7 Reasons Why Young Entrepreneurs Are Likely To Become Millionaires
We are living in an era where business climate is changing very rapidly Traditionally Business enterprises were equated like running a marathon where a long term approach was required. Here stamina is more important than speed. In Marathon, you run slowly in the beginning and preserve energy. You increase the speed towards the end and even run sprint for the last 100 meters or so. Similarly, for the long term success of Business, It was considered that if you just stayed in the market long enough, learned the tricks of the trade and preserved your resources, ultimately you will succeed by building on the experience and employing your knowledge and resources. Now-a-days an ecosystem that thrives on continuous change and complexity, business has become a relay race consisting of series of unending sprints. Besides requiring different strategy, it requires different energy. Only young people can endure the drill. It’s no surprise then that the modern age billionaires are mostly those who started working on their ideas while being students and many of them dropped out to pursue those ideas into startups. Steve Jobs, Bill Gates, Mark Zuckerberg, Larry Ellison, Travis Kalanick, John Mackey and scores of other billionaires are college dropouts.
Therefore, if you want to be an Entrepreneur, Start Young. It’s likely that you will become a multi millionaire, if not a Billionaire. So decide what triggers your passion and start writing your business plan much before you graduated! There are seven compelling reasons that give credence to this argument.
1. At Best Mental & Physical Faculties
Mental sharpness, ability and capacity to grasp complexity, focus, memory retention & recall are some of the mind related things that deteriorate as we advance in age. The decline is quite rapid after 50s. Similarly Physical strength and agility start experiencing limitations even if no serious health challenges are posed. So if you are excited to start your own business or a startup, starting early can give you massive advantage. Since most of the future businesses are going to be Tech based, younger mind comprehends technology much faster and better than the older one. The speed with which technology changes and new technologies are introduced, only young can keep pace with this continuous flux of change.
Success is not a chance occurrence. One has to work hard to achieve the goals that one sets forth for him or herself. Entrepreneurs or founders work on 24/7/365 basis, especially in the early years of their ventures or Startups. They have to be tough and energetic. Energy is the fuel to your passion, drive and hard work. If level of energy drops down, fatigue sets in and ability to work with focus and concentration suffers. Consequently achievement of objectives suffers. In younger days Energy levels are high to propel you both physically and mentally to achieve success in your career.
One of the most important things in achieving success in whatever you do is to build and maintain momentum. Speed is an integral part of that momentum. At the same time Speed helps you achieve more in less time. As an Entrepreneur you are required to take decisions and actions at the speed of lightening. Due to high energy levels at young age, in the same timeframe, you can achieve multiple of what you would achieve in your later years. If, in your younger years, you have set your direction right and your Focus about what to achieve is clear, you are on a fast track to achieve your ultimate goals.
4. Passion & Drive
Passion and Drive are two of the main qualities that are required of every entrepreneur regardless of age or experience. Passion is your innate desire to take on a cause or a project. Entrepreneurs make that cause or project their business. Drive is the motivation, the intensity with which one pursues the passion. Both are inseparable from each other. As we grow old, our tendency to take risks wanes and we play safe. Entrepreneurship is all about pursuing dreams and taking risks. It’s not about playing safe. At young age people pursue their passions with drive and take risks without the fear of failure. Risks can lead to rewards of gigantic proportions. Measured financially, those rewards can be wealth of a millionaire!
5. Just Do It Attitude
“If you can dream it, you can do it.” – Walt Disney
Youth is a rebellious stage in our life. This is a time of freedom and doing things that interest and inspire us. This is the moment of unbridled ambition. With little or no baggage and less burden of responsibilities, Just Do it attitude is all you require. Taking initiative and starting a business at this age leads to learning and then applying your knowledge and experience towards realizing your goals and living the dream.
6. Habit Building is Easier
If you ask me what is the most critical organ in the Anatomy of Success, I would say it is The Habits. It is one building block that decides whether the foundation will be able to sustain the construction of the skyscraper that we shall call success. Study the life of legendary entrepreneurs or talk to the living successful in discipline, their habits distinguish them from the mere mortals. Habits create that discipline that is essential in the governance of anything you undertake. Everything described in the passages above is difficult to achieve, if conducive habits are not in place. It’s easier to build habits in younger years. It needs will of steel to change or build new habits in later years.
7. Luxury of Time to Gain Experience – Fail, Learn and Succeed!
“The earlier you start, the more time you have to mess up.”
– Emil Motycka, Motycka Enterprises
Entrepreneur start many businesses in their life time you. Some of them fail, some of them meet partial success but one or more might become huge success. In Startup community it is a well known maxim that either you succeed or you learn. There is no such thing as failure unless you give up and quit. Starting early accords you that luxury of time in which you can experiment and perfect your business model, hone your skills, acquire business acumen and develop your team before you hit it big time. Broader time horizon also makes it possible for you to change course if something is not working.
Conclusion: Go For it
“You don’t have to be superhuman to do what you believe in.” – Debbi Fields
If you take the risks, confront the challenges, with courage and steadfastness, you will reap enormous rewards of success in your entrepreneurial journey. I shall leave you with a quote from Catherine Cook;
“To any entrepreneur: if you want to do it, do it now. If you don’t, you’re going to regret it.”
– Catherine Cook, MyYearbook