Whatever your own motivation, if you’re going to start a business, there’s an ideal time to do it — while you’re still in your 20s and 30s. Why is that?
- Risks is lower.
You don’t have a mortgage to pay or a family to provide to. And even if you do bad for a while, family is there to help you (see point 2) and your living costs are lower (see point 5). And even if you’re messing up big time, it’s not like you’re going to loose your lifelong savings (or maybe you do, but we are not talking about huge amounts yet)
- Family and friends support.
While in some cases if you are married (with children) might raise demands from your family to spend more time with them and might not be so supportive with you running a business, I think in most cases, being young gets you more support from your parents and friends. If you get it wrong (see point 1) you still have a place to sleep and something to eat. Besides, because of the point 2 at the disadvantages list, you might need to get some financing from the 3F – Friends, Family and Fouls. Being younger makes things easier then.
- Easier to allocate time resources.
Because you are probably not married yet, nor having children, chances are that there is nobody to complain if you stay late at the office. And you might have less duties at home (even if you have to take the trash out) and much more resistance at spending nights working.
- Hiring young employees.
Start-ups do better with young employees. Being young yourself, it wouldn’t be a problem working with these young employees, and it might cost you less (see point 5). You will get to learn together with them how to make the business work, and on the long run it might get you some life-long friends and business partners.
- Lower costs.
Maybe you are still living at your parents, or even if you don’t, you might settle for a small condo. And you don’t need to drive a Merc. And your employees are costing you less because you’re hiring young (see point 4). You can live with just some pocket change for a while!
- Business innocence.
That’s both a benefit and a disadvantage (see point 1 at the disadvantages list). But basically, assuming that you have never worked before (or just did it for a short time) it might be that you were protected from the business adversities. You are less afraid of things, more innovative (because you just have to learn everything from nothing) and not afraid of things. You get to do things your own way because you don’t have the pre-conceptions on how things should be done because you worked before that way.
- Learning is easier.
That’s both a scientific factor that young people learn faster and an outcome of point 7. Your brain acts like a sponge, because there is so much to learn and partially because of point 9.
- Failure effects are easier.
First, it’s not like you’re going to loose your house (or maybe it does, but it’s outside of the thinking for this list), and even if shit hits the fan, you have the excuse that you are young and inexperienced. Besides, being young gives you more time to try again and do things better.
Easy to understand this one. Remember when you were little, you enjoyed your little toys for much more time. Go out and buy yourself a towing truck (or barbie doll) like you had when were little – your enjoyment will last less than in your childhood. It’s the way things go, if you are older and already been employed for a while, or had your own company for a few years, and let me tell you something: nothing gives you more enthusiasm than starting your first business and being young.
- Easier to stay up to date.
This is a result of point 7. Think about your parents. How easy is for yourself to get around with the iPhone, and how long it takes them to use it fully? It’s so easy nowadays to have your brain bombarded with information that it becomes a problem – it get’s worse with time, because you get to know a bit of everything.