Here are 5 reasons which talk about why starting early is the best way to be a successful entrepreneur. Take a close look at them and start working towards creating your first venture as soon as possible.
Minimum Family Pressure
When you are in your early 20s, nobody expects you to finance household expenses or pay EMIs of home loan your dad took last summer. If you start a business at this time, no matter how small or big, you don’t have to face any redundant pressure from your family. You can afford to oust most of your responsibilities and focus solely upon your idea. As you know, the first few years are very tough for entrepreneurs; if you take this path when everybody else considers you naïve, immature and vulnerable, you have less mental pressure to deal with, which ultimately gives you the courage to take risks that might seem too big to handle when you are married and have a family of your own.
Less Financial Commitments
The moment a person starts their family, they deal with many unheard-of expenses, such as children’s tuition fees, home loan EMIs, credit card bills, personal loan EMIs, etc. These responsibilities take the overall financial commitments to newer heights. It’s that period of his life when he cannot take any risk due to excessive cash outflow. When you go after your dreams at an early age, you don’t have to worry about financial responsibilities. Even if you fail, you can come back home, cry whole night, and start all over again from the next morning. There is no one to judge you or question your decision-making ability.
Right Time To Adopt New Technology
In today’s information age, technology plays a significant role in everyone’s life. But even after this changing scenario, you cannot expect a 55-year-old university professor to have the same level of excitement to download and use various mobile apps as a 17-year-old student. If you have ever visualized yourself running a million-dollar business 15-20 years down the line, then be ready to explore new-age technologies. And there is no better time to do it than your 20s. These are your golden years as you can learn and unlearn anything you want. According to Bureau of Labor Statistics, the world will witness 13 percent growth in demand for skilled graphic designers by 2020. It doesn’t mean that you need to wait for next 3 years to make the best out of the changing market conditions. You can start today and learn various present-day techniques to get benefited from them in the future. He is not the only one who vouches for the necessity to learn new skills and explore technology. Most business leaders have their faith aligned with technology. They use it for company searches, customer augmentation, competitive analysis, and many other critical jobs. Based on their practical learnings and years of experience, most of these business leaders advise youngsters to learn to use technology effectively.
Ability To Take Risks
A child falls hundred times while learning to walk, but never ever stops doing it. Same goes with a 25-year-old entrepreneur who doesn’t want to give up even after he has just incurred a massive loss and is about to go bankrupt. The age matters a lot when it comes to risk taking ability. When you’re young, you can afford to take risks, fail in your business, and still manage to rise up again just to try one more time. However, soon as you decide to settle down, marry someone and have kids, this risk taking capacity dwindles. So, give it a shot when you are young and have less or no responsibilities. It’s when you can see whether entrepreneurship is meant for you or not. Even if you fail, you can simply try once again or get a job and settle down.
High Energy Level
Call it the aging effect or anything else, but the young generation has more energy, enthusiasm, and motivation as compared to Baby Boomers and Generation X. The latter may have more life experience and wisdom but they cannot outplay youngsters when it comes to energy level and eagerness to innovate. This is the best time for you to make mistakes, run out of money, go bankrupt and work on different projects to see what works and what not. Now you can focus on your growth and get ready to conquer the world, which will not possible once you enter in your late 30s or 40s. At that time, you ought to focus on creating a sustainable income stream to take care of your family. Aging is a bizarre yet inevitable process that everyone has to go through. Sooner or later, you will realize that your stamina is not as good as it used to be earlier; that staying awake the whole night to finish a project seems tougher than ever and your body needs rest. So, don’t waste your 20s and 30s in making someone else rich. Even if you’re a working professional, don’t get carried away by various corporate gifts and other incentives that your organization provides. Remember — salary is the bribe they offer you to forget your own dreams and work for theirs. Don’t let this illusion ruin your life. Start early and give yourself sufficient time to turn any idea into a successful business. Read more about aspiring, early-stage entrepreneurs here on Tech.Co
