Many young professionals toy with the idea of starting their own business, yet being an entrepreneur isn’t easy, especially for someone in their 20’s, without a huge amount of experience in the field. Yet, it certainly isn’t impossible. Some of the greatest entrepreneurs in the world started their companies in their 20’s or even earlier. Mark Zuckerberg founded Facebook when he was 19, Catherine Cook founded MyYearBook.com at just 15 and David Karp founded Tumblr at 21. This proves that age is just a number, but there are a few things you need to consider before biting the bullet!
Do You Have Enough Financial Resources?
Entrepreneurship does have a lot to do with whether you have the money available to invest in starting a business. You could have a great idea and have everything in place to run a successful business, but without having the money there to make it happen, the idea can’t come to life. In your 20’s, often you may be focused on saving for a house to make it onto the property ladder, so you may not have a huge chunk of money to invest in new business. UK bridging loans are always an option to help with this, as they offer short-term loans to an individual or a company to enable them to fill in a financial gap quickly. This is a way to kick-start your business.
Do You Have A Clear Vision?
Being an entrepreneur requires great amounts of emotional intelligence, networking skills, personal skills and a strategic mindset, as well as a clear vision of what the future looks like. In order to build a strong foundation for your company, having a carefully organised business plan in the early stages is key. This requires experience and a depth of knowledge, so this needs to be considered before starting your business.
Don’t Aim For a Quick Win
Being an entrepreneur is not about making money by not doing any work. Results are long term, so expect significant losses at the beginning. Hard work and sacrifice in the first few years will improve your chances of success later on, but if you aren’t in a position for financial loses, then it is too early to start your business. As you learn and develop as an entrepreneur, your business will follow.
You May Have Less Responsibility
Without the demands of a family or perhaps a mortgage, you could be more flexible, free and focused. In their 30’s many people have heaps of responsibility, meaning time and money can both be tight. If you are in a position where you have savings, taking the risk in your 20’s could be the best thing for you. Your freedom can make a difference in your being able to take a risk or not. Also, you may be more naive which is also a huge advantage, as you may not know what the best practices are, so you won’t feel restricted by the industry standards. You will think outside the box and push the boundaries of what is normal.
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