Being a young entrepreneur can be beneficial on many levels, however, there are still some challenges you are likely to encounter

Five ways to grow and succeed as a young entrepreneur

Nowadays, new businesses seem to popping up left and right. Everyone seems to be turning into an entrepreneur, from that high school friend starting a beauty campaign on Facebook to a colleague moving across the globe to create an eco-friendly wetsuit company. The pandemic has encouraged a younger generation, particularly those in their twenties and thirties, to make their business ideas a reality. Even though the job market has been a rocky rollercoaster, young entrepreneurs are using it to their benefit. But someone might ask: is it wise to start a business when you are that young? Every choice in life has a positive and negative side.  

1) Long-term potential returns

When you start your company at a young age, you’ll be more likely to succeed earlier. Even if you have a few drawbacks along the way, you’ll still be ahead of the game. This means that you’ll be enjoying the benefits of a successful business for years to come.   

Lack of funding

You have the idea, and you have the drive, but one looming question for young entrepreneurs tends to be: “Where do I get the money to help get me started?”. When you start a company later in life, you may have a healthy balance in your savings account, while as a recent graduate, you are still learning how to secure your first funds. Young entrepreneurs should take advantage of competitions for students to help get them started with prize money. It usually entails multiple presentations to staff and the public with detailed information about your company’s future and how you plan to implement your ideas in the real world.   

2) Youthful energy and motivation

When you’re in your twenties, it’s pretty much expected of you to live a life of constant go, go, go. It’s a time in life when you’re always up for the next challenge and adventure while never seeming drained. This constant energy combined with the youthful motivation towards a brighter future makes for a dynamic entrepreneur.  

Less experience as a challenge   

Young entrepreneurs might be lacking experience in the real business world compared to those who are more advanced in years. However, this can be seen as both a positive and a negative. For corporate partners and clients, the professionalism of a young entrepreneur might be questioned, but this shouldn’t stop you from working towards your mission. See this lack of experience as an opportunity for growth. Be open-minded to new ideas within the workplace.  

3) A digital-savvy generation    

The entire world revolves around the internet and social media. Millennials and Gen Z have grown up with today’s technology and social media platforms giving them a head start over Gen X and Boomers. From Myspace to TikTok, and typing to coding, twentysomethings have learned how to get the most interaction on social media platforms as well as navigate their way through the digital world, and it’s comparatively easy for them to adapt to the constant change in technology since they’ve been adapting to such changes their whole life. The older generation can, of course, still learn how to work with new technologies and social media platforms, but they’ll be more likely to have to take the time and teach themselves or take a class. Learning about the digital world is a lot like learning a new foreign language, and young entrepreneurs hold the advantage of learning from a young age.   

 Take time to form connections 

Networking, networking, networking. Since early career steps, networking has been the key to landing a role when looking for that first part-time job as a teenager. The older you get, the more connections you make through school, colleagues, friendships, and work. The more connected you are as an entrepreneur, the better – so if you’re a young entrepreneur who’s just getting started, be on the lookout to make connections at any given time.   

4) Become a serial entrepreneur

In general, entrepreneurs have too many thoughts and ideas to stick to just one company, so they often create multiple enterprises over time. So, the younger you start, the more companies you’ll create and build a strong foundation towards a successful business journey.   

A complicated work/life balance

Starting a new business can be very time-consuming, and some people may not realise the full extent of the sacrifices they will need to make. For example, while your friends are getting off work at five and going to the pub, you may have to stay until 10 pm to have a call with a client in another time zone. The key is to find the balance that works out for you, but it will take some time to learn what suits you best. Make sure you prioritise your tasks and focus on the outcomes. 

5) Open to change

As a young entrepreneur, you’ll be more likely to have the freedom to change things around, move location, spend more hours with the company, and be more flexible. However, once you start to settle with a family or even just a general routine, you can become much less open to opportunities that could turn your life in a whole new direction.  

Young entrepreneurs will have their challenges when starting a business, but who doesn’t? With enough determination, drive, and skill, you can successfully create your business. Age is just a number, and it should not be perceived as a barrier to starting your entrepreneurial journey!