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7 Reasons Why You Should Start A Business In Your Twenties

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7 Reasons Why You Should Start A Business In Your Twenties

It’s unfortunate how many young, ambitious individuals who aspire to own their own business let their age stop them from making it happen. If someone tells you that you’re too young to start a business, your first mistake would be believing them.

There are countless success stories of young entrepreneurs from all over the world, many who have become millionaires, even billionaires before their 30th birthday.

Don’t make the mistake of waiting too long to start your own business. If you’re fresh out of college – or maybe you’re still in college – now is as good a time as any to start your first business.

Here are 7 reasons why you should start a business in your twenties:

 

1. Your personal expenses are likely very low

If you’re still living with your parents, you’re probably not paying rent every month. Even if you’ve already moved out, you’re probably renting a small apartment and maybe even splitting the rent with a roommate or two. You might have a car, but it’s probably not an expensive one. Whatever the case is, you’re definitely not spending as much on your monthly expenses as someone who is supporting a family, paying off a mortgage, saving for retirement, etc.

Having minimal personal expenses is a major advantage as a startup entrepreneur. It means you can take less money out of your business to support your lifestyle, and keep that money in your business to fund its growth.

 

2. Technology is your friend

You grew up with technology. It’s familiar to you. You use all kinds of different devices on a daily basis and when something new comes out, you’re all over it. New technology excites you, and learning to use a new program or app comes naturally to you. Technology doesn’t scare you like it does some of the veterans in business today who are reluctantly beginning to utilize it.

More importantly, the technology that is available today enables you to achieve so much more for your business for incredibly low costs. Websites can be set up for under $100. Calls can be made worldwide for free. Emails can be checked from a phone. You can do things today that you simply could not have done 10 years ago without spending thousands of dollars, if at all.

“Risk more than others think is safe. Dream more than others think is practical.” – Howard Schultz

3. If you’re in college or university, you have access to resources other entrepreneurs don’t

If you’re a student with an idea for a business, now is the time to vocalize it. There are numerous organizations that love to support students, financially and otherwise. You have access to mentors, infrastructure, resources, and funding that is exclusive to students. You would be wise to take advantage of this. Some of your classmates might be suitable business partners, and some of your instructors might be suitable mentors.

 

4. You’re not jaded by experience

Experience is not always an advantage in business. Older, more experienced individuals often have to unlearn the ways of doing things that simply don’t work in today’s marketplace. You don’t have that problem. You have not yet accumulated a bunch of beliefs or habits that could work against you. You bring a fresh perspective to your endeavors. You have a degree of naiveté that may actually work in your favor. You believe you can succeed, because you have no evidence to believe otherwise.

 

5. You have fewer personal commitments

Unlike some of the individuals you may end up competing against, you have few personal commitments. Especially if you’re in your early twenties, you probably aren’t married and you probably don’t have kids yet either. This means you have more time to devote to your business.

It’s much easier to give up a night of partying or watching a game than it is to give up time with your family. Give up the things that don’t matter much anyway now, and devote every possible hour to building your business. If you do it right, one day your business will reward you with an abundance of time and money to spend on the things that are most important to you, like travelling or spending time with your spouse or children.

 

Catherine-Cook
 

6. Finding talent has never been easier or more inexpensive

What you lack in experience you can make up for in team building. The world is your talent pool, and the cost of hiring people is extremely competitive. Thanks to the internet, you can find highly skilled individuals from various countries throughout the world. You can hire them on a temporary basis for specific projects or permanently for specific roles.

If you haven’t already, you’d be wise to check out websites such as Upwork to find the talent you need for your next project. Fiverr is another excellent resource offering thousands of different services at a cost of $5 per gig.

 

7. Time is on your side

They say it takes 10 years to become an overnight success. This is disputable of course, and there are many examples of individuals who have built incredibly successful businesses in less time. But the point is this: behind every success story is a specific process, a series of events that led to that success. This process cannot be avoided. You must go through it. There is no shortcut.

 

The countdown to your eventual success as an entrepreneur begins the day you get started. Many entrepreneurs fail several times before they finally succeed. Doesn’t it make sense to get those failures over and done with while you’re in your twenties instead of in your thirties, forties, or even fifties? Take action now. The sooner you take action, the sooner you will reap the rewards.

Thank you for reading my article! What is stopping you from starting your own business now?

 

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8 Comments

8 Comments

  1. Avatar

    Toby Nwazor

    Oct 15, 2015 at 3:29 pm

    This is a great article Tyler. i remember having a similar conversation with one of my aunts last week. And she expressed amazement at how we (young people) seem to grasp the latest technological innovations so easily while the rest of them need to read everything written in the manual and still don’t understand it fully.

    This article is tremendous. The truths shared here are timeless too. I am in my twenties and I saw myself nodding at the instances you gave as I read. For instance, I have fewer commitments and fewer financial responsibilities, so I can afford to invest in any business I want and sleep well, knowing that my risk will put nobody else at risk.

    Good job

    • Avatar

      Tyler Basu

      Oct 17, 2015 at 5:11 pm

      Hey Toby thanks for the feedback! I am glad you liked this article. It is also worth mentioning that you can absolutely start a business on the side while still working a full-time job to cover your expenses. It may take a few years of hustle, but the goal would be to eventually leave your job and jump into your business full-time. This approach is another way to mitigate any financial risks involved in becoming an entrepreneur.

  2. Avatar

    Oussama

    Oct 11, 2015 at 10:39 am

    Hey Tyler,

    I can’t agree with you more how much it’s crucial and important to start a business as soon as possible. I am personally on my twenties by the time I am writing this comment, and when I just started my website I felt excited and every day I feel like it’s the best decision I have taken in my life. To start my own entrepreneurship venture.
    I may fail, I may succeed, but for sure I am going to learn a lot more than what I get taught in college and that will make me ready for all the future challenges.

    • Avatar

      Tyler Basu

      Oct 12, 2015 at 5:04 pm

      That is great! Starting your own website is definitely a step in the right direction. Best of luck with your endeavors!

  3. Avatar

    Mpumelelo

    Oct 5, 2015 at 3:30 pm

    Hi Tyler

    Thank you for such inspiration this year i mange to start my business i must say you are correct in what you are saying. We should start now. I am currently working finished my qualification in 2013 and i am currently doing a second qualification. Its tough but possibly at the same. Part of what you writting gives me hope that my business will work out as time goes on. I will visit the website to see who can i get to help me out in designing my online shop. http://Www.fashystop.com. This was a really inspirational thank u

    • Avatar

      Tyler Basu

      Oct 12, 2015 at 5:05 pm

      I am glad you enjoyed the article. Thanks for commenting and best of luck with your goals. If there is any way I can help, let me know!

  4. Avatar

    Theodore Nwangene

    Oct 4, 2015 at 3:03 pm

    Hello Tyler,
    I couldn’t have agreed more to all your awesome points here. Indeed, the best time to start a business is when you’re still young and being in your twenties is good.

    Like all the reasons you outlined here, starting when you’re still under 30 is really great because you stands a chance of getting so many benefits, most government likes to support and encourage young entrepreneurs than they does for the older ones and this is because they believe that the younger you are, the more vibrant and strong you will be with lots of good opportunities.

    • Avatar

      Tyler Basu

      Oct 12, 2015 at 5:07 pm

      Hi Theodore, thanks for commenting. I think more and more young adults are becoming interested in starting their own business, which is a good thing. Now really is an incredible time in history to start a business, and to connect with other people who can help you make it happen. The journey won’t be easy, but the sooner you begin the sooner you get to reap the rewards!

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