When it comes to building a successful company, most investors and business advocates look for companies with an experienced management
team. They want someone that has a “successful track record” with
experience forming teams, writing business plans, building products, and
managing a P&L.
You can’t blame them. As with almost everything in life, practice
makes perfect and experience provides learning lessons that allow for
improvement and growth. While betting on experienced batters can
certainly produce doubles, triples, and even home-runs; the grand slams
of entrepreneurship come from the young and ill-experienced
20-somethings.
Yes, I said it.
That’s not what you’re going to read in the textbooks. You won’t
hear that from a venture capitalist. And, you certainly won’t hear that
in your MBA classes.
I know, I know. Some of you will say that I am biased because I was a 20-Something young entrepreneur when I started Lendio, but let’s look at the facts:
(Some of the) Most Successful Entrepreneurs of our Time and Their (Age):
- Founders of Google: Sergey Brin (25) & Larry Page (25)
- Founders of Apple: Steve Jobs (21) & Steve Wozniak (26)
- Founders of Microsoft: Bill Gates (20) & Paul Allen (22)
- Founder of Facebook: Mark Zuckerberg (20)
- Founder of Wal-Mart: Sam Walton (26)
20-Somethings Have Nothing to Lose
One of the main reasons that young entrepreneurs can build incredibly
successful companies is that they really don’t have anything to lose.
Most of these entrepreneurs are used to living in a cheap college
apartment and eating ramen noodles. At that age, the entrepreneur
usually doesn’t have a mortgage, a car payment, or a built-up lifestyle
to maintain.
On the contrary, a more experienced entrepreneur that is starting a
company later in life has everything to lose. By this time in their
career, they are used to a strong-paying salary. They live in a nice
neighborhood with a comfortable car — maybe even a luxury car with a
monthly payment attached. When his/her spouse thinks about starting a
new company, he/she will also consider the stark reality of losing the
comforts of life that they have worked hard to build up during their
career. Suddenly, when thinking about all that he/she has to lose, the
experienced entrepreneur’s plan to build a successful company include
hedges, calculated moves, and conservatism.
20-Somethings Can Swing for the Fences
With nothing to lose, young entrepreneurs can look at solving
problems with a completely different mindset. There is very little at
risk. They aren’t required to hedge. And only the thing that crosses
the entrepreneur’s mind is the drive to solve the identified problem in
the best way possible. Fortunately, the young entrepreneur has the
energy to consistently burn the midnight candle.
“I never took a day off in my twenties. Not one.” — Bill Gates
Finally, without having been in the workplace, the young entrepreneur
has a fresh perspective untainted from the way-it-is-supposed-to-be
mindset that is so prevalent in most boardrooms. Consequently, their
solutions are new, innovative, and groundbreaking.
If You’re a 20 Something…
Go for it.
There will never be a better time in your life to live your dream of
entrepreneurship. Swing for the fences with a goal to add your name to
the prestigious list above. If you fail, it will have been one of the
best learning experiences of your life.
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