As per thesis many of the great business people started their careers at teens and mid 20’s. Many of them acquired existing industries and developed them successfully. Few got settled and are ready for their new startup. All they did is they utilized the opportunity as per the demand from the market. They used all their skills to meet the demand and supply. Most of them established industries based on the emerging industry as they don’t have enough experience to lead. Age is not a constraint for a talented person to start a business. All one would require is an idea to spark and implement at right time. Here are few tips on what is best age to start a business.
Why your 20s is the Best Time to Start a Business:
1. Early 20’s:
There are many who think that it needs some maturity to start business. But it is not true many of the entrepreneurs proved that age is not a constraint but passion is what matters, this will drive them to be in the top list. When we look at some top entrepreneurs they all started their career at the age of 20-25 and they provide best products and services to the people in the world. They would require proper direction and advice to compete with the others in the market. They come up with fresh ideas and concepts to develop the traditional methods of making money.
2. Motivated youngsters:
They have very less responsibilities when compared to the middle aged. Need not worry about the family burden since they will not have spouse or children to take care. Their focus will be only about their career, so there is high possibility for them to achieve it and be successful. Contribution of time is much higher when we see the case of young entrepreneurs. For certain period of time business needs to sustain with good results and for that it requires more motivation and hard work to spend on it, this is easy for the youngsters and it is hard for the older because they deviate at times with other responsibilities that they have in their life.
3. Ability to handle failure:
Young people have terrible tolerance to accept the failure. For few business it takes time to catch the fire that is needed to meet the market demands. They think practically and move forward. Also they had to keep investing money in their business for a bright future. They try to analyze the upcoming hurdles and invest accordingly. They act smart when got to face the challenges. They have plenty of time so they are committed to make it success. They can switch to other field in case they failed at one business. To become stable it needs time, money and courage to handle failure.
They have loads of determination towards their dreams. Their passionate is what makes them shine brighter, the willingness to learn and innovative ideas arises as they have fresh knowledge with them, though they do not have much experience they take help in different ways, they seek from books, successful persons and do experiments to understand the demand supply chain. They are energetic than the older or middle aged business persons. Open minded to handle any kind of situation to resolve it immediately. Try to their extreme limits to not quit the opportunity that they have in their hands. Love what they do and make things fruitful.
They pursue high chances to make business successful with their creative ideas. They are more prone to new technologies and tools, the productivity rate will be high since they use optimized methods and tools for output. This will not only reduce their time to produce their services in market also save money. As business is like a race track, one should be always ready with their weapons to compete others and make money more than investment. The logic is get back to the track when there is huge disaster, one should be capable enough to come up with quick initiative that sweeps other competitors ranking.
6. Flexible for changes:
As they enter into the business, they start molding themselves to the business culture. They use the existing technology and methods , convert them and organize the way they like to portrait as per their business strategy. As well young people have ability to overcome the situation within in no time. In business entrepreneurs have to keep changing their strategies in order to face the competition, they do not stick to fixed plans but fast in taking decisions. They do changes to remove the obstacles that they have in their path to capture the world attention and bounce back to be successful one. They try till their target is reached.
7. Ready to face challenge:
They chose the right team required for their business strategy and match up with their ideas. Right from the start up they face challenge. They do compare it as any assignment in their graduation and do complete with high responsibility. As we all know that Melton Hershey the founder of Hershey chocolate, in his attempt to launch his first candies was a failure, even though he overcome that challenge and now we have one of the finest chocolates in the world. They face many difficulties, they learned from it and overcome it and within no time they come with new product to replace it.
8. Strategy to reach people:
Marketing is the key element for any business. It is not that they have produced and people have no idea about it, sometimes the popularity brings success. Young people have many updated ideas to approach people and make them go viral for their products. Many of them use social media to express their product features, they are very good at network marketing than the experienced entrepreneurs. They do not invest much money for it but they still get huge profits out of that advertising through social media. Their moves are simply logical and creative.
