Why You Should Form A Company In Your 20s
The light bulb has gone off, so to speak, and you’re laying the groundwork to make the idea into a reality.
But you’re too young. And you lack professional experience. And you’re not mature enough to handle the responsibility of owning and operating your very own company.
That’s what some might say, anyway, when you tell them you want to form a company.
But don’t let the naysayers (or your own personal doubts) dissuade you from pursuing your dream of becoming an entrepreneur.
In this post, we’ll discuss all the reasons why you should form a company while in your 20s.
Form A Company In Your 20s
Becoming a successful entrepreneur in your 20s might sound like a dream reserved for the elite. People like Facebook CEO Mark Zuckerberg, or Microsoft founder Bill Gates.
But even the most successful young entrepreneurs had to deal with the same uncertainty and lack of experience.
Mark Zuckerberg once said, “I started [Facebook] when I was 19. I didn’t know much about business back then.”
Now, years later, Zuckerberg is one of the most wildly successful young entrepreneurs there ever was.
Maybe your bright idea won’t overshadow the likes of the social media juggernaut, but at least there’s living proof that you can indeed form a company while in your 20s.
In fact, it might just be the perfect time to do so. Let’s take a look at the different reasons why starting your own company might be the best decision you ever made.
Like many things in life, the phrase “lower risks” is a relative term.
That is, while there are definitely risks involved when taking steps to form a company in your 20s, the risks aren’t as monumental as one would expect.
Additionally, the potential negative consequences aren’t as high if one were to wait to form a company until they’re older.
Many young entrepreneurs reflect on their early days of their business with the phrase, “there was nothing to lose.”
Beginning to form a company while you’re young saves you from becoming acquainted with the stability of working, for example, a full-time corporate job.
Rather than relying on your education and the doors it opens, you’ll be taking the matter into your own hands. While your friends are toiling away from nine to five, working for a boss they don’t like, you’ll be carving out your own destiny and becoming your own boss.
The risks are lower to form a company in your 20s for the simple fact you haven’t likely had a taste of what success is like yet. Due to this, the potential risks are far outweighed by the potential for success.
Early adulthood abounds with free time. Something which you won’t fully appreciate until you’re older. While some of your friends might be carousing on the town, you could be putting your energy towards building your dream.
The lives of young professionals aren’t bogged down with the obligations that come later in life (i.e. family, mortgage, etc.). As a result, more of your time and energy can be directed toward growing your business.
Furthermore, you’re young and have your entire life ahead of you. Cherish your youth while you still have it. But don’t forget, if you choose to form a company in your 20s, that leaves decades upon decades to improve upon your original idea.
Just like available time, young people also have energy in spades. Which is good, because operating your own business can require a lot of it. Especially a start-up.
But with the elevated energy also comes unnatural levels of enthusiasm and motivation. You’re eager to see what’s in store rather than hedging your bets and playing it safe.
People change and grow, and you’re no different. The future holds uncertainty, so roll the dice and see what other dreams may come from following the dream you have right now.
As previously mentioned, being in your 20s typically means you’re free from the obligations and commitments that come later in life.
Chances are you don’t already have a family of your own. Any social obligations can easily be worked around your schedule. And financially you’re not under the weight of miscellaneous debts and other bills that need to be paid on time.
Young business owners are often free to devote the majority of their time to building their own company. So take your youth as an opportunity to begin testing the entrepreneurial waters.
Have you ever watched how a newborn child or a toddler interacts with the world? Everything is new and fascinating. Ideas aren’t diminished by preconceived notions of the world or by established belief systems.
The same can be said about young entrepreneurs when compared to someone that has been working in an industry for any length of time.
People form opinions and habits, and sometimes these notions become difficult (if not impossible) to dismiss or change.
You might consider a lack of experience to be a possible impediment to your success, but in reality, your lack of real world experience keeps the possibility of accepting new ideas within your grasp.
This malleability and plasticity are actually virtues to the young entrepreneur. Use this fresh way of looking at the world and its problems as motivation and inspiration to think outside the box.
Ability To Adapt
Much like how youth lends itself to the development of new ideas, it also lends itself to doing things differently.
This isn’t simply referring to going against the grain of established cultural and professional norms. Rather, it’s about being able to look at a situation with a fresh set of eyes.
Because you’re young and lack professional experience, you’re unaware of how things are normally done in the daily grind around the world. As a result, you’re free from the chains of preconceived notions on how something needs to be done a certain way to get a certain result.
Your business might just be inspired by improving upon an old design or making an existing solution to a problem better. Take that ingenuity and apply it to your business practices, and you might be surprised by the positive results.
Furthermore, this technological era favours the young. Advancements are happening at a quickening pace. As such, your youth has already prepared you for keeping up with the ever-expanding rate of technological development.
Long Term Goals And Returns
As previously discussed, to form a company while in your twenties requires taking relatively minimal risks.
Everything lies in front of you. And because you’re starting with little to nothing, you have little to nothing to lose.
But on the flip side, sticking with your goals and seeing your plans through has the potential to bring with it huge returns. So don’t quit! Just because you’re not making money now doesn’t mean you won’t in the near future.
Age As An Advantage
Everyone has to get their start somewhere. Even industry veterans were once new.
There are many people out there that are happy to help a young entrepreneur on their quest to form a company. Older business owners had to go through the same growing pains as you, so try reaching out for advice.
Don’t be afraid to ask questions, even if you don’t know the individual personally. Check your local news media publications to see if you can find any local business owners. From there, compile a list and try reaching out via email. You’ll likely be surprised by the response, as well as their willingness to help.
This Is Just The Beginning
Having the ability to form a company in your twenties bodes well for future endeavors.
Many entrepreneurs don’t stop with just one business. Many go on to create multiple businesses, using the lessons from their previous ventures and applying them to their new projects.
Beginning while you’re young sets you up for future success. Sure, you might make some mistakes along the way. But these mistakes are learning experiences which can then be applied to the next problem. Keep looking ahead to the future.
To form a company from the ground up is no easy feat. If you’re in your twenties and are considering building your own company, kudos to you!
Coupling the right idea with the right work ethic can bring incredible results.
Before you jump into the world of business, check to see if your potential business name is already taken. Begin researching your next great business with our free NUANS Preliminary Search tool.