Being an entrepreneur is being your own boss, and being one in your 20s is the most exciting, exhilarating, rewarding but at the same time the most challenging experience in itself. “People under 35 are the people who make change happen”, said Venture Capitalist Vinod Khosla in the year 2011. This saying holds true even for ventures that started a decade ago, or more. Multi-millionaire empires like Facebook, Google, Microsoft and even Apple are the outcomes of the 20-something minds of the world. But like any other thing or experience, being an entrepreneur in the 20s has its pros and cons.
Get an early start
Even if you don’t get a first mover’s advantage in the industry you’re in, you’ll definitely get an advantage for starting early on in life. The youth don’t see any boundaries and are not hindered by any obstacles. Straight out of college, the young mind is filled with fresh ideas. Not having burnt their fingers with experience, the youth is fearless and up for any experimentation.
You’re full of energy
You have the maximum energy to run around, get work done and constantly network with people. As an entrepreneur you end up doing all kinds of work completely outside your domain, these energy levels are an added advantage. Also, being a technology-driven generation constantly hooked to social media, socializing and networking is never an issue for the millennials.
This depends on your industry and nature of startup but being in your 20s means you’re more ready to experiment with newer ideas, work with new strategies and develop more innovative ways to work. With new age startups, there’s more scope to experiment with technology and ideas, and entrepreneurs in their 20s are more likely to take risks. The larger the risk, the larger the potential return.
Always something to gain
As they say, ‘there is no such thing as a bad idea’. What goes wrong is the execution. If your startup doesn’t work out for some reason, the journey of being an entrepreneur teaches you so much. You can always apply these learnings to a job you might want to take up or even another startup. The early start gives you enough time to change paths and come out of your failures.
Lack of experience
Experience in the said domain/industry is definitely something that can set you back from your competitors. Many industries require a particular training or education, but if you hire the right team and are passionate about your startup, you’ll be ready to learn and move ahead, no matter the industry. From time to time, young entrepreneurs can seek guidance from experienced mentors and CEOs. After all, constant learning is a part of every entrepreneur’s life.
Lack of funding
If you’re in your 20s, there’s a low chance that you have enough savings and investments to fund yourself. However, if you have the right idea and direction, you will be able to find the right venture capitalists to invest in your startup and guide you. Also, when you start young without any experience, the investors face issues trusting you and your ideas. The key to this is- a brilliant idea presented brilliantly and confidently. Earning people’s trust can be challenging but rewarding at the same time.
Despite these few disadvantages, being an entrepreneur in your 20s is worth every challenge. So start early and make every step count! At the end of the day, a unique vision and a well-crafted roadmap by a talented leader are the factors that determine the disruptive capability and relevance of a start-up.