6 Reasons to Start a Business Before the Age of 25
Michael Kosmas for Business Advice
Millennials are distinguishing themselves from previous generations in many ways, and their work ethic and preferences are emerging as one of their defining features. Statistics published by Forbes found that 67% of employed people between the ages of 18 and 34 wanted to leave the traditional workplace and become self-employed. The desire to maintain control over working life is widespread among young people, and as it happens, people of this age are at the optimal point in life to take the plunge and start their own businesses. Here are six good reasons why.
At a young age, you are far less likely to be tied down by the likes of marriage, children and mortgages, and for any ambitious businessperson, this is the ideal starting point, as you never know where your business journey could take you, and you don’t want to be held back from achieving your goals by commitments at home. Keeping your options open this way gives you scope for a boundless business experience.
Long Term Returns
Sure, not every business venture is going to see you become the next Branson, but a successful business is likely to have some long-term rewards to reap. Simple maths tells us that, in the long-run, someone looking to be self-sufficient would gain more from running a business from the age of 24 than from the age of 44. So getting started as soon as possible makes you more likely to enjoy the benefits of being a business owner than trying it later in life.
Energy and Motivation
Youth is often wasted on the young, so take advantage of the natural energy and drive you currently have to make your mark and build something great. Family commitments are not the only obstacle you might encounter by starting out later in life – energy levels, willingness to take risks and even health issues may make building a business more difficult, so use the natural advantage you have right now and put it into something positive!
Being in business in the long-term isn’t just about enjoying the fruits of your labour. Many entrepreneurs find that they really have the bug once they’ve started their first business, and depending on the success of it, may go on to new business ventures. Again, there is no telling what unexpected opportunities your business life may throw at you, and the longer you’re in the running, the more time you have for such opportunities to arise and to explore them fully.
Better Risk Tolerance
Being in a strong position to go into business for yourself is not all about your personal capabilities – investors are going to want to know that you are a safe bet to put their time and money into. The younger entrepreneur, who is less likely to have their finances tied up in debts and other commitments, presents a less risky (and therefore more appealing) opportunity to investors and potential business partners. In addition to this, younger business people have longer to work off any losses they might incur, from an investor’s point of view, which only serves to strengthen your case.
Another defining characteristic of Millennials is their high adaptability. Generally seeking a more eclectic working experience, young people spend less time in the same job than any other generation, and as such don’t tend to get immersed in the culture of a company and stuck in particular habits. Moreover, with technology playing a constantly increasing role in business, young entrepreneurs are more likely to know the best ways to implement these technologies and see a return from them.
About the author, Michael Kosmas:
Michael is an entrepreneur, author, executive producer and motivational speaker. Kosmas holds the post of CEO of NXG Group, a company he founded while at university. NXG Group engages over 1,000 young people annually through programmes that primarily use creative media, and entrepreneurship. At the London Peace Awards in 2010, he was presented with the Diversity Award by then Mayor of London Boris Johnson for his work with young people. Read the book: http://fromidea2income.com/?reqp=1&reqr=#About