5 Ways to Starting a Successful Business in Your 20s and Young

5 Ways to Starting a Successful Business in Your 20s and Young

5 Ways to Starting a Successful Business in Your 20s and Young – Your 20s are definitely the best time of your life. This is the point in life when you are regarded as an adult and therefore no more or far lesser adult supervision to do exactly what you want in life.

The 20s is also the point where you move out of your parents place to live in the college halls or your own apartment with some friends.

This is also the age where you start to explore many things in life such as your career, sexuality and also many other parts of life that will form the foundation of who you will be in the coming years.

Some of the most successful businesses in the world are also founded by business owners and founder in their 20s.

Take for example, Bill Gates and Mark Zuckerburg, two of the richest people in the world currently. They started their respective businesses Microsoft and Facebook in their colleage dorm rooms and they made them in multi-billion dollar businesses that dominate their industires.

But the question that most people will like to ask is, how do you actually get something going on in your 20s when you have other things that are important such as schooling or making a living with little to none of life experiences

Let us now start sharing on “Ways to Starting a Successful Business in Your 20s and Young”.


1. Start building it as a side hustle

Many people think that when they found a business, they have to treat it like a baby and spend all their time on it and spend all their money on it. Further from the truth, there are certain products or services that will take time to grow and if you do not have the luxury to spend all your time and effort on it, why not just start it as a side hustle.

Side hustles are not just a great way of making some side income, it is also a great way to start a business.

You have no idea if this idea will work out at all and you do not want to drop your school or drop your work just to do something that is not verified to work.

Starting a side hustle also ensures you do not have the financial stress of not having something to eat.

Work on it at night or on the weekends and when you see that it is working out, drop out or quit your job to work on it!

2. Stop the drinking, the smoking and the partying

Fact is, most of the successful people do not do any of this in their 20s or even if they do, they cut it down to the minimum.

How many times have you woke up the next day after drinking and boozing to feel tired out and needing a day to recharge before you are 100% operational again.

This is something that a successful entrepreneur will not do.

The successful business person will be grinding and getting more things done and solving more problems while the rest of getting hung up the next day.

So cut this bad habit off before you even consider working on your business.

3. Learn Digital Marketing and Social Media Marketing

You do not need to be the best in it but you need to be good in it.

The point is to have an idea how it works and how you can strategize to take advantage of the new form of marketing to grow your business.

Traditional methods do not work anymore. Brute force marketing through dumping marketing dollars are also crowded out by others that have more budget than you do!

The most important skills being Facebook, Instagram and maybe a little bit of SEO.

4. Being cheaper or better 

The fact of being young is that you do not have much of an overhead, if you do not have much overheads, you can charge lesser.

Charging lesser gives you a good start so that you can get a place in this crowded market place.

For someone who has no portfolio or background to speak of, being cheaper is one of the best way to kick start your business.

But don’t forget to up your price as you get better at doing what you do. You deserve to be paid your money’s worth

5. Find and meet a proven mentor

You are new to business, other than the gurus on Facebook and YouTube, you likely won’t learn much about regular business problems.

This is where a proven mentor is great for your business growth and also personal growth.

Finding a mentor is not easy because it is just not you find a good mentor to begin with, the mentor must also choose you.

A proven mentor is someone who has achieved success themselves and have something to share that will improve your knowledge or decision making skills.


K Cloud Accounting is a Singapore based Accounting Services firm that is able to assist you with your business needs in Singapore and the South East Asia region.

We work closely with our media partners as well as loan partners to provide value added services.

Our loan consulting partner, Avant Consulting works closely with SME firms in Singapore to provide loan consultancy.

If you need help to set up a business in Singapore, speak to our consultant at +65 98638665 today!

Thank you for reading our article on “Ways to Starting a Successful Business in Your 20s and Young”.

 

5 Ways to Starting a Successful Business in Your 20s and Young

Reasons to start a business in your 20s & Young

12 Reasons to start a business in your 20s & Young

12 Reasons to start a business in your 20s & Young – Aspiring to be an entrepreneur? Haven’t found the brilliant bright idea yet? A friend came by with a simple idea to sell something, should you take it up? My take on this topic is your should take up opportunity that comes you way and evaluate it on the way.

