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.
Pressure to “Make It”
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, Dunn explains.
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.
Dunn claims that using your time for your own start-up is the best way to either start your own business (and reach good results) or learn skills which will be precious for your next job. Your time and life situation will also allow you to make friends, develop relationships and business partners which might help you for a lifetime.
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.