where could you be now

Today, there is a general belief that young people under 35 are more successful than their older peers.

BNP Paribas has already come up with a name for a new generation of entrepreneurs – Millennipreneurs. It turns out that this generation has better business acumen than entrepreneurs aged 50+. In total, BNP Paribas researchers surveyed 2,594 young entrepreneurs around the world.

According to the survey, young people start their first business at an average age of 27.7. By the age of 35, they manage to start an average of 7.7 companies. In contrast, entrepreneurs in the 1950s started their business for the first time around the age of 35.

Every day, more and more people around the world are drawn to the entrepreneurial spirit, and many of them are trying to start their own business before they turn 30. Those who started a business at a more mature age often regret not starting sooner.

“To every entrepreneur, if you want to do it, do it now. If not, you will regret it.” – Catherine Cook, co-founder of MyYearbook.

So why become an entrepreneur at a young age? Let’s look at the advantages of this path.

Unlimited money-making opportunities

As a rule, there is always a certain “upper limit” for earnings with regular office work. While such a steady income can offer a degree of stability, chances are your skills and efforts won’t be rewarded in the way you’d like.

If you had started your own business when you were young, you would not have to limit your income to the salary for a specific position in the company. When you start your own business, you can feel the direct relationship between your effort and your income growth. So, your income might be limited only by your ambitions and your self-motivation.

More time for a company to mature

Starting a business takes a certain amount of time. It can be years before you can be sure that your product or service is widely accepted.

So, the earlier your entrepreneurial journey begins, the more time you have to build the business you dreamed of.

In case of failure, more time to try again

In professional life, success sometimes gives way to failure. However, business failure is not always a bad thing as it can serve as a springboard to success.

Here’s why:

• People who make mistakes often learn faster – when you fail, you learn what works and what doesn’t;
• failure indicates what you need to change in order to succeed;
• Entrepreneurial failure promotes entrepreneurial personality traits – such as tenacity, perseverance and flexibility.

The sooner you get that precious opportunity to fail and try again, the more time you have to discover the unique path that will lead you to success.

Up-to-date with the current trends

Typically, younger generations have a strong understanding of the latest technologies and trends and are comfortable using social media. This combined knowledge, skills and abilities can greatly aid in business development. So the earlier you start, the better you will learn about the various facilities that modern technology offers.

Our advice is: don’t hesitate to take advantage of this advantage to start your own business now.

Acquiring soft skills earlier

Here’s another benefit young entrepreneurs have: They acquire the soft skills needed to succeed in business much earlier than their older peers.

As a leader, you must master effective and harmonious communication with others to achieve better results. As you begin your entrepreneurial journey, you’ll acquire communication skills, learn how to attract resources, improve your planning skills, and be prepared to deal with stressful situations. Running a business helps you learn how to present your work.

Finally, you will also gain a new understanding of how the world works, how to search for partners, employees and customers and how to prepare for future challenges.

Growing adaptability to change

Today’s companies work under conditions of increasing complexity, uncertainty and dynamic changes taking place in the external environment. The global pandemic of 2020/2021 is a shining example of how our world can change in an instant. Therefore, embracing change is critical to business success. To stay relevant and competitive, you must constantly adapt to the ever-changing environment.

Adaptability is a key skill of the modern entrepreneur and improves with years of experience. So the earlier you start your own business, the more adaptable you will become over the years.

Young founders who inspire with their success

Here are some inspiring examples of the success of today’s well-known business owners who started their businesses in their teens.

Matt Mullenweg

Matt Mullenweg, the creator of the WordPress platform, started his business at the age of 18 while working for CNET. At the age of 24 he decided to quit and started working closely with WordPress. Needless to say, it was the right decision.

Mark Zuckerberg

Mark Zuckerberg, creator of the world’s most popular social network, founded Facebook at the age of 19. The company is still growing, employing thousands of people, and Mark’s net worth is estimated at $114 billion.

Caroline and Isabel Bercaw

Caroline and Isabel Bercaw, the creators of Da Bomb Bath, found inspiration to place a toy in the center of their homemade bath bombs when they were 11 and 12 years old respectively. Less than a decade later and with a huge order from Target, the sister hired her mother as CEO to keep up with the $20 million family business.

The central theses

As we can see, the earlier your entrepreneurial journey begins, the better. If you start your own business from an early age, you will benefit from the following advantages:

• You don’t have to limit your turnover by a salary grid in this or that company;
• You have enough time to scale the successful results and try again if something goes wrong;
• They are increasingly tech-savvy;
• You acquire soft skills that cannot always be acquired in office jobs;
• You improve your adaptability to market and life changes.

Thousands of young people around the world dream of starting their own business and a new URLYstartnew start-up that will soon be available for teenagers and adults to embark on the entrepreneurial journey of a lifetime.

ORGANIC:

Chris Vermeulen is the founder of www.URLYstart.com, the entrepreneurship tool for kids that plays out the start-up process with rewards to start income-generating businesses online. Chris is also CEO of a trade research company www.TheTechnicalTraders.com

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