It is never too early or late to chase your dreams and become an entrepreneur. Success comes in all ages, from Sam Walton starting Wal-Mart when he was 44 years old, to Moziah Bridges hitting $150,000 is sales at just 12 years old with his company Mo’s Bows.
While entrepreneurship has no boundaries and can be pursued by anyone, there are several benefits to getting started in your 20s. I was 22 when I started working for myself full time. Here are five reasons I encourage young entrepreneurs to start businesses, specifically online businesses, in their 20s.
1. Fewer commitments when young
Let’s be honest for a minute — not every idea is going to become a winner and make money. New online businesses are started every day and only a handful become successful. In the event that the business does crash and burn it is easier to bounce back without all of the financial responsibilities and commitments the majority of adults are faced with.
2. Create long-term financial security
An online business can be developed into a stable, almost auto-piloted, source of revenue. In fact, there are multiple ways to create online businesses that make six figures yearly. Imagine if you could spend your 20s learning how to create successful online businesses, resulting in several income-producing assets that will continue to earn money while you explore new ventures and add more online businesses to your portfolio.
With Social Security’s reserves estimated to run dry by 2033, the younger generation needs to think about alternative sources of income for when they reach retirement age. Instead of relying on the traditional 9-to-5 employee retirement plan, an entrepreneur has full control of his or her financial future.
3. Faster personal growth and maturity
Nothing turns you into an adult quicker than the responsibilities of owning your own business. The rules of business don’t bend based on age — a business owner in their mid 50s has the same risks and responsibilities that someone in their 20s has. Running a business introduces you to many life lessons, and being introduced to them at an early age will allow to develop into a more balanced person sooner.
4. Ability to work from virtually anywhere in the world
There was a popular article on Thrillist that went viral last year that listed several reasons why you should quit your job and travel in your 20s. The reasons ranged from gaining real-world experience to regretting not doing it later in life. Well, I’m here to tell you that you don’t have to quit your job and pinch pennies to travel the world. You can do it as an entrepreneur running an online business.
It is possible to run an online business from any corner of the world, provided you have an Internet connection. The work won’t be any easier on a beach in Costa Rica than it would be in an apartment in New York, and you will still have the same uphill battles and challenges that every entrepreneur faces — but the option to do it from any location or while traveling is very real. The same freedom isn’t going to necessarily be available in your 30s or 40s.
5. Less overhead and financial commitment to start
Before the Internet and ecommerce, it was difficult for someone in his or her 20s to start a business. Bank loans, lines of credit and property leases weren’t easily accessible to young would-be entrepreneurs.
An online business generally has lower overhead when compared to an offline traditional brick-and-mortar business, translating into less of a financial commitment. This allows younger entrepreneurs to chase their dreams right out of college or even skip college altogether.