One of the best times to start your business is in your 20s (young in terms of human age but old enough to make good decisions) and we will like to share on this topic below base on some personal experience and also based off the experience of many who have became successful business man and entrepreneurs. There are definitely many benefits and possibilities when you start your business young and in your 20s.

Waiting did not make the world greatest Entrepreneurs, starting early did.

Let us now share on the article on “Reasons to start a business in your 20s & Young”.


1. University College degrees aren’t worth as much as in the past

In the 21st Century, the use of a degree has fell so much it doesn’t really matter anymore if you have a degree. Unless you are trying to get a job role that will require specialized skills such as those of a lawyer or a doctor, you will still see the value in a College education.

But for those that do not require a certificate, for example those in the business related niche, marketing or business degrees do not hold that much weight anymore.

Fact is someone who has self taught yourself marketing skill sets online and practice them as an intern or taking on freelance jobs might end up a better marketer than someone who has studied the 4 Ps and had not had a chance to actually put them into real world usage.

College degrees have basically became an entry ticket into your first job and the job experience and also what roles you have covered in your first job places much more importance than the actual degree or grades you achieved.

For those with degrees from very common schools such as accounting or business or marketing, you might find your degree not worth as much as those that require more hands on experiences that are harder to come by.

2. Risk Levels are much lower in your 20s

This is definitely one of the key things that i as a 31 year old will share with you that i do not regret starting in my 20s. As you age and as your start a family and elderly parents get on with age, comes responsibilities.

The fact is that some people may have had the idea of starting a business when they are young but they put it off for safety and the comfort of employment. When they realize that this is something they don’t want to do forever, it might be hard for them to leave employment.

The first few things that will stop you is probably the bills you have to pay. For those in their 30s or their 40s, the likelihood of owning a house on mortgage or a car on loan is high. This means that you will have to make enough income every month before you could even consider quitting a full time job.

This stops 90% of people in their 30s or 40s from ever starting a new business and embarking on entrepreneurship at all.

3. Energy Level is much higher 

No one ever shares with you how tiring entrepreneurship can be.

There are many things that you have to take care of, such as the marketing, the accounting, the sales and also the hiring.

Someone who has no experience will have to learn on the job and learn everything from scratch.

When you reach the age of say 30 or 40s and you have children. Do you think you will have the same energy level of a 20 years old to pick up all this skills and at the same time caring for your 5 year old child?

Energy level also decline as you age and the older you are, the easier you will get tired from working long hours or having to socialize more to get more leads for your business.

Energy level also affects how long you can last in getting your business up to track. If you are tired and wear out by the constant working and entertaining, you will end up giving up much earlier than you should.

4. Motivation Level is much higher

Almost every other day an entrepreneur gives up the fight and heads back to employment.

The fact is entrepreneurship is not for everyone. And for those who do not have the means of staying long enough in something, you will want to give up real soon.

Motivation to keep going can separate a failure from a success. Sometimes, certain products or services just need to take time to hit the volume where it will actually work out.

Motivations to keep going on will fall as more responsibilities pile up and people have higher expectations for you as you age.

5. More time to bounce back to employment

Everyone likes a good back up plan.

If you start your new business young and you fail young, you still have time to head back to find a job with your college degree.

For some businesses, they might look at your resume as more of a gap year where you figure yourself out and will not treat it as much.

But if you are starting late in your age and try to find a job after, you might find it hard to get back.

Also, you know that when all else fails, you will not have problems finding a job as a young person.

One of the few good reasons why you should be starting your new business when you are young in your 20s.

6. Safety nets are still somewhat in place

Safety nets are really what will allow you to even start a business in the first place. Starting your own business when you are young gives you an extra safety.

If your parents or elder siblings are still around and making good income, they might be able to still keep you in their house and paying for your utilities while you try to figure your way around your new business.

