When is the best time of life to start a business?
Discussion
I know theres been a fair few discussion on here recently about young businesses in general.
So I'm throwing this question out there: When do you think is the best time of life to start in business? Do you even think there is one?
I'm 22 and been in business for about a year and a half, although first business was sold very early on as it was just not for us! Myself and my partner work together, which has it's challenges in itself e.g. we have to make it work otherwise we don't have any other income to speak of!
This mornng I was pondering the question: whilst I wouldn't change my situation for the world and it's worked for me, in my opinion I imagine the best time to start up for most people is when they're in a settled relationship, have bought a house, had kids if they want them, have bought the right car for them (this is PH ...
) and have a fair amount of money behind them and a partner who is in secure employment.
I think others may say, start young, like I have and that each individual situation brings new challenges. I completely agree and don't think in anyway there is a "right" time of life. I do think some situations maybe less pressured than others, though.
Discuss!
So I'm throwing this question out there: When do you think is the best time of life to start in business? Do you even think there is one?
I'm 22 and been in business for about a year and a half, although first business was sold very early on as it was just not for us! Myself and my partner work together, which has it's challenges in itself e.g. we have to make it work otherwise we don't have any other income to speak of!
This mornng I was pondering the question: whilst I wouldn't change my situation for the world and it's worked for me, in my opinion I imagine the best time to start up for most people is when they're in a settled relationship, have bought a house, had kids if they want them, have bought the right car for them (this is PH ...
) and have a fair amount of money behind them and a partner who is in secure employment. I think others may say, start young, like I have and that each individual situation brings new challenges. I completely agree and don't think in anyway there is a "right" time of life. I do think some situations maybe less pressured than others, though.
Discuss!
As early as possible, taking as little notice of what anybody tells you as you can.
I missed out on a handful of excellent opportunities when I was younger (but still took a few more against advice) down to advice from older, supposedly more experienced people. Turns out the reason they knew no better than me!
Get stuck in, the earlier the better.
I missed out on a handful of excellent opportunities when I was younger (but still took a few more against advice) down to advice from older, supposedly more experienced people. Turns out the reason they knew no better than me!
Get stuck in, the earlier the better.
Seems I've got something right Simpo Two said:
When it is right.
No good being young if you have no idea what to do and don't know what an invoice is.
This. While I could have started a business in my early 20's with hindsight (now later 20's) I'd have had no idea how to run it efficiently.No good being young if you have no idea what to do and don't know what an invoice is.
Depending on what you want to get into there may be no alternative to cut your teeth working for someone else for a number of years to build up the needed skills and contacts.
I think if you want to do well off the bat, 3-4 years working for someone else at the top of the game will teach you a lot.
singlecoil said:
khushy said:
+1 for "as early as possible" & + 1,000,000,000,000,000,000 for NEVER EVER EVER START A BUSINESS with your partner/wife/GF etc
Worked very well for me, but might be a problem for other couples.Wouldn't work for everybody though!
maser_spyder said:
singlecoil said:
khushy said:
+1 for "as early as possible" & + 1,000,000,000,000,000,000 for NEVER EVER EVER START A BUSINESS with your partner/wife/GF etc
Worked very well for me, but might be a problem for other couples.Wouldn't work for everybody though!
I started my business when I was in my early 30's. The years I spent before that shaped me into the I individual that I needed to be in order to do the job properly, if I had started a company earlier it just wouldn't have worked.
Nearly 15 years now.....how time flies!
I'm 27 years old, have had 3 businesses since I was 23. But the first one was alongside full time employment and a busy property portfolio and unfortunately it didn't work out because my best mate at the time who I trusted to run this business did a runner leaving debts which I've had to pay!
Second business was my primary income as I'd given up working to concentrate on this and made me a tidy wage for the year I ran this business, now doing the same business on a 4x larger scale with the help of my dad who is also my business partner we seem to be doing very well.
It was initially very daunting to leave a good salary which I'd worked for a long time to work upto.
I probably could have started this business 4 years ago when I bought my first business, I had more capital then but a little less skill and experience - the first business really taught me not to take thing for granted and that you need 100% commitment and dedication to make something work!
Eventually I'm planning to sideline from my current business into other things but I could put that level of commitment into anything right now which is why I'm happy to spend 10-12 hours a day working!
Good luck and don't fall at the first hurdle, I've seen many do that.
I've done the whole big house, bachelor pad, flash TVR & M3 stage quite young so I don't crave that anymore which means the majority of our profits goes back in to grow the business.
Second business was my primary income as I'd given up working to concentrate on this and made me a tidy wage for the year I ran this business, now doing the same business on a 4x larger scale with the help of my dad who is also my business partner we seem to be doing very well.
It was initially very daunting to leave a good salary which I'd worked for a long time to work upto.
I probably could have started this business 4 years ago when I bought my first business, I had more capital then but a little less skill and experience - the first business really taught me not to take thing for granted and that you need 100% commitment and dedication to make something work!
Eventually I'm planning to sideline from my current business into other things but I could put that level of commitment into anything right now which is why I'm happy to spend 10-12 hours a day working!
Good luck and don't fall at the first hurdle, I've seen many do that.
I've done the whole big house, bachelor pad, flash TVR & M3 stage quite young so I don't crave that anymore which means the majority of our profits goes back in to grow the business.
Edited by Maz_uk on Friday 29th April 21:52
I'm 23 and intend to run my own business in the future.
I've grafted for 5 years, spending my time learning how to run a successful business from my directors and most successful clients. I'm pleased where I'm at and believe I'm earning more than if I were to have started my own business 2 years ago, lots of which is being put aside for the initial investment.
I think preparation can be key, though that's not to say going out on a whim won't lead to success.
I'll have a 5 year exit plan when I decide to take the plunge, although this is likely to be when I'm 27/28 as by then, I intend to be in a position where I'm effectively running the current business and used to making the key decisions.
I've grafted for 5 years, spending my time learning how to run a successful business from my directors and most successful clients. I'm pleased where I'm at and believe I'm earning more than if I were to have started my own business 2 years ago, lots of which is being put aside for the initial investment.
I think preparation can be key, though that's not to say going out on a whim won't lead to success.
I'll have a 5 year exit plan when I decide to take the plunge, although this is likely to be when I'm 27/28 as by then, I intend to be in a position where I'm effectively running the current business and used to making the key decisions.
Edited by ILoveLamp on Friday 29th April 21:57
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