The best time to start a business is when you are young – in your 20s to be precise. I can say this with every measure of certainty because I’ve had the biggest adventure (in an entrepreneurial sense) of my life so far by starting my own businesses roughly around this same time and I’m still on it. And while it’s hasn’t exactly been a walk in the park, the perks have been huge and entirely worth my while. I have to say that I’ve learnt so much more running my own businesses than I had had during my entire time in school and I thought I’d share some of those benefits with you.
Any young entrepreneur should draw lots of inspiration from the fact that the business landscape of the present day sparkles with testimonies of young passionate founders who have turned their little bedroom-sized businesses into corporate juggernauts. Mark Zuckerberg co-founded Facebook in his 20s, Chad Hurley, co-founded YouTube in his 20s and so was Jerry Yang, Yahoo’s co-founder. This list could go on, but that just confirms what I’d said earlier, that the 20s are the most magical moments to venture into business. Hey “wantreprenuer” don’t you think we should be talking about the perks of joining the entrepreneurial revolution. Here we go then.
#1 Your Physical Energies Are At Peak Level
Being a young entrepreneur has its own downsides, and one of such is that you are a little wet behind the ear when it comes to the know-how of running a profitable business venture. But there is however a blessing in disguise and that is having tons of energy to invest into acquiring the relevant business experience. When I launched my first online start-up, I knew I didn’t know enough of what I needed to make my business a smash hit but I went about acquiring all of the information I needed. I consumed online business materials ranging from videos to blog articles and any other thing you could think of. I went to bed most nights by 5.am and that could only have been possible because I was young and I had the youthful zest to spare.
#2 You Are Up To Date With Modern Technology
Technological innovations have revolutionized the way we do business. Today technology has made it far too easy for people to do business behind their laptops and living rooms without even needing to rent an office – there are cloud services, robot attorneys, virtual assistants and the host of them which have massive business efficacy and are all the products of technological innovations. And right at the center of the present day tech revolution are the young millennials, smart, ingenuous and tech savvy. That should tell us something about why more than 17% of tech start-ups today are founded by young adults mostly in their 20s. Young millennial in the present dispensation are tech wizards, social media influencer’s, SEO experts and almost anything digital. At such, it is easy to see why millennials are so suited to the business climate of the 21st century. We understand tech and can harness its full potential to our businesses far too easily than our parents.
#3 You Have More Safety Nets.
As a young entrepreneur going into business, you have practically nothing to lose if your first start-up turns out to be a real fiasco. If you lose all of your money in one fell swoop, you can turn to your parents or grandparents for support until you get back on your feet. At this point in your life, you have no kids or partner to worry about and that means no one else will have to bear the after effects of your business failure. The world is all yours for the taking (to conquer)
#4 You Are Resilient
Let’s be honest here, every maiden entrepreneur consents to the risk of failing in their first business and a slew of start-ups do end up as heart-rending still births. But that should only scare those who are risk-averse and faint-hearted, not for the more youthfully adventurous and kamikaze millennial entrepreneurs who possess enough resilience to weather any storm. “if it fails, well, I guess I’ll just learn and start all over” was the response of one 20-something prospective business owner who had been asked what he would do if his idea didn’t work out. As a young entrepreneur, you obviously won’t have the benefit of experience but you have enough time on your hand to learn from your mistakes if your idea fails, iterate and then relaunch – that is bounce-back-ability.
#5 The Promise Of Long-term Financial Security.
I’ve said if before in the challenges to becoming a millionaire that if anyone wants to be a millionaire in no time, they should quit their jobs to start a business. But that is not to downplay the enormous challenge of running a successful business today. Business thrive not so much by the desire of their founders to make money as by the drive of their owners to continually offer value-added services that meet the needs of clients. You are only guaranteed success in business when you can offer services that effectively address an existing need. Once you have done that, you can expect the money to come pouring in. So as a young entrepreneur, once your venture hits the ground and starts running, it can generate you multiple sources of income which in the long-run would provide you enough cash to live the life of your dream. In addition, you also get to retire early to spend more time with those you love.
#6 Life Long Skills
Nothing prepares you more for adulthood and the future beyond than launching out as a young entrepreneur. If you are still in school, running your own business on the side would equip you with unusual expertise and skills which will put you ahead of everyone your age. So even if your first venture turns out to be a snafu and you decide to join the workforce, the experience and skills you have acquired will stand you in good stead in landing the job of your dream in an ever competitive job market (and who wouldn’t love to have someone with your business background on their team). But if you decide to stick out rather quit to a pursue career, you could use the experience you had garnered in your first entrepreneurial stint to embark on yet another business venture but this time, armed with the benefit of hindsight, you might just turn out to be a huge success (and if you still unrelenting after having your first bite at success, you could go on to become a serial entrepreneur).
#7 You’ll Be In For The Adventure Of Your Life
If there are any words I could use to describe the approach to risk-taking in business when you are young, it would be this quote of Helen Keller’s “Life is either a daring adventure or nothing at all”. Risk-taking is just another integral aspect of being an entrepreneur and it’s the one trait that defines most successful entrepreneurs today. Successful entrepreneurs are individuals who are dangerously open to risk taking and who prefer the thrill of entrepreneurial adventure to a guaranteed job existence – it’s down with caution! And this trait is nowhere more evident than in young adults which is why we are more likely to hit it big in business than our more advanced parents who are cautious and less inclined to risk-taking. As young adults, we have less worries, less bills to pay and practically no albatross-like commitments to tie us down unlike the case with most adults, so that means we can try our hands at several things without fearing failure until we finally discover our own acres of diamonds before we ever reach adulthood.