While some people think that they have to gain a certain amount of life experience before they start a company, the truth is that there are a lot of advantages when you start a business young.
It’s a great way to learn.
Getting personal experience in a hands-on fashion is one of the best ways that you can learn how business works. Not only can you learn about the business world, but you also have an opportunity to discover who you are and what makes you unique. When you start a business young, you will make mistakes along the way, but you’ll have a chance to figure out how to solve them in your own way.
This may mean that your first company doesn’t work out as planned. Is that really the worst thing that can happen? Not at all. Many entrepreneurs aren’t successful their first time out, but they use their momentum to launch into the next project. If your first project does end up working out well, you’ll be ahead of the game!
The trade-offs for starting now are fairly low.
One of the key things to learn about business is that there are trade-offs for every decision you make. If you choose option A, you miss out on choosing option B. Unlike many other times in your life, the trade-offs for choosing to start a business now are much lower than they are likely to be in a year or two. Most students who graduate from college end up in a low-level position. If you miss out on that kind of position by choosing to start your own company instead, chances are that similar opportunities will be available in the future. If instead, you wait to try to start a company until you are in a decent position with great pay and full health benefits, you may have a lot more to lose.
When you’re young, you don’t have as many obligations to others.
Years down the road, you may have a family to feed, aging parents to think about, or other obligations. If you start a business young, you give yourself room to succeed or fail before you have commitments to other people.
When you are young, you have more time to network with others.
A big part of business success is networking. Because you have fewer personal commitments, it means that you may have more time to give to being mentored by others who have taken steps to grow businesses. By building relationships with others, you increase the likelihood that you can partner with others in the future to add value to your product and to you as a business owner.
You can use your experience in a future résumé.
If the very worst-case scenario happens and your business fails, you still gain valuable experience that employers are happy to see on a résumé. Employers know how much it takes to own and run a business, so if you are able to articulate those things during an interview, you may come out ahead of other candidates.
People are more forgiving with young people.
If you make mistakes, and you will make many, people will give you more slack because of your age. When you are young people expect you to make more mistakes and they forgive you more easily too.
Even though it can be scary to start a business when you’re young, there really is no better time to take the leap and get started!
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