5 reasons you should start a business earlier in life, by Bob Myers
When is the right time to start your entrepreneurial journey? While there are no hard-and-fast rules about this, there are tons of benefits to starting a business earlier in life, one of which is getting a head-start in many aspects.
Bob Myers, an expert in this field, gives five reasons why you should start early.
When failure becomes favourable
Myers says that starting a business young means that one gets the opportunity to fail fast, fail often, and fail early and employ the learning to grow fast, grow often, and grow early. One learns, early on in life, to look at failure as an opportunity.
“It’s just like financial markets, the earlier you start your business, the more head start you get to take more calculated risks,” says Myers.
“You will be able to run your business at full throttle with fewer responsibilities and fewer commitments.”
Learning to use time wisely
“If you got locked underground and had only a day’s worth of oxygen, you would not scroll through your Instagram feed or chat with your friends or order a pizza. You would dig and dig and dig,” shares Myers.
Starting to work in the formative years gives the person a head start to apply the same level of dedication and urgency to grow his business and accomplish his dreams.
A bigger and stronger network
Let’s get it straight – a good network is the foundation of a successful business. Starting young gives the person a head start in creating a great network.
Taste of the “real world”
Bob Myers emphasizes “starting a business early in life” as a great way to get ‘real world’ education, as classrooms and corporate structures are usually very controlled environments. In the former, they have to be on their toes always from coming up with their own ideas to hiring talent.
These invaluable lessons quickly shape the person into a true entrepreneur.