The world we live in is vastly different to the world that was 30 years ago. This is hugely down to the rapid development of technology and the possibilities that are available to people. With it being as simple as going online and filling out a form to start a business, we are seeing a large increase in the younger generations choosing to ignore the status quo of the 9-5 work life. In this article, I will explain the benefits of being a young entrepreneur, and some of the issues that they are facing. I will also give you some examples of people that are killing it right now, and how you can use them as motivation to launch your life in the right direction.
The Benefits of Starting a Business at a Young Age
Obviously there are some major benefits of starting a business at a young age, otherwise, we wouldn’t be seeing a spike in the numbers. So what exactly are these benefits and why should you care?
One simple but constantly overlooked aspect in life at a young age is that you don’t have anything depending on you. No children to feed, no mortgage to pay and no other serious life responsibilities. What this allows you to do is fail, and fail ruthlessly. Before this entrepreneurial revolution, failing was seeing as a negative, a journey coming to an end. Young entrepreneurs are seeing failure as a stepping stone to becoming the best.
Another benefit of starting young is that you have a better understanding of technology than your older peers do. You’ve grown up with the technology, it’s a part of your everyday life. Whether it’s starting your own personal brand on social media, promoting a message you love, or you’ve got an amazing idea and an idea niche to target on an e-commerce website. These are the systems you use and have used, so utilising them to their best ability comes naturally, giving you that leg up to compete and succeed over your older competitors.
Challenges Young Entrepreneurs Are Facing
Whilst starting a business at a young age has so many benefits, it can be a nerve-racking experience, and it takes some serious gut to ignore what you’ve grown up to believe. Here are some of the challenges young entrepreneurs are experiencing and how they’ve overcome them.
When you’re starting out at a young age, you will quickly realise that your network is limited. In some cases, you’re the only person you know in your situation. No one to seek advice from, no one to tell you how to start, it can quickly become very daunting. One advantage someone who is older and who is been in the industry you’re looking to go into has is that they know people and know the industry. One way around this is to find and reach out to as many people as you can. Find people who are the best in your industry and send them an email introducing yourself, explaining your passion for what they do. You’ll find the more emails you send out, the more people you will start to meet and get advice from. Those people will then recommend others to speak to, and the possibilities are endless.
With the advancement of technology, more things are trying to steal your attention. Every day companies like Facebook and Instagram are developing software that is getting better at snapping up your focus. To start a business you need intense focus and some serious dedication to your vision for it to be successful. With everything being so easily accessed and at our fingertips, we are becoming deeply impatient. Things just don’t materialise quickly when starting a business, fact. There will always be setbacks or things taking longer than expected. For example, I’m in the process of starting my business at the moment, it took the bank one month to open my business account. Meaning I couldn’t recieve my investment, start marketing and developing my brand. Without patience, you’ll very quickly lose steam and ultimately lose track of your vision. I’ll be writing a more in-depth article on this subject soon, so subscribe to stay tuned.
Below are some examples of young entrepreneurs who are smashing it at the moment
Ben Francis – Age 25
Ben is a great example of someone who’s showing us all how to be a young entrepreneur and how to kill it. Starting a brand called Gym Shark in 2012 at age 20, it has quickly grown into one of the biggest gym clothing brands in the world. Starting in his parent’s home, and now employing hundreds of people and turning over £26 million in 5 years.
He started off by making gym garments himself, changing the style of what people could get currently to fit better and suit current trends better. Selling his garments on Shopify, he quickly started selling out. After showcasing his brand at popular fitness expos, people started believing in his brand and message. From there he has managed to bring major influences onboard, such as Steve Cook and other fitness masters.
Whilst Ben has achieved so much in the last 5 years, it hasn’t been all plain sailing. As with every business startups, there have been times where it felt like it was doomed. Before Shopify was big it didn’t really support large orders and corporations selling on it. So Gym Shark quickly outgrew them and had to move onto another solution. After spending £100,000 on a new website, it crashed on their busiest day, Black Friday. Missing out on thousands of sales, and ruining their reputation of an amazing experience. Whilst in the 8 hours their website was down, and Ben was feeling the impending doom of his brand he’s worked so hard to build, he bounced back.
Below is a video by Ben, explaining his story on starting his brand, Gym Shark.
She’s an inventor at heart and has achieved so much for her age. From inventing a torch that runs off the heat of your hand, and also creating eDrink, a mug that converts the heat from your drink into energy, which you can use to charge things. It doesn’t stop there, she’s appeared twice on the Jimmy Fallon show and completed 5 TED Talks!
Here is one of those TED Talk’s where she explains why she is the way she is, also talking about not having a phone, something that ties in nicely with the topic of focus mentioned above.
As many have said, this is the era of the entrepreneurial revolution. More and more people are coming to the realisation that they can pursue their dreams and create amazing products/services. With the barriers to entry becoming lower every day, I’m sure over the next decade or so we shall see a huge increase in young entrepreneurs. Use everything as motivation to make your startup successful and create the life you dream of.
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