Nolan said "He's going to have a lot more sleepless nights.
"Even kids don't keep you up as much, but he will prosper.
"He is a determined character and you could see that in the quality he had as a player.
"He will attack management just the same. What he's got to do is appoint a good backroom staff which he seems to have got together quite quickly.
"Frank has to trust them and, as long as they are all on the same hymn sheet, I am sure he will be fine.
"When you see Frank taking this job, it is a massive risk because he could be sat behind a desk talking about it and being a pundit.
"But hats off to him. I am delighted we have got one of the most decorated midfielders managing in English football.
"He has taken the plunge and I wish him success in everything he does.
"If there is anything I can help him with then that's great, but I am sure he will be fine.
"It's great to see the likes of Frank at Derby and Stevie (Gerrard) at Rangers.
"Hopefully in the next three to five years we are going to be in the top end jobs in the Premier League.
"Stevie had a nice cushy job at BT and so did Frank, but they've both taken on a 24/7 role.
"I think they wanted to test themselves and I know they will attack it because of the way they are as footballers and as people.
"It's great because it puts us on the map. We want English managers in the top league."