So you decided to open up your own business, even though you’re still young and do not have that much in experience, that is still perfectly fine because most people when they start, they have some zero experience to start off with. There are many advantages to starting your own business when you are in your 20s and 30s, one thing should be is a higher long-term potential gains and you have more energy to start with.
But be that as it may, there are some important things to know about starting before you are 30s:
1. Substitution for experience
When you are looking for funding, you look for private investors or you fund yourself for your business, as you look around the room and it hits to you that most early stage supporters will base their judgement of your business from the impressions you give off from your experience. Unfortunately for you, you don’t have that much experience to give, that will make investors unsure whether or not you can make things happen when it does take off.
Don’t be unnerve by this, you can actually substitute experience!. Let’s say that, if you don’t have any actual experience at all, you can get some experience by partnering with someone who has years of it or by working with a fellow entrepreneur and being mentor by him/her.
By exhibiting some sort of physical proof or tremendous amount of talent to your investors, you can compensate your lack of experience with that. Sometimes its better to identify what you don’t have and can gain from it along the way.
2. Credit matters.
Before anything else,you should have your personal finances in order. Also, before building any sort of credit in your business, you need to have personal credit and that is something unlikely not many twentysomethings people have.
Without these personal credit, you will have difficulties in convincing those investors and securing a line of business credit. Adding to that predicament, you likely won’t have a steady stream of income for the first few months of the business. Thread lightly as you have to think about how to pay those monthly bills and make other monthly expenses. In the case that you are in a huge pile of debt and have no savings left, then you have to do some work on the side before starting any business.
4. You have time.
Young entrepreneurs usually have more energy and passion that could not be matched by ones that are much older than them. There are many positives in this, such example is they are more productive and they enjoy more of the actual work they are doing, but they have more tendency to act without thinking or more reckless in their spending.
My thoughts? take it slow. you have to understand that you have years ahead of you and even if the prospects of growing and developing the business further, things are better off taking small steps. If you’re impatient, you might end up losing your chances of long term success. Think about it.
5. This probably isn’t the end.
Take it with a pinch of salt. Realizing that your current business at the moment most likely will not end your entrepreneurial road. You will eventually know then how many businesses fail. But as a young person, that sense of realization will be hard to swallow.
Nevertheless whether or not your business is succeeding or failing, in the end you will get out of it in order to purse another form of business as you wait for it to mature. Look at it as something temporary like a a jump start to a new thing that is better than the last one.
Take everything into consideration, if you play your cards right you strengths that you currently have right now can outweigh the weaknesses that you have. There’s no specific time when should you decide to start your business but knowing what you have right now i.e strength and weaknesses, its important when is the right time to use them to increase your chances of success.
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