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When is the right age to start-up your business? Like most things in life, there is no correct answer to this question. There may be some obvious reasons why starting up in your 20s is better – age is on your side, higher risk appetite, fewer financial and filial responsibilities. But there is a flip side to this too. This article explores the two sides of this coin for you to decide when it’s the best time is for you!
1. Time vs Experience
The major argument against the “age is on your side when you’re in your 20s” reasoning is the lack of experience. When you start-up in your 30s, chances are you’ve learnt some lessons in your 20s that will hold you in good stead through your business venture. You may have even started building a powerful network of business partners and a knowledge bank by this time. Alternatively, starting-up in your 20s allows you the chance to experiment more. If you allow yourself, your 20s could be the decade for figuring out what excites you.
2. Easier to Quit vs Savings
It’s probably easier to quit your job in your 20s and commit to starting-up than when you’re earning more in your 30s. Fewer financial obligations and presumably, a more economical lifestyle makes the decision-making easier at a younger age. In your 30s, however, you may have healthier savings in the bank allowing you to better realise your start-up dreams.
3. Access to Knowledge vs Access to Cash
In your 20s, it’s only been a few years since you’ve graduated university. University offers a pool of talent, ideas and knowledge. You will have easy access to experienced professors, talented classmates and great business plans that can successfully convert. In your 30s, however, a reliable financial track record and work history is bound to open more doors to investors and venture capitalists.
4. Creativity vs Practicality
You’re bound to chase creative business ideas in your 20s, not immediately worrying about their viability. This may stem from the possibility that you haven’t seen the inside workings of a business and the possible challenges it faces. In your 30s, however, you possibly have a more balanced approach to decision making by virtue of having some work experience behind you. This allows you to see both the pros and cons of a business idea more clearly and accurately.
5. Boldness vs Smartness
Being younger brings with it some boldness towards tough decision making. You’re more willing to jump off the proverbial cliff and hope that you fly. In your 30s, however, you’ve hopefully developed a nose for a fishy deal or business partner. You’re more equipped to tell a good idea from a bad one and less likely to be taken for a ride.
6. Fear of Failure vs Fear of Success
In your 20s, you’re probably more focused on not getting things spectacularly wrong. You’re hoping you’ve started-up your business on the right foundations so that it doesn’t come crashing down in your face. In your 30s, however, you may look at this a little differently. You may be concerned about starting-up a business that doesn’t merely get by but is successful. Thriving, and not just surviving, is the primary goal.
At the risk of repetition, there really is no right age to start-up. There are convincing arguments to be made for both sides. In fact, famous companies like Coca Cola, Intel and KFC were founded by entrepreneurs who were well past their 30s. They key question then isn’t when is the right age to start-up, but when is the right time for you to start-up?
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