Thursday, January 07, 2016

Young Money: 7 Reasons To Start A Business Sooner Rather Than Later

There are plenty of reasons to start a business while you are still in your 20s.

Many people shy away from it — not because they don’t believe in their idea, but because they think they will be better at executing it once they are older and have more experience, more knowledge and more connections. Some of these arguments might be relevant, but most of them are just excuses not to step out of your comfort zone, so you continue the normal, everyday path of life.

Once you start thinking seriously about the advantages of starting a business now versus starting a business when you are older, you realize being young has several invaluable advantages:

1. It’s a learning opportunity.

Starting a business teaches you more than any university business course ever could. You get hands-on experience and get to see if the principles you learned in your classes are applicable in the real world.
You also learn a lot about yourself: What are your strengths? Your weaknesses? Are you a people person or a number cruncher?
The number one argument of people who want to wait with regard to starting a business is they feel they don’t know enough, and hope they will be better equipped after a couple years of work experience.
The counterargument: If you start your business now, you might fail miserably, yes. But at least you’ll learn to do better next time around.
Maybe your business idea is not the best. You might have to end your project after a couple months. However, this has a positive aspect.
Once the real big idea crosses your mind, you will already have the experience and knowledge of how to start your own business.
What if your first idea is, in fact, the big one? Well, you better start executing it immediately, before someone else capitalizes on your idea.



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