People say being young is the right age to start a business. Other people also say being old is the right age to be an entrepreneur. So what is the right age to start? We are going to look at some facts.
Starting a business is not an easy endeavor but without businesses being started everyday, most economies will not survive. For instance the US economy is driven by small businesses all over the country. And most of the big names you hear or read about today started in a garage some where in America. Entrepreneurs have affinity for risk. So what age is right for taking on the challenge?
From the look of things, there is no right or wrong age to start a business and we are going to look at some reasons below.
Segment 1: Start a business when you are young.
- Starting at a young age reduces your financial burden because your parents are there to fall back on when it does not pan out.
- You get the cute effect where by you will gain new customers just because they admire your effort.
- People are more lenient when you don’t do as great as an adult.
- The only downside is someone might think you are too young and don’t have much experience which is true. Because of this most people argue that wait until you are old to start your own business. Some of these points are discussed in the video below by a real young entrepreneur.
Segment 2: Start a business when you are old.
- The risk of failure is high because you do not have your parents to live with for rent free and you may have family responsibilities which may also be a drain on your finances.
- You have limited resources which means you cannot afford to make some mistakes that a young person would otherwise not care too much about because when they fail they can start all over again.
- You may not have the energy to carry out somethings a younger person can do but
- The upside is when you start a business at an older age, you gain a lot of experience from working with others and for other people which reduces the chances of making expensive mistakes which might cost you your business. Most young people make silly mistakes like what we are reading about the Uber CEO.
- Your mistakes will be less severe because you know the industry very well unless you are going into an industry in which you have no exposure.
- Old age also gives you confidence and your network is much wider because you met some movers and shakers during your life time as a career person.
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