Too many young professionals have the wrong idea about starting and running a business. There’s a perception that a business has to be an enormously complicated machine that only elite captains of industry can understand, but that isn’t the reality.
Small businesses in the US dwarf big business in sales and a high number of these businesses are owned by someone who’s grasp of business concepts weren’t particularly advanced when they started. You learn along the way.
Initiating a new business at a young age is not only impressive, it forces learning and gives you managerial experience – something that only comes in the corporate world after a few years of climbing the ladder. The right person can more than make up for inexperience with the advantages of youth. Here’s three:
1. No family, no ties - Family life is an enormous draw on one’s time. What’s the number one resource a new business requires? Time.
Starting young means the freedom to work through the night if you so desire or to eat ramen in lieu of a decent meal for a month while you crank out the new LLC’s Web site.
The time you have at this point in your life is one of the most valuable benefits of being young.
2. Freedom to fail - Learning from your mistakes is part of life and when you have your whole life ahead of you, there’s a lot more room for mistakes. Aggressive determination is part of creating a successful business and often that determination has to carry over form one failed venture to another until you get it right. An older entrepreneur doesn’t have this luxury.
3. Pass “go” collect $200 - Want to get into a good B-school or jump into a higher paying position but don’t have the background? This is the path to success.
If you’re young and you’ve done something outstanding – like create a profitable business – it’s a gold star on your resume. When you’re dream company needs a new marketing manager, they’re going to want to hire the former CEO of Young Hip Marketers, LLC over someone from the cubicle factory.
The average age of new entrepreneurs in the US is in the mid 30’s, get a head start and do it in your mid 20’s.
Check out these young entrepreneurs featured in Businessweek.
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