Should You Approach The World Of Entrepreneurship Before Your 30s?As pointed out by many, the world of entrepreneurship is changing quickly. With many new sectors, approaches and, most importantly, the fact that the internet has drastically changed almost every business sector, becoming an entrepreneur (on paper) is easier than ever. With this being said and given the number of resources available online on this very matter, a lot of young professionals tried to embrace the entrepreneurship’s culture before their thirties, some succeeding and some failing. The years before your thirties are, generally, the most pivotal ones for what concerns building someone’s future but, if applied to entrepreneurship, they could be the most dangerous ones, let’s analyse why.
As pointed out by many, the world of entrepreneurship is changing quickly. With many new sectors, approaches and, most importantly, the fact that the internet has drastically changed almost every business sector, becoming an entrepreneur (on paper) is easier than ever. With this being said and given the number of resources available online on this very matter, a lot of young professionals tried to embrace the entrepreneurship’s culture before their thirties, some succeeding and some failing. The years before your thirties are, generally, the most pivotal ones for what concerns building someone’s future but, if applied to entrepreneurship, they could be the most dangerous ones, let’s analyse why.
What Defines a Successful Entrepreneur?
As said above, entrepreneurship as a whole drastically changed in the last couple of years, mainly due to how the internet has “contaminated” processes such as lead generation, sales and marketing. In 2019, in fact, owning a drop shipping store could be considered “being an entrepreneur”. With this in mind, in order to better picture the figure of the successful entrepreneur, especially in today’s era, we’re going to use a simple keyword: “healthy income stream (s)”. A successful entrepreneur in 2019 is the one who can set up, run and manage a variety of businesses, whether if physical or online, which are regulated and delivering good results. A successful entrepreneur, given the nature of businesses in 2019, is someone who’s also savvy for what concerns the “digital domain” and is able to translate a “classic form of business” to a digital one. Fintech, in particular, has been the biggest sector who has applied digitalization features, with examples like UK Bridging Loans and Santander.
Why Entrepreneurship Before Your Thirties Is A Dangerous Road
Approaching the world of entrepreneurship before your thirties could be dangerous because of the lack of experience. The catchphrase which says “90% of businesses fail” is pretty accurate, especially due to the volatility of today’s online business sphere. Many are the young entrepreneurs who, attracted by the easiness of creating online stores, approach the entrepreneurship road without a proper business plan and, although the failure itself could be great for learning purposes, it also could lead into debts which will be hard to extinguish, especially for a young professional. On the other hand, every form of entrepreneurship requires a bit of risk management and, in the end, is all a matter of how well planned your business infrastructure is.
How To Overcome Initial Doubts
If there’s a tangible variable which leads, most of the times, to failure for what concerns entrepreneurship, that would definitely be the fact that, especially when initial investments are not showing returns, many are letting their doubts overtaking their strategies. Initial doubts and thoughts like “Maybe I should restructure my entire business” after a couple of months are a better definition of the above statement. Of course, ideally, results should come straight after your business plan has been put into execution but, sometimes, especially for bigger projects, the waiting time is far bigger. Jeff Bezos, to reference, knew from the day he started Amazon, that his first 2 years would have been a significant loss.
To Conclude
Entrepreneurship, especially at a younger age, is something which could be seen as an easy alternative to a 9 to 5 job but, instead, is something which requires discipline, a little bit of luck and strategic thinking. Therefore, if you’re considering an entrepreneurship route, start by looking into your mindset whilst, most importantly, thinking with your own head and not with the one from a random guy on the internet selling courses.