9. Team Work:
They believe in team work and encourage no politics and old strategies of complaining each other. Equal opportunities distributed among the team along with responsibilities. They recognize the efficient people and utilize them accordingly for their business growth. They have discipline to perform tasks efficiently and deliver them with quality. They develop their own technology instead of outsourcing in order to grow vertically in business. The success depends on team, young entrepreneurs are smart enough to encourage them and motivate their team for targets
10. Ability to perceive opportunities:
Young people recognize opportunities and quickly react to them. Can develop strategy for that opportunity they have and adapt the whole business plan to link with this opportunity, they try to analyze the market demand for it and then utilize the opportunity in a creative way to stand in the ground as a unique entrepreneur. The one created for the first time will always be in the history and now we can see many of them approaching with new technology and new devices. They also try to learn if they have no idea about it and will always be alert to perceive such opportunities that will help for their business growth.
11. Stay connected with people:
To make market they should know the current demand of the public. This is the key perspective for any entrepreneur, the youngsters make easy for them to understand this objective. This is also one of the business skill to increase their revenue, they get new ideas, concepts and business contact to widen their kingdom. Many of the them invest and establish other business units with such feedback to make their business better. They get ideas for those resources which are very much required for their business to build. Exchange of ideas will build the foundation for new era of making money. Some of the successful industries, consider this factor as most important element.
12. Ability to Learn:
Business is not an easy game to start, it requires lot of experience to understand myths in it. These entrepreneurs have no experience but still have ability to learn. This zeal will help them to know all about the business, they do have fear and this factor helps them to learn things quick and everything that is involved in business. If they fail once they try it again with much more energy loaded with least thought of losing money but for their product to launch successfully in market. To sustain in the market they gather all efforts to know everything needed for their launch. Also the time supports them to give space for the entrepreneur to learn as much as possible.
13. Always say “yes”:
The first thing these young entrepreneurs perform is they always say yes for the proposition, they think beyond the scope. Even though they do not have the manpower for the project, they figure out the plan and recruit manpower accordingly. There is a least possibility to give up in their scenario, the young blood are stubborn to give up challenges. Instead they come up with a answer for the solution and utilize the opportunity, many cases have been successful by outreaching their limits to meet the demand. One cannot stick on small offers, they have to extend their limit to meet the big offers that will change their business volume and revenue.
Goals are set for them. They can make their goals true as they invest much time than the usually working hours that the experienced persons invest. Personally involve in each root of their business tree. They can evaluate the key and micro flaws in their organization structure and set action plan for it. Smart to overcome even the least defect that is involved to ruin the kingdom. They are pessimists and keep trying until they succeed in achieving the goal. Prepare proper check list to each and every individual to follow the principles to reach the numbers and cross the milestones. They make specific goals and ignore all the negative talk.
15. It’s the best age to pursue dreams:
Every entrepreneur put their best efforts to be in the top listed companies. But very few win over it. In this age the young people are filled with dreams to grow in this career. One day they succeed and some of them learn experiences from this continuous efforts to pursue dreams, they have wide scope to play with it to be the one in that list. They can walk through their life with this experience and make it better in another field though they failed at this attempt. They don’t lose anything by these efforts instead they become stronger than they were earlier. They understand the calculated moves that is required for this field.
16. Liberal to risk:
They are not afraid of the risks involved as experience is what matters them and they have clear visibility of those consequences which will cherish their career with happiness. They are quick to identify problems and overcome the risk, they lose in one place but they have ability to cash them double by coming with new strategy. They actually face the risk only in initial stages but they be alert to not repeat in future. Sometimes they take big risk with calculated strategies to catch the big fish that will be helpful for career.
17. We have successful young entrepreneurs:
We have many proven stories that the young entrepreneurs ruling the world. The designers of the angry bird, the founder of Facebook, the Harshley, and many more top brands founders are young when they started their business. Their success story has all the above secrets. They use technology, innovative ideas, and hard work, restless working hours helping them to be in the top.