Swami Vivekananda, one of the greatest Hindu monks in all times once said, “Give me 100 energetic young men and I shall transform India.” The power of the youth cannot be denied, as they are filled with energy and curiosity. This may be the reason why the current startup industry of India is being dominated by young and dynamic individuals. One of the world’s youngest billionaire, Ritesh Agarwal, founder of OYO Rooms, is only 26! He didn’t have any specialized degree or many resources or a vast inheritance. What he has is so much more; a brilliant idea, the want to be successful and most importantly, the passion for achieving it all.
Today’s young generation doesn’t want to adhere to the age-old norms. They want to take it up a notch and explore unchartered territories while making a name for themselves. Teens don’t even want to wait till they complete their education, as they dive into creating business pitches along with completing their college assignments. Armed with ideas, creativity, and innovation, the younger generation has taken the startup sector India by a storm. A statistical study found that 73% of entrepreneurs in India are below the age of 36 years, and 50% of entrepreneurs launched their first company within three years of completing their graduation. Even those individuals who complete their education, like IITs and IIMs, chose to be the leaders of their own lives, with a study showing that a minimum of 40 students in each IIT chooses to commence their startups instead of partaking in campus placements.
While there are no age restrictions to when you can start your venture, starting young does come with its fair share of benefits. In this article, we will discuss the advantages young entrepreneurs can make the most of!
1) Free From Fear
For most individuals, as they grow older, the amount of responsibilities increases. Having a steady salary becomes a must-have and taking any risks is usually out of the question. However, when a young individual strives to make a mark in the entrepreneurial world, the level of risk is considerably lower. They usually don’t have many responsibilities and hence can afford to not earn a considerable sum immediately. Thus, they can launch their startup without the fear of failure and can dedicate their entire focus on how to advance their business and not how to earn enough to take care of a whole family. Even if they do fail, they still have the majority of their life ahead of them and can easily do something else without causing too much havoc on their lives.
2) Enthusiasm Is Part of the Package
It’s no secret that enthusiasm is essential to be a great entrepreneur. Most young entrepreneurs are filled with unparalleled enthusiasm that gives them the drive to work extremely hard. This enables these young individuals to work relentlessly and brave through the inevitable hardships. Moreover, their passion is contagious and spreads through the employees who work equally hard to ensure the business is a resounding success.
3) For The Love Of Innovation
Grown-up with technology and surrounded by innovations improving their lives every day, young entrepreneurs love innovating new things that make life easier. This helps them create unique products that are a wild success with consumers, sometimes even creating demand for a product that never even existed before. This drive to create something new also makes room for new startups, ensuring there is never too much competition in one field or industry. Additionally, innovation isn’t just restricted to creating new products or services. They apply the same thought-process to their companies as well. They focus on creating new and innovative ways to improve processes in the office and find unique ways to complete mundane tasks.
4) They Stay Positive & Full of Life
Regardless of the industry or size of the company, hardships are inevitable in business. What’s important is staying positive and focused during tough times. While many entrepreneurs can pull this off, it comes easier to younger business-aspirants as they are less experienced and have lesser going on in their personal lives. They are free and have a hint of naivety, which plays a positive role as it keeps them driven even in the toughest of times.
5) It Goes Beyond Just Money
Everyone wants to earn money. Entrepreneurs are no different, as they all hope to make big bucks from their company. However, as young entrepreneurs are ideally not in a pressing need for money, they focus their efforts first on what’s best for the business. Most of their funds are reinvested in the business to help the company expand and grow. Moreover, they also use their energy, focus and pull as entrepreneurs to support social causes, which is highly appreciated by customers. For these young business-aspirants, their company is not just a means to make money; they want to build a community.
6) It’s Okay To Fail
You may have the best idea and a great business model with a team of experts working for you. Even then, the market can change at any point, and you may need to shut the business overnight. While this may come with some serious repercussions for an entrepreneur who is old and might find it difficult to find another job easily. However, younger entrepreneurs have the liberty to give their company everything they’ve got, and it doesn’t work even then, they can easily exit and find something more proficient with their skills.
7) Adaptability Comes Easier
Be it sales, marketing, or even recruitment, there is always something changing in the business world, especially since the inception of various technologies. While it may be difficult for an older entrepreneur to move from manual filing to using an automation tool, a young entrepreneur will encourage the use of tools that help negate the need for conducting mundane tasks. Younger people are more adaptable to change and can make changes quickly if it means it’s for the betterment of their company.
So, there you have it! There are many more advantages of starting young, but in a crux, by starting young, you not only get more room for failure but can also build your career on your rules.0