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If you’ve ever wanted to start a business, you’re certainly not alone. Whether you think of the next best thing in tech or an easier way to deliver pizzas, the opportunities are truly endless. What separates the greatest entrepreneurs from the hopefuls is action. A great idea is worthless without execution.
So, when’s the best time to start a business? Truthfully, there’s no golden rule for when you should embark on your journey. However, there are tons of advantages to starting a business early on in life. This article from luminablog.co.uk will show you 6 reasons why it is better to start a business at a young age.
Long-Term Potential Returns
Imagine for a moment that you’ve built a successful business. It’s profitable and stable and generates a nice six-figure salary for you. Assume that this setup can continue indefinitely and that you enjoy the work.
Today, it’s even easier to get funding to start your business. One of the most common options are small business loans. We understand you’re still young, so you may be starting a very small business. That said, there are still several loans that you can qualify for. We suggest reading a few cheap loans rates reviews to know what the loan company is offering and whether they are right for you.
Risk Tolerance
Let’s face it: Not all startups are going to make it. You need to be realistic, regardless of your age. Starting a business demands a lot of up-front investment, in both time and money, and you’ll bear significant risks.
Just as happens in the financial markets, the younger you are, the better you’re going to be able to tolerate that risk. You’ll have fewer responsibilities, fewer commitments and much more time to make up any losses you incur. Therefore, starting a business as early as possible mitigates your potential losses.
Energy and Motivation
It takes a lot of work to run a startup, too. Don’t forget that. Though not written in stone, the general rule is that younger professionals have more energy, motivation and enthusiasm than their elders.
Maybe you’ll be a youthful spirit for the next several decades, but the thing is, you can’t know for sure. What seems like a solid “maybe” idea now may become a “no way” idea in 10 years; and the work you throw yourself into now may be work you’ll avoid at all costs next decade. Every year, your energy and motivation will decline. Take advantage of these personal assets while you have them.
Adaptability
Younger people tend to be more adaptable. Part of the reason is that they’ve had a shorter amount of time to be exposed to the norms and rules of the professional world, and are less committed to those entrenched ideals.
An even larger part of the reason is our unique technological age; we face major technological disruptions on a regular basis, and the only way for companies to survive is to adapt and integrate these new technologies.
In your 20s and 30s, you’ll stand a better chance of recognizing and incorporating these new technologies quickly; and as you get older, the rate of development for these technologies will grow even faster.
Serial Entrepreneurship
Most entrepreneurs who truly love entrepreneurship end up starting multiple businesses, becoming serial entrepreneurs in their own right. It’s as if they were born to be entrepreneurs. And, for the most part, every new business these young people start is better than the last, thanks to their founders’ previous experience, growing list of contacts and broader perspective.
Starting your first business when you’re in your 20s or 30s sets you up for a longer period of time to start even more businesses; essentially, you’re maximizing the potential experience you can gain, and greatly increasing the number of businesses you can start. Don’t throw away that potential by waiting around.