Millennials have skipped entrepreneurship for the safer route of working for the man. But Gen Z isn’t convinced and they are planning on starting businesses as soon as they are out of college, and some while still in high school or college. There are some challenges to starting your own business at any age, but those challenges are exacerbated by youth.
Looking to get a bank loan in high school to start your own business? Turns out that’s not even legal. The same thing goes for credit cards, rental cars, and networking events held at bars. When you add in the age discrimination you’ll face because of the myth that young people are lazy and entitled, you’ve got an uphill battle.
The legal barriers alone are enough to keep most young people from starting businesses until they are much older, but there are ways around if you aren’t willing to wait. Parents can cosign and help you run your business. Sure, it’s not as impressive when you put it that way, but if you have an idea that is ready to go why wait on your age? There are also some pretty major advantages to starting a business when you are young.
First, you have very little to lose and you can always start over from the bottom. You’d be surprised just what a powerful motivator this can be. You’re also missing all the dogma that comes along with a traditional educational route, which frees you to try out new things and to use original thinking. But most importantly, you are a digital native and you are more likely to try new technology, which can put you ahead of the curve in the marketplace and make all the difference in your business.
One of the best things to come out of this newest generation is their comfort with failing. After all, nobody gets everything exactly perfect on the first try, and it’s failing that teaches you those lessons you can’t get in a textbook. More than 70% of teens say they expect to fail before they succeed, which is hopeful for the next generation of entrepreneurs.
Learn more about the pitfalls of young entrepreneurs from this infographic. Obstacles are always going to be there and obstacles are meant to be overcome. It’s not impossible to follow your dreams no matter what your age, and there’s no time like the present to get started!