Honestly, there is no hard and fast rule as to when one should start their entrepreneurial journey. But there are tons of benefits to starting a business earlier in life, one of which is getting a head start in many aspects. The expert in this field, Bob Myers, elaborates on this with five reasons. Let’s delve.
When failure becomes favorable
Myers says that starting a business young means that one gets the opportunity to fail fast, fail often, and fail early and employ the learning to grow fast, grow often, and grow early. One learns, early on in life, to look at failure as an opportunity.
“It’s just like financial markets,” shares Myers, “the earlier you start your business, the more head start you get to take more calculated risks. You will be able to run your business at full throttle with fewer responsibilities and fewer commitments.”
Learning to use time wisely
“If you got locked underground and had only a day’s worth of oxygen, you would not scroll through your Instagram feed or chat with your friends or order a pizza. You would dig and dig and dig,” shares Myers. Starting working in the formative years gives the person a head start to apply the same level of dedication and urgency to grow his business and accomplish his dreams.
A bigger and stronger network
Let’s get it straight – a good network is the foundation of a successful business. Starting young gives the person a head start in creating a great network.
Taste of the “real world”
Last but not least, Bob Myers emphasizes ‘starting a business early in life’ as a great way to get ‘real world’ education, as classrooms and corporate structures are usually very controlled environments. In the former, they have to be on their toes always from coming up with their own ideas to hiring talent. These invaluable lessons quickly shape the person into a true entrepreneur.