3 reasons for starting your own business early in life

Posted by: Abhin Chhabra 3 years, 4 months ago

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Immediately out of university, I decided to start a company called Uberlearner. After only nine months of work, I decided to kill the project and look for something else to try. Soon enough, I was getting involved with another startup called ENVrecon, along with four other people. As of today, I'm still working on ENVrecon and things are starting to look good.

I think entrepreneurship, for me, has become a lifestyle. I tried it as early as I could and I stuck with it. But often, people I know tell me that they are going to try starting their own business "some day". I'm writing this article to talk about how much easier it is to do it in your twenties and why.

Essentially, my arguments revolve around the fact that the risk of trying something new is lowest when you're young. 

1) Less Responsibilities

There is a short window of opportunity during adulthood, before you have any dependables (read: kids), when you can try new things without financial risk to anyone but yourself. You should be using this opportunity to not just try entrepreneurship, but a whole host of other things that you may never get to try again until you're much older.

2) Less Baggage

I'm only 24 years old. I have no mortgages or loans at this point (Canadian universities are not as expensive as their Americal counterparts). I chose to rent an apartment 3 blocks from work, so I won't have to own a car. All the furniture in my apartment combined probably costs under $2,000. All that has given me amazing flexibility. I have engineered my life around the question "how hard would it be to move to a new city?" and I feel pretty great about it.

I understand that not every young adult has their life setup so conveniently around a central theme (such as mobility, in my case), but the reduced baggage is something most young adults can claim to have. This is great for entrepreneurship, because it usually means (1) you don't need as much money each month to survive, and (2) you can spin your life around on a dime. Entrepreneurship isn't as predictable as other career paths (but more rewarding) and hence flexibility is pretty useful.

3) Youthful Energy

Entrepreneurship is hard work. You experience a lot of failure before you experience any success. But when you're young, you are able to deal with failure much better. You probably haven't climbed the corporate latter too high and hence haven't experienced a lot of career success yet. And that's a good thing because your expectations are still fairly low and failure doesn't bother you as much.

More importantly, as a young adult, you are always trying to find ways of proving your metal to the world. Failure in one attempt to prove yourself doesn't stop you. You deal with your wounds and move on to the next experiment.

Conclusion

Being a young adult gives you a great opportunity to take chances and try new things out. The consequences of things not working out are not as harsh. Plus, failure is a great teacher. So go be an entrepreneur now. The longer you wait, the harder it will get.

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