If you are considering starting your own business, you are definitely not alone. From the next ‘iPhone’ of the tech world to a business plan for faster food order delivery, the opportunities are endless.
What sets successful entrepreneurs apart is, as you can imagine, taking action – the challenges they face to bring their ideas to life. An idea, even perfect, has no value unless it is put into practice.
“Ideas have no value to me unless they are put into practice. Ideas are just a multiplier. Execution is worth millions.” —Steve Jobs
So when is the best time to start your own business? After years of company experience? After starting your family? Truth be told, there is no golden rule about when you should embark on such a path. But starting your own business early in life can have many advantages.
Here are 4 reasons to consider starting your own business at an early age:
1) Sink Early, Bag Lots, Fail Early
This quote is often used in inspirational speeches. You have heard many times that in order to be successful, you must first fail. As with any inspirational speech, this one should be viewed with skepticism. Of course, it is possible to encounter many failures in order to make big gains, but it is also necessary to learn to fail in the right way.
Ray Dalio, the world’s largest hedge fund manager, says that failures occur as a result of certain behaviors repeated, so that failures can be overcome by identifying and solving them. It’s also important to remember that after your first big failure, the next one will be easier.
2) Lose When You Have Nothing To Lose
In the teenage years, everyone has far fewer responsibilities. You do not have a newly formed family, do not pay loans, or if you are lucky, you still benefit from your family’s health insurance.
Starting a new business will put you at many risks. Apart from your money and financial resources, you will be dedicating 110% of your time. It goes without saying that there’s a pretty big difference between sharing a room with your partner and spending a year like this, versus a year when you have to take care of your family.
3) Long Term Assets
If done right, your business can be the best long-term asset you can have. The few key years you spend in your teen years can play a key role in creating passive income sources that will impact the rest of your life.
To be honest, you may not get very far in life with a salary that you can get by trading your time for money. While it may be challenging, having long-term assets is definitely worth it. However, you should start as early as possible.
4) Experience the Real World
Building your business will definitely give you real-world experience. You won’t have a teacher or manager telling you what to do. You need to stand out with your own ideas, marketing plans, and funding goals. This means that if you make a mistake, there is no one to cover it up for you. But the lessons you can draw from them are invaluable, and you can only learn them through experience.
It’s never too late to start a business. But your teen years may be the best times for this. As an old Chinese proverb says: The best time to plant a tree was 20 years ago. The second best time is now.
You may also be interested in these contents: