Last Updated on August 14, 2021 by Ope Quadri
Almost everyone wants to start a business at a point, but the fear of the unknown is a setback to millions of youth around the world, most especially in developing countries where access to funding is a major problem.
Starting a business early in life has tones of benefits most especially when you’re below 20 or not above 25
Will my business succeed? Will I have to start from scratch if it fails? These are some of the questions you you’re probably afraid of.
But let’s face it, if you don’t take a step, you will definitely allow the fear of the unknown to suppress your entrepreneurial dream.
Ideas are out there to explore. Thousands of some of the successful people have turned their hubby to business ideas and they are ruling their world.
So, if you’ve ever wanted to start a business, you’re certainly not alone. Whether you think of the next best thing on how to provide a solution to people’s problems and make money out of it.
The opportunities to start a business are truly endless if only you can explore your talents and look around you.
What makes successful entrepreneurs to become what they are today is their fearlessness, they took action. “
A great idea is worthless without execution.” Most of them took actions when they were below 30 or in their early 30s
You may want to ask: When is the best time to start a business? After spending four or more years to acquire a degree, years of job search, and years of experience working for a company.
Successful entrepreneurs believed that there’s no golden rule for when you should embark on your journey. However, they pointed out some of the advantages of starting a business early on in your life.
Here are four reasons why you should start your business when you’re young.
Fail early, learn early
If you want to be a successful entrepreneur you should prepare to experience failure. We’ve heard more than enough speakers say that we need to fail in order to succeed.
That’s just the truth. Before you have a big win, you will need to learn how to fail well. Falling and rising over and over again in business could be discouraging.
This is why it’s advisable to start a business early in life. It may take one or more years to begin to have it big.
If it took a 24 young entrepreneur three years to succeed, it means by 27 he could be an employer of labour.
“After your first big failure, the next few will be easy.”
This means you create an opportunity for yourself to fail early and fail fast. It will only prepare you and make you stronger.
When you’re young, you definitely have fewer family responsibilities. You probably don’t have a family you feed or provide shelter for when you’re young.
The opportunity is huge because your parent will still probably be paying for your medical bills when you’re living with them.
It’s better to start a business when you have access to all these privileges when you’re still with your parents.
You can begin to save for you to start your business during this time. This gives an opportunity to reinvest all your profits in your young and growing business.
Compare this with another friend who has kids to cater for, parents to take care of, house rent to pay, power supply bill, water bill and other bills.
You’re at the advantage during this time.
It’s tasking accumulating assets in life, however, it is worth it when you’re determined compared to trading your time for money.
Your monthly salary may even be sufficient for you today, but if you don’t want to continue to build other people’s businesses, start your own.
It may take time, but definitely, you’ll build a viable business as you continue to invest your time and money.
It may be tough, building long-term assets is always worth it. Doing this is more profitable when you start early in life.
Most entrepreneurs who start early in life end up having multiple businesses, becoming serial entrepreneurs in the process.
When you start early in life, you’re making yourself available to learn, learn new business tricks, new ways to start new ones etc.
As time goes by, it’s as if you were born to be an entrepreneur. Every new business you start is better than the first because you learn from the mistakes of previous ones.
Ope is the co-founder of InfomediaNG. He’s a researcher whose interests cut across real estate investment, stocks, financial technology, and youth empowerment. He’s awesome in Content Marketing and SEO. Favourite Tools: Google Analytics, Canva, RankMath, UberSuggest