Young Entrepreneurs are Some of the Most Successful Entrepreneurs

Young EntrepreneursIf you’re in your twenties wanting to start a business, you may be headed right towards entrepreneur stardom. Some of the most successful entrepreneurs started their business in their early to mid-twenties. Find out who these entrepreneurs are, why they succeeded, and how you can do the same.

 

The Most Successful Entrepreneurs Who Started at a Young Age

The founders of Google are Sergey Brin and Larry Page. They were 25 years old when they started the search engine. Their net worth combined is well over $46 billion.

Steve Jobs and Steve Wozniak were 21 and 26 respectively when they founded Apple. Steve Jobs’ net worth was $10.2 billion, and Steve Wozniak’s net worth is around $100 million.

Microsoft founders Bill Gates and Paul Allen were 20 and 22 years old respectively. Their combined net worth is approximately $87.7 billion.

Twenty-year-old Mark Zuckerberg created the popular social network Facebook. His net worth is about $14 billion.

Walmart, founded by Sam Walton when he was 26, has become an international success. He was worth $65 billion, which he left to his widow and children.

 

Why Young Entrepreneurs Are More Likely to Become Successful

Twenty year olds starting a business are also just starting out in life. They haven’t made a lot of money yet, so they don’t have much money to lose. They also don’t have a reputation to uphold. In an essence, they have nothing to lose.

Since these young entrepreneurs have nothing to lose, they can do just about anything they can think of to make their business a success. Money can stand in the way of some of the ideas they have, but it’s often their financial savvy ways that lead them to success. Creative thinking is one of the biggest attributes of younger entrepreneurs. There are other factors though that has helped the most successful entrepreneurs. Knowing these factors could help you when starting a business.

 

Starting a Business as a Young Entrepreneur

As you’re thinking of business ideas, keep the following in mind.

  • A business can consume your life, so you had better love what you do. Having passion for your business will help you get through some of the challenges that are common in startups.
  • Before you even begin your business, know what you want to achieve. Coming up with a vision, goals to get to that vision, and then the steps to achieve those goals will help you stay on track and progressing.
  • Don’t piggy back on someone else’s success. Be radical with your business ideas.
  • Manage your time well. You don’t want to spend every waking minute running your business, but you need to devote enough time for it to be successful. Balance is essential, so stay consistent with working on achieving your business goals.
  • If you’re in school, don’t underestimate available resources. You can use the computers, library, and expert insight with all of the professors.
  • Speaking of expert insight, find a mentor to help you. There’s no better way to find success than to use the tips of those in the field you’re hoping to succeed in.
  • Research, research, and research some more. With the Internet, you have a lot of information readily available. Take advantage of it, and learn as much as you can about the business you want to start.
  • Stay positive. It’s not easy starting a business and turning it into a success. If you ask successful entrepreneur about their startup challenges, you’ll hear some of the most difficult situations, but they made it through.

 

It’s Time to Become an Entrepreneur

There’s no better time than now to start a business. Take after the most successful entrepreneurs today who started in their twenties.

*Net worth information derived from Celebrity Net Worth.

Image courtesy of pacorn / FreeDigitalPhotos.net

About Mohit Tater

Mohit is the co-founder and editor of Entrepreneurship Life, a place where entrepreneurs, start-ups, and business owners can find wide ranging information, advice, resources, and tools for starting, running, and growing their businesses.

Comments

  1. Sometimes piggybacking on someone else’s success is actually a great way to start a business. if you can do the same thing more efficiently or with lower overhead, or in a new way to attract a different audience, you may be able to carve out your own niche. I doubt you would create the next Google that way, but it could be a legitimate business in it’s own merit.

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