Does age matter when it comes to starting a business?
Self-made billionaires like Facebook co-founder Mark Zuckerberg and Snapchat co-founder Evan Spiegel were less than 30 years old when they first tasted success. Like the two tech moguls, more and more young people want more satisfaction from their day jobs and autonomy over their lives that putting up their own business has become a viable option for them.
1. It’s not all about experience.
If you’re under 30, you have to accept that experience is going to be one of your greatest weaknesses as an entrepreneur. Investors will definitely look into your experience portfolio when making decisions. If you lack the necessary experience investors are looking for, team up with someone who has the experience that you don’t have or partner with a mentor who is willing to share his or her expertise. Compensate for your lack of experience by showing your investors your talent and abilities.
2. Your personal finances should be in order.
A lot of people in their 20s don’t have personal credit. Without this, it will be hard for you to convince investors to trust your business. It will also be impossible for you to secure a line of business credit without it. Before starting a business, make sure that you’re not in big debt and have enough savings to pay the bills while waiting for a steady line of profit.
3. Take more risks.
Compared to other entrepreneurs, youth favors risk-taking. Take advantage of this trait as you’ll have more time to recover from your mistake and fewer assets to lose. It will be safer to take risk in business when you’re younger as you are more adaptable and flexible to challenges at this point in your life.
4. You have your entire life ahead of you.
Many young entrepreneurs expect success at a very early stage of their business. Keep in mind that you have time and it’s not necessary to scale your business to monumental heights right away. Slow dow, be patient and avoid being reckless in making decisions.
5. You’ll probably have more businesses in the future.
Your first business isn’t necessarily the only business you’ll have for the rest of your life. Whether your business clicks or not, you’ll probably leave it or chase other pursuits while waiting for it to stabilize. View your business as a stepping stone in your entrepreneurial journey.