Is there ever a perfect time to start your own business? There are pros and cons for every age group and for persons of every conceivable background but there is a lot to be said for looking to set-up your first business when you’re still in your 20s and fresh from university.
Here are a few reasons why:
You’ll never be as Poor Again*
It is at this stage of our lives where the majority of us continue to live in borderline student living accommodation, often sharing with people we don’t know, and other ‘young professionals’ looking to get on the next wrung of their life/career. We’re also at the starting point in terms of personal finances, so unless you’ve been handed a lot of money by family (which some of us are and is a great help in these circumstances) you’ll be putting in fewer risks when starting a company. Of course you’ll be reliant on investment etc., but you’re not risking the savings you’ve taken 30 years to accrue and you won’t be carrying any of the baggage associated with working for years on end to make a living. It will be a short fall if you fail, and a big leap if you’re successful. You can’t lose at this stage.
Make Use of Your Brain Power
In your early 20s, straight out of higher education, you’ll probably be at your peak intelligence. Experience and knowledge will come with time and add layers to your brain power, but it is at this point that you are completely up-to-date with the world around you. Your as tech savvy as you’ll ever be, you’ll understand and appreciate your industry and sector in terms of the education you’ve just received AND you’ll be in a position to turn this into positive talks with investors. Who better knows your potential than your professors and lecturers, and if you’re starting a business linked to your studies specifically these are the people with the contacts that could help kick start your career as an entrepreneur.
Enthusiasm and Naivety Sometimes Win the Day
Hardened professionals clearly understand how to be successful as they’ve worked and have first hand knowledge of how they got to be where they are. Later on in their careers, however, there may be a reluctance to take that chance on a new business, product/service or investment opportunity for myriad reasons. When you’re young you have no fear, and are likely to take chances because, well, why not?! Among your peers you’re also likely to find other like-minded individuals and it is at this stage of business naivety and enthusiasm for everything that you do, that you can forge real, long lasting connections with others that can help you grow your business to where you want to be.