when to start your own business

simply simple

http://www.bbc.co.uk/news/business-22556638

they say 40 is the right age to start your business. agree or not? why?

I kind of agree seeing that we would have enough fund to support us, more maturity and insight, have more contacts but will be a less of a risk taker and innovative at that age.

Gloomtastic!

I would say before or after you have kids. The time and effort necessary in running a new business means you aren't going to be home much in the first few years.

Bandara

Cant see that age has any real relevance tbh

enviro

I agree with Hammertime... age is irrelevant. It's all about having the right drive and commitment.

Successful entrepreneurs range from young to old, simple as that.

martinn123

Just seen a 13yr old lad on the 6.1 News, who is CEO of his Computer Game Co.
Loved how he said, in 10 yrs he will be 23, and have 10 years business experience, way to go.

srsly78

Except that legally he can't be a director, so his parents are the owners

Peterdalkey

srsly78 wrote: »

Except that legally he can't be a director, so his parents are the owners

Incorrect, he can be the CEO and sole owner/shareholder but is not permitted to be a director!

Hanley

40s?! I'm at least 15 years early so. Better take my foot off the gas

Seriously tho, maybe it's my arrogance of youth (26 is young right?!!) but I think I'm around the prime age to get going. No REAL financial commitments or responsibilities, and if it all goes wrong I can still go crying to mammy and daddy!!!

The Apprentice

Perfect opportunity Hanley at the current time -

Youth has its advatanges and disadvantages, such as determination, grit, less stress, no family ties (mortgage, wife kids) lack of life experience, lack of fore thought and objectivity..

You need to nail a strategy into what you want to be in two-five years time, this will likely change and often with youth people are gung ho into a project such as this, be the boss.. make loads of money... drive ferraris with supermodels..

Newsflash, you wont or should not make a penny for 2 yrs without strangling the business time wise cash wise etc, this is more probable .. Its a thankless job for the first 1-3 years and only experience doing what you do best can help you along the way.. Theres always the option you might strike it lucky, be profitable after paying wages after 6 months but those are pipe dreams not often realised in the "Real" world.

The one bit of advice i can give you if you do start is that you should learn from other people.s mistakes and not your own, be a sponge for advice but it is only you who can follow it or perhaps go your own way (hence the strategy, where you want to be)

Best of luck with it if you decide to do it

Hanley

The Apprentice wrote: »

Perfect opportunity Hanley at the current time -

Youth has its advatanges and disadvantages, such as determination, grit, less stress, no family ties (mortgage, wife kids) lack of life experience, lack of fore thought and objectivity..

You need to nail a strategy into what you want to be in two-five years time, this will likely change and often with youth people are gung ho into a project such as this, be the boss.. make loads of money... drive ferraris with supermodels..

Newsflash, you wont or should not make a penny for 2 yrs without strangling the business time wise cash wise etc, this is more probable .. Its a thankless job for the first 1-3 years and only experience doing what you do best can help you along the way.. Theres always the option you might strike it lucky, be profitable after paying wages after 6 months but those are pipe dreams not often realised in the "Real" world.

The one bit of advice i can give you if you do start is that you should learn from other people.s mistakes and not your own, be a sponge for advice but it is only you who can follow it or perhaps go your own way (hence the strategy, where you want to be)

Best of luck with it if you decide to do it

I'm one of the lucky few so

First thing I did when I got started 10 months ago was a 1, 3 and 5 year vision, developed a mission statement and list of core values.

Seems like I've “struck it lucky too” because I've hit that pipe dream you're talking about!!

Genuinely DELIGHTED I set up RevFit. One of the biggest things that made it a success is doing something along the lines of what you said – getting a number of biz mentors/consultants who helped me set everything up right from day 1 so it was a scaleable, replicable systemised operation.

...a good background in health and fitness and a combined 7 years of college/training in accounting and auditing no doubt helped too. I'm definitely in a more fortunate position than most!

The Apprentice

Great stuff Hanley im glad to read that you have suceeded.

No doubt your previous training in that area has helped you no doubt, with college and what not. This is more than likely the experience you need or lack and will struggle at first but lets be honest its not rocket science and can be learned..

Fair play and i hope the OP decides to take a punt on it, the boardies are more than happy to help, advise, argue

jimmii

Age is irrelevant its all about it being the right time for you. Most people won't have the right outlook or experience to start a business before they are 40 but there are a lot of young people out there who have the drive and innate business understanding but just don't have the funds to do it.

simply simple

jimmii wrote: »

Age is irrelevant its all about it being the right time for you. Most people won't have the right outlook or experience to start a business before they are 40 but there are a lot of young people out there who have the drive and innate business understanding but just don't have the funds to do it.

I would count myself in one of those. not very young but 27

jimmii

simply simple wrote: »

I would count myself in one of those. not very young but 27

Good stuff i'm a little bit further along the line at 31 but my partner is only 24 and she is brilliant!

herthabsc

Age is not a topic I think. It is just getting the right timing and idea together no matter what age that is. I am 40 and have had several ideas that have turned to nothing. Now I have decided to be brave, go with my current project and hopefully in time it will work out.

simply simple

herthabsc wrote: »

Age is not a topic I think. It is just getting the right timing and idea together no matter what age that is. I am 40 and have had several ideas that have turned to nothing. Now I have decided to be brave, go with my current project and hopefully in time it will work out.

Failures and mistakes are considered as experience. you sure learned something from them which will help you ahead. All the best for your new project.

herthabsc

Thanks very much. Support like this from fellow Boards members is very much appreciated especiated when things are not going so good!

Liccle trinity

Yeah I would agree with age being irrelvent. If you want to start your business then do it! Dont be putting obstacles in your way. Unless of course its just not financially possible. I started my first business at 26. Now at 34 I dont think i have the energy to do another but sure enough if i found something that peaked my interest i would be all over it.

F35

Best time to start a business?

20 years ago.

Second best time?

Now.

As for age, well that's irrelevant.

PaddyQ90

Age doesn't matter

It's about execution of an idea, willingness to adapt quickly if the idea isn't working and to be able to listen and take advice.

You can be 10 or 100.

By enlarge unless you have a show stopper idea, it can be difficult to gain traction if you are under 30, definitely under 25 in a B2B play.

In a B2C this doesn't really matter as much, and is often better ("cooler") if they are young.

gargargar

PaddyQ90 wrote: »

By enlarge unless you have a show stopper idea, it can be difficult to gain traction if you are under 30, definitely under 25 in a B2B play.

In a B2C this doesn't really matter as much, and is often better ("cooler") if they are young.

I love the sureness of this advice :rolleyes:

PaddyQ90

Working in the area, I couldn't say for definite I have found that to be my experience.

Business owners (or their procurement agents) can sometimes find it difficult to take you serious if you are young.

They are less likely to take the risk.

Whereas that doesn't matter in a B2C.

There are exceptions obviously but in general, when someone will be fired or disciplined for buying the wrong stuff, they will be less likely to take the risk with a <25 year old. Unless that person is outstanding or has an amazing product or service, but these people and ideas are so rare it barely needs to be mentioned.