Self-employment
A retirement doesn't mean the end of your career. Choosing a re-employment may not always go in your favour. Starting another employed life is not all that a happy situation (atleast for most ! ). It is very complicated and problematic. But, if you want to start something new, try entrepreneurship. Experts say so !
If that's your choice, here is what you need to keep in mind to be on track.
Do something you are good at and enjoy. Don't follow a trend.
If you did enjoy your work at ISRO, you are fortunate and smart. But many didnot, I think (that's my personal feel !) . But the point is, identify your strength - identify what you can do for the world.
May be as a consultant - Consultant on Pyrotechnics, Structural analysis, Mechanical design, Li-Ion batteries, Solar cells, Chemical formulations, Computer rogramming, Quality assurance, ISO certification, Project Management, and what not ? But make sure YOU are competent and able to independently offer solutions to others who need them. Remember, the environment outside is entirely different from ISRO's. The way you did things (or you were told to do things) at ISRO may not be what others do require.
Being a consultant (in your area of expertise) is not the only thing you can do. Why not you think of making some useful products ? I am sure you will be in aposition to list down a hundred product ideas that are useful ! Why not try now ?
That's about what you did at ISRO. But you can also do something diferent. Why not try a RealEstate game ? Why not some Technical Journalism ? Why not teach Computer programming for students ? May be ... you can do many things. But decide yourself..
A close discussion with some of your friends and associates would throw more light into it, and help you take a decision.
Leverage your areas of expertise
That's what I mentioned above. The best option would be to play with your area of expertise, than venture into unknown fields. I am sure none of (or most of you) IRSO persons would be good at real estate or e-commerce opportunities (though they are not really difficult ).
Forecast capital requirements
Any business ( consultancy, products, or services ) would require a certain initial investment. That depends on what you are going to do. Make a good plan and that would throw light on your financial needs.
DON'T dip into your retirement corpus
Whether you do a business or not, don't play with your retiremnet corpus (that's the money you got from your employer, when you got out of the Organisation. ). There's always the risk of business failure !! So, do it safe. don't take risk with your retirement benefits and the pension you are drawing.
The capital for your business should be over and above your retirement corpus
If you don't have much money to invest, look for a less-capital intensive business.
Make realistic assumptions/ estimates of your cash flow and reurns in the initial pahse.
Ensure adequate medical insurance / funds for exigencies
Partner with like-minded individuals
Start small, and plan for growth
Minimise Risk !! Start small, make incremental investments. If you see success, only then you put in more money.
Have a succession plan in place to ensure a smooth transfer after you.
This article will shortly be complete !
A retirement doesn't mean the end of your career. Choosing a re-employment may not always go in your favour. Starting another employed life is not all that a happy situation (atleast for most ! ). It is very complicated and problematic. But, if you want to start something new, try entrepreneurship. Experts say so !
If that's your choice, here is what you need to keep in mind to be on track.
Do something you are good at and enjoy. Don't follow a trend.
If you did enjoy your work at ISRO, you are fortunate and smart. But many didnot, I think (that's my personal feel !) . But the point is, identify your strength - identify what you can do for the world.
May be as a consultant - Consultant on Pyrotechnics, Structural analysis, Mechanical design, Li-Ion batteries, Solar cells, Chemical formulations, Computer rogramming, Quality assurance, ISO certification, Project Management, and what not ? But make sure YOU are competent and able to independently offer solutions to others who need them. Remember, the environment outside is entirely different from ISRO's. The way you did things (or you were told to do things) at ISRO may not be what others do require.
Being a consultant (in your area of expertise) is not the only thing you can do. Why not you think of making some useful products ? I am sure you will be in aposition to list down a hundred product ideas that are useful ! Why not try now ?
That's about what you did at ISRO. But you can also do something diferent. Why not try a RealEstate game ? Why not some Technical Journalism ? Why not teach Computer programming for students ? May be ... you can do many things. But decide yourself..
A close discussion with some of your friends and associates would throw more light into it, and help you take a decision.
Leverage your areas of expertise
That's what I mentioned above. The best option would be to play with your area of expertise, than venture into unknown fields. I am sure none of (or most of you) IRSO persons would be good at real estate or e-commerce opportunities (though they are not really difficult ).
Forecast capital requirements
Any business ( consultancy, products, or services ) would require a certain initial investment. That depends on what you are going to do. Make a good plan and that would throw light on your financial needs.
DON'T dip into your retirement corpus
Whether you do a business or not, don't play with your retiremnet corpus (that's the money you got from your employer, when you got out of the Organisation. ). There's always the risk of business failure !! So, do it safe. don't take risk with your retirement benefits and the pension you are drawing.
The capital for your business should be over and above your retirement corpus
If you don't have much money to invest, look for a less-capital intensive business.
Make realistic assumptions/ estimates of your cash flow and reurns in the initial pahse.
Ensure adequate medical insurance / funds for exigencies
Partner with like-minded individuals
Start small, and plan for growth
Minimise Risk !! Start small, make incremental investments. If you see success, only then you put in more money.
Have a succession plan in place to ensure a smooth transfer after you.
This article will shortly be complete !
