Regardless of your motivation, if you are going to start a business, there is an ideal time to do it: now.
The opinions expressed by collaborators are personal.
At some point, the idea of starting a business goes through the head of almost everyone. The focus comes on in our minds when we come up with some clever way to keep the ice cream cone from slipping. Or when we go to work in a new company and realize that we want to have more control over our work. Or when we hear about the world's billionaires and start fantasizing about getting rich.
Regardless of your motivation, if you are going to start a business, there is an ideal time to do it: when you are still in your 20s or 30s. Why?
1. Long-term return potential
Imagine for a moment that you have already built a successful business. It is profitable, stable and generates a nice 6-figure salary. Imagine that this model can continue indefinitely and that you enjoy the work you do. Wouldn't you like to be able to squeeze the rewards for as long as possible?
If yes, start your business as soon as possible. Yes, it is an optimistic scenario, but achievable, even if you have to try it two or three times before building a successful company. The point here is that the longer you can invest as an entrepreneur the better results you will see in the long term.
2. Risk tolerance
We must be aware: not all startups will be successful. You need to be realistic, regardless of your age. Starting a business will require a large investment, both money and time, and you will be facing considerable risks, both in your finances and in your profession.
As happens in the financial markets, the younger you are, the greater the risk tolerance you have. You will have fewer responsibilities, fewer commitments, and much more time to recover from any loss you face. So starting a business as soon as possible reduces your potential losses.
3. Energy and motivation
It takes a lot of work to run a startup . Do not forget. Although it is not set in stone, the general rule is that young professionals have more energy, motivation and enthusiasm.
Perhaps you will be a young spirit for decades to come, but the reality is that we cannot know for sure. What is now seen as a very solid “maybe” can become a “never” in 10 years; And the job you are now willing to do may be work that you avoid at all costs for the next decade. Every year your energy and motivation will decrease. Take advantage of those resources while you have them.
Young people are usually more adaptable. Partly it is because they have less exposure to the norms and standards of the professional world and are less committed to entrenched ideals.
Another great part is the unique technological era that we have to live in which we face enormous technological changes every day, and the only way that companies survive is adapting and integrating these new technologies.
At your 20s and 30s you will have a better opportunity to recognize and incorporate these new technologies faster; Because as we grow, the speed at which these technologies develop will be even higher. So start a business while you are agile enough and you will be able to better navigate the increasingly volatile waters.
5. Serial ventures
Most of the entrepreneurs who really like to start up end up starting a lot of business, becoming serial entrepreneurs. As if they were born to be entrepreneurs. And, in general, each new business these young people start is better than the previous one thanks to the previous experience of its founders, its growing list of contacts and an ever-expanding perspective.
Starting your first business when you are in your 20s or 30s puts you in the right direction to start more and more businesses for a longer period of time; Essentially, what you are doing is maximizing the experience potential that you can gain and considerably increasing the number of businesses that you can start. Don't waste that potential waiting. If you need help getting started, read this eBook .
Neither of these reasons suggests that you can only start a business in your 20s or 30s, or that if you are in your 40s or older you have missed your chance. Rather, older entrepreneurs tend to have more experience, more decision-making skills, and are extremely capable of building effective businesses.
However, the unique combination of benefits that young adults have makes this phase of life a highly strategic time to start a business.
If you are in your 20s or 30s and the idea of entrepreneurship has haunted your mind more than once, do not think that they are castles in the air. Research, explore your ideas and make the most of your youth by pouring all your energy into a business. No matter what the result is, you'll be glad you tried.