Larry Page, Steve Jobs, Sergey Brin, Bill Gates and Mark Zuckerberg, all these names have at least in common. They all became entrepreneurs at a very young age. To be precise, they were in their early 20’s when they founded their respective organizations. Today they are reaping benefits of those sleepless nights invested in laying the foundation of their mega organizations. Can you imagine life without Google or Facebook? Sure we would have had search engines and social media portals, but would they be as effective as Google and Facebook, maybe not!
Here are 4 reasons why you should become an entrepreneur at a young age:
A. Less or no responsibilities
There’s no question that becoming an entrepreneur and chasing your dream is easier when you’re younger. The fewer responsibilities you have towards your personal life, the more likely you are to pour your blood, sweat, and tears into your dream venture. Don’t take this as an advice to quit college or school and start working though. Look at education as your enterprise while you’re studying.
B. Your family will always support you
When you are in your 20’s, you are living in your family home rent free and probably surviving on Maggi noodles. With no loans and the baggage to support your family financially, the entrepreneur inside you can aim for the moon. At times, your family may ask you questions like “So what is it that you exactly do all day sitting in your room punching keys on your laptop?” Kevin Plank, the brains behind the athletic apparel brand “Under Armor” ate at his home when he was running a debt on his credit card during the initiation of the company. Today his company is valuated at over USD 500 million.
C. Venture Capitalists are looking for you
Business environment is changing and we are entering an age wherein Venture Capitalists prefer investing in young entrepreneurs and their ideas. They like how fresh minds think beyond the ordinary and how they believe everything is achievable. Zomato.com as an entity was doing fairly well in 2010. They were close to breaking even and were giving some serious competition to Burrp. Several VC’s had their eyes on them, but did not know the potential the brand held. Soon after, they were funded by Info Edge with USD 1 million. Post that, Zomato sky rocketed to success and is now number 1 in its category.
D. Lots of net practice before the game
Practice makes a man perfect, and as a young entrepreneur you will have lots of time to figure out what works best for your business venture. Investors do look for entrepreneurs who never give up and are patient enough to give time to their cause. You might find it shocking but 35% of startups shut down within the first year.
Even if we consider the worst-case scenario and take into account that the entrepreneurial dream is unsuccessful you still have the learning experience of a lifetime with you. This experience is certainly something, which a regular 9 – 6 day job will not teach you. So taking a leaf out of Steve Jobs book, while you are young and just go ahead and Stay Hungry, Stay Foolish.
If you too have entrepreneurial dreams or wish to have a venture of your own, you need to have faith in your Chatur Idea. You will always wonder who will fund this idea and from where will you find investors. In that case, you can participate in the #BeAChatur Contest and not only be mentored but also stand a chance to win a whopping Rs. 10 Lac funding for your dream startup idea.