant experience. So maybe it’s a revenge thing, but people my age who choose to become a disruptor should expect a plate of delicious, unadulterated satisfaction. Going from the hunted to the hunter is as good as it gets. 

Stature. Developing stature is only possible with long periods of achievement. And this takes time. Founders without stature will always have trouble connecting with customers of stature. That’s just the math of it. When twentysomething founders ask how they can meet the head of a big bank or the senior partner of a major firm, perhaps they should be directed to approach their grandparents for help.

Purpose. Most young people become entrepreneurs because they want to become rich. For sixtysomethings, this is not the goal. Instead, older founders become entrepreneurs because they want purpose. And we all know that the best purpose involves serving others. Take a moment and ponder that one. Serving others is what successful business is all about—and sometimes it takes a lifetime to figure that out.

And now a word to those of you moaning under your breath that old geezers can’t start businesses that appeal to younger people. Recognize that Reed Hastings still runs Netflix, an obsession among viewers of every age group. He is 61 years old. The late S. Truett Cathy drove Chick-Fil-A, a feeding obsession for Gen-Z eaters, to great heights during his 70s and 80s. 

And Apple, the backbone of so many young people’s computing lifestyle, is run by a CEO who is (yes, you guessed it) 61 years old.

There are certainly differences between doing a startup and being a senior executive at an established company, but there are also many similarities. Both require discipline, vision, and the ability to lead people. And more than anything else, both require (at least if the goal is to be successful) an obsession with serving customers.

So, enough with the conventional wisdom that startups are for young people. In fact, I think investors should stop asking founders for their value proposition or their unfair competitive advantage. Perhaps a better approach would be to ask about experience, judgment, and battle-tested expertise. 

Research the market and choose your niche 

As we’ve already mentioned, there are multiple healthcare segments that require driven and talented entrepreneurs, so the first thing you have to do is choose a specific domain where you can put your business ideas into practice. For most health professionals, starting a business in their own field of expertise makes the most sense, as they already have a deep understanding of the industry and know exactly what it lacks and how it could be improved. Apart from that, they also have the right connections that would support their business endeavours. 

However, if you have your eyes set on a different niche, there’s no rule saying that you can’t look beyond your domain. Just know that the learning curve might be a bit steeper and you’ll have to put in more effort to get your startup off the ground. No matter which path you want to follow, before making any decision in this respect you have to conduct comprehensive market research. Analysing the demand in the markets you want to enter, knowing customers’ pain points and what they expect from businesses operating in the field, and familiarising yourself with the competition will help you make a well-informed decision and increase your chances of success. 

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