th images menu user export search eye clock list list2 arrow-left untitled twitter facebook googleplus instagram cross photos entrep-logo-svg

4 Reasons Why You Should Start a Business When You're Young

There are tons of advantages to starting a business early on in life
By Renzo Costarella |

4 Reasons Why You Should Start a Business When You're Young

This story originally appeared on Due

 

 

If you’ve ever wanted to start a business, you’re certainly not alone. Whether you think of the next best thing in tech or an easier way to deliver pizzas, the opportunities are truly endless. What separates the “wantrepreneurs” from the entrepreneurs is action. A great idea is worthless without execution.

 

So when’s the best time to start a business? After years of experience working for a corporation? Once you’ve settled with your family? Truthfully, there’s no golden rule for when you should embark on your journey. However, there are tons of advantages to starting a business early on in life.

 

Here are four reasons why you should start your business when you’re young.

 

 

1. Fail fast, fail often… Fail early

This quote is used a lot in motivational speaking. We’re told time and time again we need to fail in order to succeed. Like every motivational quote, you need to take it with a grain of salt. Yes, it’s true that you will probably fail many times before you have a big win; however, you need to learn how to fail well.

 

When your business goes under, it sucks. You’ll be discouraged and you’ll have trouble motivating yourself for the next gig. This is why it’s important to fail when you’re young. I launched my first business fresh out of high school. After about a year, we decided to cut our losses.

I was discouraged for months. All that time spent down on myself was time wasted. That said, it’s a good thing I was only 18 and full of energy at the time. Failing fast and failing often is important, but failing early is key. After your first big failure, the next few will be easy.

 

 

2. There’s typically much less at stake

When we’re young, we generally have fewer responsibilities. You probably don’t have a family or a mortgage to pay, and if you’re lucky, you’re still on your parents’ medical insurance.

 

Starting a business puts a lot at risk. Aside from your finances, you’re also going to commit 110 percent of your time. Giving up a year when you’re splitting a room with your co-founder versus a year when you’re supporting a family is a huge difference.

 

 

3. Long-term assets

If done right, a business can be one of the best long-term assets you can build. Put in the time now, to make a passive income for the rest of your life.

ADVERTISEMENT - CONTINUE READING BELOW

 

If you’re a millennial like me, you need to get started building assets as early as possible. If you simply trade your time for money, by earning a salary, you just won’t get ahead in life. While it’s tough, building long-term assets is always worth it. That said, you need to start as early as possible.

 

 

4. You’ll get a taste of the "real world"

I’ve always been a hands-on learner. I was never able to grasp concepts in the classroom. I just needed to get out and do it.  Classrooms and corporate positions are often very controlled environments. While you can definitely learn a lot, you’ll miss out on some key lessons.

 

Starting a business is the perfect way to get your "real world" education. There’s no teacher or manager telling you what needs to be done. You need to come up with your own ideas, marketing plans, fundraising goals, hire employees and much more. When you make a mistake, there won’t be anyone to cover for you. These lessons are invaluable, and can only be learned from experience.

 

To be honest, it’s never too late to start a business. However, there is an optimal time -- and it’s in your youth. So get out there and get to work!

 

 

*****

 

 

Copyright © 2018 Entrepreneur Media, Inc. All rights reserved.

This article originally appeared on Entrepreneur.com. Minor edits have been done by the Entrepreneur.com.ph editors

 

Latest Articles

A Peek Inside Megaworld Corp’s Php100-M Art Museum in Iloilo City

The Iloilo Museum of Contemporary Art features artworks by modern Filipino masters

byPaul John Caña | May 20, 2018 09:00:00

How to Market to Moms: 5 Insights Brands Should Know (Infographic)

With 85 million moms in the U.S., it's safe to say their opinions are highly influential.

byRose Leadem | May 20, 2018 08:00:00

4 Practical Tips for Building Up Your Savings to Launch Your Small Business

These everyday fixes can supercharge your stash and help you reach your goal.

byHayden Field | May 20, 2018 08:00:00

Tycoon Andrew Tan Receives Spain's Highest Civil Honor Established by King Alfonso XIII

Tan was recognized for his "many entrepreneurial activities and initiatives."

byPaolo Chua for TownandCountry.ph | May 20, 2018 08:00:00

How Rich is Prince Harry Compared to Other Royals in the UK and the World?

A number of Philippine billionaires are richer than some of the world’s wealthiest kings

byEntrepreneur Staff | May 19, 2018 14:00:00

Is Airbnb Disrupting PH’s Exclusive Beach Resorts and Hotels?

A guide to the least-cost options of enjoying some of the country’s premiere vacation spots

byElyssa Christine Lopez | May 19, 2018 09:00:00

Shifting to A Green Economy Can Generate 14 Million New Jobs in Asia

Going green can be profitable too, and it turns out the Philippines has already been taking steps...

byAngelica Gutierrez for Esquiremag.ph | May 19, 2018 08:00:00

8 Books Every Manager Should Read to Become a Better Leader

There's a worthwhile book out there for whatever you need to move forward on your leadership...

byJohn Boitnott | May 19, 2018 08:00:00

How a 17-Year-Old With $1,000 Started Subway and Became a Billionaire

Fred DeLuca started what would become a billion-dollar business to help pay for college.

byMatthew McCreary | May 19, 2018 08:00:00

Ateneo-Based Startup Wins Pitching Contest With Business That Cuts Costs of Large Electricity Users

Exora Technologies to represent Philippines at a global technology summit in Thailand on June 22-23

byPauline Macaraeg | May 18, 2018 11:00:00

JG Summit’s Fintech Unit Launches Mobile App For Fast and Easy Cash Loans

Oriente Express begins beta testing with pre-approved users and partners

byElyssa Christine Lopez | May 18, 2018 09:00:00

From Gas Stations to Shipping to Casino Resorts: The Unstoppable Rise of Dennis Uy

At just 43, the Davao entrepreneur known for his close ties to the president has built a business...

byPaul John Caña | May 18, 2018 09:00:00
Close