Even at the prospect of starting up a business and earning money early on, up to 70% of young people opt not to do so, halted by fear of the potential risk during the process as well as the lack of experience, according to this article. Certainly there are ups and downs in starting up, growing and maintaining a business, but age is never a determining factor in achieving success.
Here are a few ways in which the younger generation has an edge over the more experienced:
More time to commit yourself to the business
Being young doesn’t mean less experience; it means more years ahead, and fewer commitments in life as of present. Starting a business requires dedication and time; starting young gives you the time to devote yourself to your business, the time to fail and begin again, and the time to explore more possibilities and opportunities.
Older generations may warn you against starting young, citing inexperience as the first reason, and brashness as the second, but being an entrepreneur is about taking responsible risks and learning from your mistakes along the way. Youth and failure certainly didn’t stop the young Milton Hershey on his journey to success. In fact, it seemed to strengthen his resolve and resilience. Before he found success with chocolate titan The Hershey Chocolate Company, he experienced bankruptcy and money issues with his first two attempts at running a business, but he stuck with it, and eventually his resilience paid off, showing the world the two most important things young people need for success is determination and time. (Here’s his story!)
While a critical mistake in business may be costly, the young have the advantage of exploring mistakes and starting over with relatively less burdens on their shoulders.
Boldness and lack of preconceived notions
There is never just one way to run a business, and new blood only adds to the creativity. Being new to the business could be turned into an edge, contrary to popular belief. Combined with the boldness which young people embody and the tech-savviness of the up-and-coming generation, the ways to which your creativity can be applied are endless.
Founders of Hong Kong’s first US$1 billion startup GoGoVan were both young people when they conceived the idea and brought it to fruition (learn about their story here!), which goes to show just how much of a difference new blood makes to a business. Here, the lack of experience and preconceived notions play a huge role in helping them pioneer a new era, becoming the generation’s most formidable asset. Marketing and innovation are critical to a business’ success, and young people are more than equipped to handle them with their utter boldness and familiarity with social media and technology.
To learn more about how your knowledge of social media and technology is relevant to running a business, check out part 2 of the blog! If you’re a young entrepreneur looking to start a business but don’t know where to start and how to set up the company, contact Primasia today for our services and more information.
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