10 Benefits Being a Young Entrepreneur

Topics: Entrepreneurship, Entrepreneur, Joseph Schumpeter Pages: 9 (3411 words) Published: September 27, 2010
10 Advantages of Being a Young Entrepreneur
If you're new here, you may want to subscribe to my RSS feed to get the latest self-help articles as soon as they're published. Thanks for visiting! Starting your own business and being an entrepreneur is a wonderful experience at any age.  However, I often find young people shying away from starting their own businesses because they think they lack the experience required.  Although experience helps, being young still does not limit your capacity to be happy and successful in business.  I have been involved in various entrepreneurial ventures since I was 13 and can say that running your own business is a wonderful experience.  Here are 10 advantages of being a young entrepreneur. 1. Personal growth on overdrive

In order to succeed in business, you must undergo massive personal growth.  You will need to identify, develop, and internalize a large skill-set.  You need to be able to communicate well with clients and employees, make quick decisions, develop the ability to understand your customers' wants and needs, and present your solutions to their desires effectively.  As an entrepreneur, you have to face a lot of uncertainty. It's not like most jobs where your tasks or projects are given to you and you just do them.  As an entrepreneur, you first have to decide what the projects are.  You have to think about product development, marketing, accounting etc.  There is a great deal of uncertainty in this process and you have to rely greatly on your own judgments. Success in business is a long-term endeavor.  There are very few quick successes - the businesses that succeed grow consistently for a period of time until they hit their tipping point.  In order to effectively manage this process, you must develop a clear vision for your business, a plan to implement, the flexibility to adapt as necessary and the commitment and persistence to stick with it for the long term.  Few jobs provide or require the same growth as entrepreneurship. 2.  More freedom

Many people seek a job out of the need for security.  They want to have a steady paycheck and the perceived security that comes with it.  This often comes at the cost of personal freedom.  In most jobs, the projects you work on and the hours you work on are given to you.  IF the values of the company you work for and your personal values are not in alignment, you will have a terrible time at work. When you are an entrepreneur, you are in complete control.  There is a greater feeling of risk but there is also a greater feeling of freedom.  For most young people (and many older people too), freedom is more highly valued than security.  Running your own business affords you the opportunity to set your own hours (although at times you might be working more than 40 hours a week).  You set the projects you work on - the projects that align with your internal sense of value. Invariably, there will be parts of your business that you need to work on but don't really want to do.  For example, you may find the accounting work for your business to be tedious or there may be some other repetitive task that needs to be done but that you don't enjoy doing.  In this situation, (if it is financially responsible to do so) you can hire others to do the work for you (employees or outsourcing) and go back to focusing on your core genius.  While you need an understanding of all aspects of your business to be successful, you have the freedom to focus most of your efforts on what you love doing. 3. Create more value, make a bigger difference and do what you love In many jobs, your purpose is simply to make the company more profitable.  There are some companies where a sense of contribution is highly valued but those seem to be rarer.  However, by creating your own business, you have the opportunity to set the vision for the entire company.  If many corporations seem greedy to you, you can choose to create your...
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