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Advantages of Starting a Business When Young

Advantages of Starting a Business When Young

What is the best way forward in your career when you’re young? This is a difficult question, especially at the start of your working life, as you have little experience to go on and guide you going forward, combined with the fact that the possibilities are vast and varied. Although often something not undertaken until later in your career, perhaps there is a lot to be said for the possibility of giving self employment a try. Here are some of the reasons why.

 You Have The Time Available

When you are young and fresh out of college, you have that golden combination of being of a grown up age but are not burdened with many of the responsibilities that most of collect along the way as we get older. You don’t have children to look after or large financial commitments, such as a mortgage, to worry about. This leaves you a lot more free to follow your dream of building a business up, as the hours to get something off the ground can be long and tiring.

 Your Ideas Are Fresh and Unburdened

What you lack in experience actually has it’s upside in many ways. You will need to use the knowledge of others to help the lack of workplace experience, especially in technical aspects such as bookkeeping and accountancy. But in other ways, you are not coming into the venture having the habit of doing things someone else’s way and being used to following their systems. So you can come to things with a fresh eye and maybe see some new and unique ways of doing things.

 Your Education Is Still Current

Being that you are only recently out of school, it stands to reason that your studies are still fresh in your mind and anything you have learned is definitely not yet out of date, like it may be for more experienced workers. A Level Results Day wasn’t that long ago for you, so use that knowledge and make the best of it.

 You Are Not Burdened By Needing A High Salary

If you start a business later in life, you will have all of those responsibilities and burdens we mentioned earlier such as family and mortgage to take care of. You do not have this, so take advantage of your situation by living in a low-rent property or in a shared house. Living frugally for the first year or two will allow you the luxury of time to make your dream a reality. Later, you can start paying yourself more or take up one of many options of what to do with the profits.

 You Have Time To Fail and Start Again

Given everything mentioned here, it shows that if you can start a business at a young age, then it will be flourishing by the time you really need a steady income. But if it doesn’t work out, it’s not the end of the world by any means. There is always the rest of your life to have another career and the variety of skills you will have learned will do you well in any job you go into later on.

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by Rebecca Jones // Contributor to Businessing Magazine.

Opinions expressed by contributors are their own.