Benefits of Starting a Business as a Young Person

If older individuals have the benefit of vast experience, young people have other advantages, such as:

1. No liability: The first logical question for a sane person would be, "What will I get five years down the line after starting a business?" This is a legitimate question to ponder about. Though there is no certainty for outcomes in startups, a young person's second legitimate question would be, "What do you have to lose?" In the worst possible case, you may not earn anything. That's all! Failure is not a setback to your career. You can go back to the job market anytime, and the experience in startups counts a lot.

2. No dependents: As a young person, you likely have fewer financial responsibilities and dependents, which means you can take more risks without jeopardizing others' well-being.

3. Agility: Eric Ries, the author of the renowned book "Lean Startup," can vouch for the agility and experimentation while developing a product. Agility is perhaps the most crucial trait to find the product-market fit. A young person has no legacy issues; everything is new to them, which makes them more agile with respect to their counterparts.

4. The best source of learning: If you cannot come up with any good reason to start a business, you can certainly consider learning as a driving force. In colleges, you only learn theories. Starting a business gives you an opportunity to implement those theories and acquire hands-on experience.

5. New perspective about everything: Being young means you can bring fresh ideas and perspectives to the table. Your creativity and innovative thinking can be a significant asset in starting a business.

6. Free advice and mentorship: Many experienced entrepreneurs are willing to provide guidance and mentorship to young business owners, helping them navigate the challenges of starting and growing a business.

7. Benefit of the doubt: As a young entrepreneur, people may be more forgiving of your mistakes and more likely to give you a second chance. This can be a valuable advantage when you're learning and growing your business.

It's true that more than 90% of startups fail in the first five years. However, the end goal of a business is not just to make money. Starting a business is a great learning experience, even after failure. Embrace the unique advantages of being a young entrepreneur and use them to create a successful and fulfilling business journey.