Starting a Business From a Young Age: Where Could You Be Now If You Had Started Then?

There is a widespread belief today that younger people under 35 are more successful entrepreneurs then their older counterparts.

BNP Paribas already has a name for the new generation of entrepreneurs: millennipreneurs. As it turns out, this generation has more business acumen that entrepreneurs 50 years and older. BNP Paribas researchers conducted surveys of 2,594 young entrepreneurs from around the globe.

The survey found that young people start their first business at an average age of 27.7. They manage to start an average of 7.7 businesses by the age of 35. Contrary to this, entrepreneurs in their 50s started their first company at the age 35.

People around the world are becoming more attracted to entrepreneurial spirit and many are trying to start their own businesses before they turn 30. People who start a business later in life often regret it.

To all entrepreneurs: Do it now if you're serious about it. .". Catherine Cook, cofounder of MyYearbook.

Why not become an entrepreneur as a young person? Let's take a look at the many benefits of this path.

Unlimitless money-making possibilities

In regular office work there is a ceiling on earnings. Although a fixed income can offer stability, it is not likely that your efforts and skills are rewarded as well.

You don't have to limit your income to the salary of a specific position in the company if you start your own business young. You can feel the direct correlation between your effort and income growth by starting your own business. Your ambitions and level of self-motivation could limit your earning potential.

A business venture that matures takes more time

It takes time to establish a business. It might take several years for your product or service to be recognized.

The sooner you start your entrepreneurial journey, the more time it takes to build the business of your dreams.

If you fail, there is more time to try again

Sometimes success can give way to failure in professional life. Business failure does not have to be a negative thing. It can help you get back on track.

Here's why:

People who make mistakes learn quicker - failures teach you what works and what doesn’t.

Failure is a sign that you must make changes to succeed.

Failure in business fosters entrepreneurial traits such as persistence, tenacity and flexibility.

You have the opportunity to try and fail again earlier in life, which will give you more time to find the path to success.

Keep up-to-date on the latest trends

The majority of younger generations are more familiar with the latest trends and technologies than older generations and can use social media easily. Combining knowledge, ability, and skill can be a great help in business development. The sooner you get started, the better you'll be able to use the many facilities available through modern technology.

We advise you to take advantage of this opportunity to start your business right away.

Learning soft skills earlier

Young entrepreneurs have another advantage: They acquire the soft skills necessary for success in business much earlier than their older counterparts.

To be a successful leader, you must master harmonious and effective communication with others in order to achieve better results. You can improve your communication skills, your ability to attract resources, your planning skills and your readiness for dealing with stressful situations when you start your entrepreneurial journey. You can present your work by running a business.

You also get a better understanding of the world, how to find partners, employees and clients, as well as how to prepare for future challenges.

Increasing adaptability to change

Businesses today operate in a world of increased complexity, uncertainty, dynamic changes, and constant change from the external environment. The 2020/2021 global pandemic is an excellent example of how quickly our world can change. To be successful in business, you must embrace change. You must adapt to the ever-changing environment to remain competitive and relevant.

The modern entrepreneur must be adaptable. This skill is enhanced by years of experience. The sooner you start your business, the more flexible you will become over time.

Young entrepreneurs who inspire by their success as business founders

These are inspiring examples of business owners who started their businesses as teenagers.

Matt Mullenweg

Matt Mullenweg is the founder of WordPress. He started his company at 18 while he was working as a CNET employee. He quit his job at CNET when he was 24 and began working with WordPress. It was, evidently, the right decision.

Mark Zuckerberg

Mark Zuckerberg, who is the founder of Facebook, was just 19 when he founded the social network. It is still growing and employs thousands of people. Mark Zuckerberg's fortune is estimated to be $114 billion.

Caroline and Isabel Bercaw

Caroline and IsabelBercaw were 12 and 11 years respectively when they came up with the idea of adding a toy to their homemade bath bombs. A decade later, and with Target's huge order in hand, the sister hired her mom to run the $20 million family business.

The key takeaways

We can see that the earlier you start your entrepreneurial journey, the better. These are the benefits of starting your own business at an early age:

There is no need to limit your income by creating a salary structure in one or more companies.

You have plenty time to scale your success and to try again if something goes wrong.

Technology is becoming more accessible to you.

Soft skills are not always available at work.

This will increase your ability to adapt to market changes and other life events.

Many young people dream of owning their own business. A new URLYstartnew startup will soon be available to teens and adults who are ready to embark on the entrepreneurial journey of their dreams.