Why all under 25s should start their own business

http://www.virgin.com/entrepreneur/why-all-under-25s-should-start-their-own-business


There are so many reasons why being under 25 is a huge advantage when entering the world of business. In fact, the benefits are so great everybody in the age bracket should give it a go. Here's why…

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Financial outgoings

Being under 25 is the time in your life when you are statistically most likely to have the least amount of financial outgoings each month. Think about it, no mortgage, no consistently large bills and no children. These things aren’t going to apply to every person under the age of 25, of course not, but it will to the majority. Not having regular, hefty financial outgoings is brilliant when starting a business as it gives you freedom.
The lack of financial pressure will also enable you to focus everything into your idea. Financial pressures, such as paying a mortgage, often put people off starting a business, even if they believe their idea could be a successful or profitable one. These people fall into the trap of having to work in order to pay a mortgage, and their real passion will go unfulfilled. Don’t become a slave to your mortgage.
The pressure of getting a 'real job'



25 to 30 years of age seems to be the time when our parents and family want us to start doing grown up stuff; like getting a mortgage, settling down with a partner, thinking about marriage and having children. It’s beyond 25 when "working on my idea" doesn’t cut the mustard when being asked "so what are you doing for work?" by your uncle who you see once a year.

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Family pressure is huge and deters so many people from becoming an entrepreneur, if you have a supportive family then it makes life so much easier. If you don’t, find some entrepreneurial friends that can be the support mechanism for you.
Working in a start-up will make you value your time so much more

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Valuing your time

This, for me, is the most important reason. Learn to value and appreciate your time before it’s too late. When we enter a nine to five job our employer tells us how much our time is worth and therefore, ultimately, how much that portion of our life is worth. When you think about the fact that we only 'live'a third of our life - as two thirds are spent working and sleeping – then the need to value time becomes even more pertinent.
Working in a start-up, or having a go at starting a business, will make you appreciate and value your time so much more. It will switch on the light bulb in your head which makes you more conscious about your decision making when it comes to deciding what you are prepared to put your time into, and more importantly, what you get in return for your time and that portion of your life.
You are time rich

The majority of under 25s are either in further education or working in a graduate, low-level role. I know, I’m stereotyping massively here, but this will apply to most. What this gives those people is, more often than not, time. How we use that time and where we choose to invest it will be critical to our future.

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Outside of studying and working a nine to five job we have a large amount of time to dedicate to something, and in my opinion, that something should be a start-up. The time you can put into that seed of an idea means it could grow into something big, and if it doesn’t, that time would have passed anyway. If nothing else, you will have developed some new skills that can be used elsewhere to further your career.

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Networks

Being under 25 is the time in our lives that we meet so many different types of people. If you study at University or college, think about how many skills there are on that campus. Tapping into those skills can be crucial for life beyond 25. Don’t stay in your circle of friends who study the same things as you, go and meet people from other fields and develop relationships with people who have opposite and complimentary skills to you as they could be a great value to you and your future.
If you can’t start, then join

Not everybody will want to start a business, and that’s fine. For those who don’t want to start a business, I would recommend you join a start-up, whether that be as an intern, co-founder or part of the first group of staff. Working in a start-up will give you exposure to situations and develop key skills that working in a corporate or larger organisation won’t give you. The energy and speed at which things happen, along with the excitement of a start-up, can’t be replicated anywhere else and it’s something everybody should experience.

If it doesn’t work out, you have the rest of your life to do all the ‘grown up stuff’ that society tells us that we should do. Beyond 25, you don’t have to live your life by what society thinks we should do or have. There are many stories of very successful companies being started by people over the age of 25. However the one thing all these people have in common is that while under the age of 25 they had a part-time businesses, or entrepreneurial experiences that stuck with them through their time in employment, until their own great idea hit them.

This is a guest blog and may not represent the views of Virgin.com. Please see virgin.com/terms for more details. Thumbnail from gettyimages.