Truthfully, there’s no golden rule for when you should embark on your entrepreneurial journey. However, there are tons of advantages to starting a business early on in life.
This story originally appeared on Due
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 “wantrepreneurs” from the entrepreneurs is action. A great idea is worthless without execution.
So when’s the best time to start a business? After years of experience working for a corporation? Once you’ve settled with your family? 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.
Here are four reasons why you should start your business when you’re young.
1. Fail fast, fail often… Fail early
This quote is used a lot in motivational speaking. We’re told time and time again we need to fail in order to succeed. Like every motivational quote, you need to take it with a grain of salt. Yes, it’s true that you will probably fail many times before you have a big win; however, you need to learn how to fail well.
When your business goes under, it sucks. You’ll be discouraged and you’ll have trouble motivating yourself for the next gig. This is why it’s important to fail when you’re young. I launched my first business fresh out of high school. After about a year, we decided to cut our losses.
I was discouraged for months. All that time spent down on myself was time wasted. That said, it’s a good thing I was only 18 and full of energy at the time. Failing fast and failing often is important, but failing early is key. After your first big failure, the next few will be easy.
2. There’s typically much less at stake
When we’re young, we generally have fewer responsibilities. You probably don’t have a family or a mortgage to pay, and if you’re lucky, you’re still on your parents’ medical insurance.
Starting a business puts a lot at risk. Aside from your finances, you’re also going to commit 110 percent of your time. Giving up a year when you’re splitting a room with your co-founder versus a year when you’re supporting a family is a huge difference.
3. Long-term assets
If done right, a business can be one of the best long-term assets you can build. Put in the time now, to make a passive income for the rest of your life.
If you’re a millennial like me, you need to get started building assets as early as possible. If you simply trade your time for money, by earning a salary, you just won’t get ahead in life. While it’s tough, building long-term assets is always worth it. That said, you need to start as early as possible.
4. You’ll get a taste of the “real world”
I’ve always been a hands-on learner. I was never able to grasp concepts in the classroom. I just needed to get out and do it. Classrooms and corporate positions are often very controlled environments. While you can definitely learn a lot, you’ll miss out on some key lessons.
Starting a business is the perfect way to get your “real world” education. There’s no teacher or manager telling you what needs to be done. You need to come up with your own ideas, marketing plans, fundraising goals, hire employees and much more. When you make a mistake, there won’t be anyone to cover for you. These lessons are invaluable, and can only be learned from experience.
To be honest, it’s never too late to start a business. However, there is an optimal time — and it’s in your youth. So get out there and get to work!
(By Renzo Costarella)