Surprising Advantages Of Starting A Business At A Young Age
Even though the average age of a successful 1st-time founder is 42, there are a load of advantages and benefits of experimenting with business in your teens and twenties.
1. You have no commitments (financial or otherwise)
You don’t have commitments such as a home loan or a family, you can afford to reinvest all your money in the business and invest all your time in the business.
This way you can do the work of 3 or 4 people, which is the same as having $200k startup capital.
Plus, your parents can support you if you need it.
2. You get more time to figure things out
Time is your biggest asset as a young entrepreneur.
Young people often spend too much time being ‘juniors’ who no one listens. This means many people realise their potential only later in life wasting all their precious energetic years.
Young entrepreneurs have less fear of failure and are more willing to take risks and learn from their mistakes. This resilience allows them to persevere through difficult times and keep pushing forward in their entrepreneurial journey.
You have more time to recover from mistakes. It’s a lot easier to start over at 35 than it is to start over at 65.
3. Your energy levels are at peak
You’ll be a lot more enthusiastic, energetic and motivated to achieve new heights in your life.
Young people have the ability to put more time and effort into the things they are working on. This surplus of youthful energy will allow you to rise through the ranks much more quickly and surpass anyone who is older with ease.
4. You learn quicker/better
Studies have shown that young individuals often have a higher learning capacity compared to older adults. Their brains are more receptive to new information, and they tend to be more open to experimentation and adaptation.
This can translate into quicker absorption of business knowledge, rapid skill development, and a shorter learning curve when faced with new challenges.
Starting a business at a young age exposes you to financial concepts like budgeting, cash flow management, and profit analysis, which will be easier to grasp when you’re younger.
5. Higher chance of getting media coverage
The younger you are, the more uncommon (and newsworthy) it is that you run a successful business.
Media coverage opens doors, and helps to elevate your business even further.
6. Endless learning opportunities
Starting a business at a young age exposes you to a wide range of experiences and challenges that can accelerate your learning. You’ll gain valuable knowledge about various aspects of business, such as marketing, finance, operations, and customer service (as opposed to being stuck in one lane).
Entrepreneurship requires a unique set of skills, including problem-solving, decision-making, leadership, and resilience.
As such, you can become much more experienced than your peers who are the same age if you start out young. It doesn’t matter if you choose to learn through your daily experiences, routine conferences, or agile training courses to help you learn more about this innovative approach to project management.
By experimenting with business early on, you have the chance to develop and hone these skills, which will benefit you in future ventures and professional endeavors.
7. You have unique access to untapped/emerging markets
Being in touch with the latest technologies, social media platforms, or cultural shifts can give you an advantage in identifying niche markets or innovative product/service ideas.
A young entrepreneur recognizes the rising demand for sustainable fashion and starting an eco-friendly clothing brand that appeals to environmentally conscious Gen Z consumers.
8. You can survive on less money
I left £45k salary to run my blogs in my 20s.
But my friends with kids in their 40s who want to start their own businesses?
They need to find a way to come up with double or triple that amount in order to match their salaries!
9. Personal growth and self-confidence
Starting and managing a business can be a transformative experience. It pushes you out of your comfort zone, helps you overcome challenges, and boosts your self-confidence.
These personal growth benefits extend beyond the business realm and positively impact other areas of your life.