For those who have rent to pay and car payments to look after, they might not have this safety net to let them start their businesses in peace.

When you are older, your parents are also much older and more concerned about retirement and may dissuade you on pursuing your business dreams.

Even The Rock Dwayne Johnson moved back home when he was younger because he failed. Right now he is the leading actor and also a Serial Entrepreneur.

7. Timing to start a business will never be perfect

“I want to wait till i think up the most awesome idea”. Sound familiar? I’ve heard this line at least a hundred times. Trust me, they all end up not starting something.

There will never be a perfect time to start a business and never a perfect idea. You jump into it and start putting out fire from day one.

After multiple weeks or years of putting out fire, you might find yourself at the top of the game or pressing the restart button.

Fact is you might change your ideas or start new ideas along the way as you learn more about your industry or learn more about new ideas out there in the highly innovative world.

Pivoting like what many founders will like to call it is better than never founding.

Procrastination will be your biggest regret in life if you do not take the leap early.

8. Being young and new is great for innovation

Being new to the game is a great thing. You can challenge the norm and start new things and try new things that your older counterparts have not tried.

The young are usually more likely to push new barriers and get into newer way of doing things and this is great for business.

Innovation that improves your processing time and cuts cost will always give you the advantage over others in this entrepreneurship game in the long term.

For those who have done things in a certain way and see its benefit might find it hard to change.

Change is the only constant and we should always look towards making chances in life where we will improve either the productivity or a better standard of living.

9. Failing forward and Failing better

Most people seem to think that familiar is the most sinister thing one can experience.

Most do not understand that with each failure, the founder learns something (unless of course you are someone who likes to commit mistakes over and over again.

Failing can be a very sobering thing and a great learning opportunity. Especially if you are someone who will sit down and analyze why you failed in the first place.

For those who fail forward, they will not make the same mistake the next round.

Starting your business in your 20s gives you more time to fail forward and fail better.

This leads to a more successful business venture later in your life and better success in your entrepreneurship.

10. Older entrepreneurs like to support young entrepreneurs

Ask any business owner in their 50s and they will say they will love to support you as a young chap trying to get on your feet.

They have been there and done the same thing and they know how tough it is to be running a business when you are young.

For someone who is running a business in their 20s, you have no contacts and no experience, things are really tough and the older business owners will actually be very supportive of your plight.

They will prefer to work closely with you to give you this chance.

But do not squander it for yourself or others, they might end up not trusting you people if you fail them.

11. Momentum, Momentum, Momentum

Nothing stops people from getting things done than the very heavy I word, Inertia.

The fact is that someone who starts young have a much bigger momentum in place to keep going and to keep going upwards.

For someone who has not founded anything when they are young, the inertia to start will be so great that taking a nap might seem more appealing than being the next potential Billionaire!

Momentum keeps things going and it makes it hard to stop. This is one of the good reasons to keep going and start moving!

12. Easier to find mentors to guide and help you

Back to point 10, older entrepreneurs are more likely to want to work with a young person who doesn’t really have a fixed mindset yet.

The problem with many people as they age is not that they are not willing to learn but how hard it is to unlearn something they have already been doing for many years.

Habits are hard to break and this is something mentors will look out for, this is not the key to getting a mentor but youthfulness helps!

One of the definite best reasons to start your business young in your 20s


K Cloud Accounting is a Singapore based accounting services firm using Xero Accounting Software.

We provide monthly accounting services for SMEs and also Corporate Secretarial Services for Singapore Firms.

Our monthly bookkeeping services Singapore packages also include Taxation services as well as Compilation of Financial Reporting Services.

If you require a partner to get your business going in Singapore, you can speak to us at K Cloud Accounting.

We also work closely with Singapore Corporate & Business Loan Brokers. Our partner are specialist in Commodity Trade Financing in Singapore.

Thank you for reading our article on “Reasons to start a business in your 20s & Young”.

We will strongly encourage you to start your business young and in your 20s.

12 Reasons to start a business in your 20s & Young