6 Reasons You Should Start a Business When You're Young

crowdfunding
Creative Commons

Starting a business can be a daunting process at any age, but with youth can come an unfounded bravado that can come in very useful as an entrepreneur. Although with age often comes more experience and resources, young entrepreneurs will tend to find they have less to lose and more to gain. The risky nature of entrepreneurship will find a lot of young people being discouraged and steered away from the life of business by older peers; however, there are many reasons this can be a great career path for young and ambitious individuals with great ideas.

There’s Less at Stake

When you are younger you tend to have fewer commitments which makes taking risks, such as starting a business, that little bit easier. As you get older you are more likely to have committed to car payments, a mortgage and have kids to pay for, making it harder to leave a steady job and work for yourself. When you have just left college, or even during, is the perfect time to start building on your idea and see your business come to life before you have become too settled and too committed to other areas of your life.

You Are More Flexible

The fact that you have fewer commitments when you are younger also tends to mean you are more flexible and adaptable; you are less likely to have family and mortgage commitments meaning you will find it much easier to get up and move wherever you need to be, such as closer to investors or mentorship programs. When you are younger you are also less likely to have picked up bad habits from the workplace and be less committed to entrenched workplace ideals; this will make you much more versatile to new ways of working and to adopting new technologies in your chosen industry.

You Have Plenty of Time

An obvious benefit of starting a business when you are young is that time is on your side. Not only do you have more time to learn, adapt and become an expert in your chosen field, but you also have more time to change your focus and move into pastures new should your business not go to plan, or entrepreneurship is simply not for you. It’s less of an issue if your business doesn’t work out in your early twenties as you still have plenty of time to retrain and go into something else.

You Know Your Technology

In today’s internet-centric world almost every business has some form of online presence. The fact you will have grown up with the internet and technology means that it comes much more intuitively to you, meaning you are much more likely to adopt new technologies which will benefit your business and growth. You are also much more likely to understand the benefits of social media and how it can connect with potential customers along with knowing the kind of posts your audience wants to see.

There Are Lots of Funding Opportunities

Although you are less likely to have the same kind of capital to put into a business as you would when older, there are a lot of mentorship and funding schemes which focus on helping young entrepreneurs. The likes of the Prince’s Trust, for example, focus on helping those aged 16-30 and offers free mentorship and grants to young entrepreneurs with potential. There are also lots of ways in which you can save money and cut back on your spending to create a little saving pot to help you get started; there are also lots of digital financial assistants and apps you can use which will help you track your spending and make financial projections for you based on your current spending, making saving that little bit easier.  

You Are More Resilient

When you are younger you are much more likely to be more resilient to rejection than when you are older and have more to lose. In your late teens and twenties, you are also more likely to well-accustomed to rejection from university application, job interviews, and dating. However, no matter what age you are, stress and rejection can be a lot to handle, especially a lot of it at once, so make sure you are well-equipped to deal with it and have a strong support circle around you. 

Similar Articles

hotel

Scaling back operations and closing hotels have become synonymous with the pandemic right now but there are a group of investors turning these hotels into great investments.

How to Update Your Company File After Upgrading QuickBooks

QuickBooks is one of the top-rated accounting tools used by businesses to ensure swiffer financing! Are you still using an older version of the accounting platform in your system? It’s time to update the existing QuickBooks tool to an upgraded version for best use! Some of these upgrades are free & some need to be purchased!         

Man using a laptop with a cup of coffee to his left and a small desk plant to his right.

Freelancing is a great career option for creatives all around the world. Whether you’re an artist, a writer, photographer, or some other form of creativity, freelancing is a great way to share your talent with the world on your terms.

entrepreneur

If you are like most people, chances are you dreamed of being the next Bill Gates or Vera Wang at some point in your life. Maybe the world’s most successful entrepreneurs inspired you to become one yourself, or maybe you just find them to be great role models.

Coworking Space

The workspace is constantly changing. Companies around the world are constantly working to improve the spaces in which we work and the way we interact with them. Coworking has become one of the biggest innovations in the office landscape in recent years.  

Tips for Growing Your CNC Machining Business

Entering the business world is a challenging goal, especially if you are joining a market with well-established and huge competitors. One of these businesses is the CNC machining industry which is used by various businesses in using and selling their products.

5 Tips for Success for Women Entrepreneurs

While women’s role in business has been steadily increasing, women are still underrepresented in entrepreneurship. One of the most daunting choices for a woman is the decision to start a business, but taking the plunge can result in great rewards

Virtual assistants

Entrepreneurs have a strict working schedule, which makes it very difficult for them to give equal time to all functions of their startups. The success of their business depends on prioritizing essential tasks and delegating secondary ones to remote workers present in less developed countries.

How to Make the Supply Chain of Your Start-Up More Efficient?

Every year, a large number of entrepreneurs enter the industry to become a successful entrepreneur. However, the reality is a bit harsh because of the tough competition in the market and the majority of the start-up fails during their early years of business