Have you ever wanted to start a business? If yes, then you are certainly not alone. If you have ever been so excited about an idea you have and the possibility of it becoming the next big thing everyone will talk about, but what separates the wannabe entrepreneurs from real entrepreneurs is action.
That’s right – action. You may have heard the saying that action speaks louder than voice. In the world of business, it’s all about action. You may have the most brilliant idea but if you cannot execute it, the ideas will be completely worthless. No wonder Gary Vaynerchuk keeps speaking about it to everyone who seeks his advice and to the world as he learned a great deal about it from his experience.
A great idea is worthless without execution. So if you have a great idea but wondering, when is the best time to get started on your business? After getting a college degree? After several years of experience working for in a corporation? When you have the right resources or money? Perhaps when you have that killer idea?
Frankly speaking, there isn’t any special time to get started on your journey as an entrepreneur. But one thing is for sure, there’s a lot of benefits for you to start a business early in life.
Here are four reasons why you should start your business now you’re young.
1. You will fail early, fail often and fail forward
There has never been a better time than now you are young to fail early, fail often, forward to learn sooner and succeed. You probably have heard several quotes used in great motivational speeches about failing early, failing often and failing forward. Have you ever failed at something and didn’t learned something valuable from it? Gone are the days when you were told not to fail in school, that failing is bad. No, failing and learning from it is far better than never failing at all.
Success is a consequence of failing several times, picking the lessons from it and applying them.
“Success consists of going from failure to failure without loss of enthusiasm”.Winston Churchill
It is true that nobody likes to fail or be seen as a failure but as a young person, it’s better to learn from your failures early and apply them sooner to succeed than it is realizing them when you are older.
When your idea or business didn’t turn out as you have hoped it’s okay to feel discouraged, beaten down but when you realize that it’s only preparing you for something bigger, you get back up. And ask, what can I learn from this experience that will be valuable for me to improve my business or make a better one? This is why it’s important to fail when you are young. The resilience and character you build, the knowledge you accumulate will give you an edge in your next business. You learn to deal from failure and understand that it’s a process that leads to success. More importantly, you will learn how to fail right, build a strong attitude to succeed.
When I was in my university back in Nigeria, studying Civil Engineering, I started a business of tutoring students how to make 3D architectural designs as well as structural drawings. It went well up to the point that I was getting clients paying for architectural designs even though I was still a student. However, I failed in making it into a sustainable business.
I felt like a loser and was discouraged to the point of quitting. All the time spent investing in mastery, designing, making my portfolio and perfecting the business model was wasted. However, I learned why I had failed in properly executing the business and what could be done better. More importantly, I learned how to deal with my failure, and awaken a better version of myself.
It doesn’t matter if you fail but one is sure, you will fail your way to success.
2. You will overcome your fears
Fear kills dreams, fear limits you from ever discovering what’s possible for you. What are your fears? Fear of failing, rejection, being criticized, uncertainty, being hurt? Most young people are constantly faced with fears of being rejected because they feel they are seen as young, inexperienced,
One of the things that scared the shit out of me was speaking to a group of people. It was way out of my comfort. Before I started teaching people to use AutoCAD and ArchiCAD, I constantly thought of how I could confront and overcome fear. I had troubling thoughts like what if they reject me because I am a student, criticize me, laugh at me, what if I fail in teaching and making this a business? Well, I made some side income from it, failed in making it a sustainable business but something happened in the process – I learned to embrace my fears.
Starting a business at a young age will help you step you out of your comfort and learn to overcome your fears. You will discover that you can never know what’s possible for you until you step out of your comfort. Did you know each time you face your fears, you build confidence as well as courage and believe in yourself? Growth comes each time we go beyond our comfort and that is seen in our level of confidence and courage.
3. You literally have nothing to lose
Think about it for a moment, when you are young, you have few responsibilities, fewer things to worry about. Like, having to fend for your family, pay the mortgage, health insurance and if you are fortunate you have your parents to provide your needs.
If as a parent you would like to start a business, you would have to consider the risks of losing the house, not being able to pay the mortgage, not being able to take care of the family and more if you the business didn’t go well. Starting or running a business is, in fact, risky and for some parents, it’s better to play it safe and not start at all. There’s always a fifty-percent chance that you will succeed or run at loss for years without breaking even.
This doesn’t include the 120 percent of your time that you have to commit to the business besides the capital that will be required. Imagine sharing a room with your friend to start a business compared to supporting your family when starting your business. There’s literally nothing to lose? Giving up your comfort for a period of time to get started on something that can become a long-term asset, in my opinion, is worth it.
What could you possibly lose if you start when you are young? Money, time? These are investments and the experience that comes with starting a business is a gold mine.
4. You will make some side income
If you succeed in executing your business idea at a young age, you will have secured a passive income for yourself and possibly your family. One that can be a life-long asset. Put in the time now to have a passive income and secure a future for yourself. Entrepreneurs like Mark Zuckerberg an entrepreneur started at a young age have already secured their business for their family.
The dream life of traveling around the world, exploring new horizons that you so richly desire will no longer be a dream. There’s no better feeling than having the financial freedom to go places, provide for yourself and family and worry less about money.
It pays to get started in building long assets as early as possible. If you simply trade the time you spend partying, watching movies all day, you will get ahead in life. While it’s challenging, building long-term assets is always worth it. That said, you need to start as early as possible.
Starting a business is the best way in my opinion to get a taste of the “real world”. One that can’t be taught in school but needs a real experience. Not will you discover what’s really out there in the real world, you will also learn invaluable lessons, and can only be learned from experience.
You will have accumulated a wide range of highly valuable skills in a short time. And if done right, you will have secured for yourself a passive income.
If you are looking to start a business, it’s never too early or late to start a one. So get out there and get to work!