Mowing lawns or babysitting as a kid may have given you a better sense of how to earn a buck, but it could also give you a leg up in entrepreneurship.
Just as growing up in a family business can improve a person’s chance of finding success, so too can starting an entrepreneurial venture at an early age. Whether it’s first-hand knowledge of an industry or the skills that you pick up along the way, starting up as a young person tends to impart certain advantages down the road.
Here are five reasons why starting up early can help you later:
- Experience. Anyone who has started and run a business knows how hard it can be and how easily unexpected problems can crop up. Even a simple business run by a child has its share of real-life challenges. Once you've been through that, you're simply too savvy to let dreams fly without a secure grounding in the real demands of entrepreneurship.
- Practice. Convincing stubborn customers to take a chance on you and your young company does get easier. Managing upset customers and thinking about how to avoid making them unhappy in the future, for instance, provides priceless lessons that will go far in any business.
- Conviction. One of the most challenging aspects of running your own business is making all of the decisions required to start and keep your business going and growing. The smaller, less risky decisions you make as a kid with your own business prepare you for the larger ones as you get older.
- Confidence. Running a successful business as a child gives you that first taste of success and shows you that later successes are possible. You're more ready to jump into another opportunity because of that early success. Plus, your assuredness can also help others feel confident about you and your business.
- Failure. Chances are whatever business you embarked on as a kid had its share of failures as well as successes. If you had the chance to fail, pick yourself up and continue. Fear of failure won’t likely hold you back again. After all, once you’ve failed, what’s there to be afraid of?
Plenty of people who become successful entrepreneurs as adults have never thought of starting a business as a kid. But if you had the chance to practice entrepreneurship when the stakes were lower and your parents were still footing the bill for basic expenses, it's an opportunity to grab. Think of it as the school of kidpreneurship. When you graduate, you may just be ready for the big time.