By Aaron Mitchell
The mental trials and hardships that individuals go through while attempting to create a business are very common in young entrepreneurs. Being able to come up with an idea for your business is more than half the battle when wanting to start a business. Two things that can help with anyone’s decision to start a business are to make sure to start as early as possible and to ensure that you’re skilled at the business you are creating.
When starting your business young, there’s a lot of things that you would need help with understanding. One such issue would be age limitations. It may take more time to plan and brainstorm ideas than you would anticipate. I asked a cafe business owner, Darrel Washington, about what he wished he would have known at the start of his business. He stated, “I wish I knew how long the process really was. It would’ve been less stressful.” Taking into account the length of the process would help eliminate the stress of thinking things will happen sooner. BNP Paribas Bank did a study that the Gen Y people averaged 8 launched businesses compared to the elder baby boomers with 3.5 launched businesses.
There was also a study done by the Massachusetts Institute of Technology (MIT) that found that the average age for entrepreneurs to start their business is in their 40s. People usually start businesses later due to their vast experience with the financial side of life while millennials usually use more trial and error methods. Among all the extra stress, it would help a lot of people to do something they enjoy doing when they start a business. When interviewing the musician Ron Prince about his favorite and least favorite aspects of his line of work he stated, “My favorite part is playing and my least favorite is carrying equipment.” Looking at the broader meaning that can be taken from this statement, there’s always something you won’t like about whatever you’re doing, but the more you enjoy it, the better.