Should You Start a Company in Your 20s? Five Things to Consider.

Need help with starting up a business? Should you start a company? Here are some tips and tricks to get you started!

Traditionally, entrepreneurs had an easy step-by-step process to start a business. Generally, it looked something like this:

1. Get a college degree.
2. Get your first job.
3. Build your network.
4. Save up some money.
5. Start your first business.

That all sounds nice and dandy, right? However, these days, it’s a little more complicated.

Over the last few decades, that process doesn’t work as well because corporations, academia, and even the government have transformed the world of business. Today, the longer you wait, the less likely you’ll be successful.

Because of that, young entrepreneurs should launch their startups ASAP rather than wait for a degree. Below are five things to consider with regard to starting a company.

1. College is increasingly irrelevant.

Sometimes, if you already know the dream you have, and you want to become an entrepreneur, then college is probably not for you.

Colleges, especially business colleges, can be out of touch and teach few real-world skills. Business colleges are also known to be behind the real world when comes to tech and technical skills.

2. College is expensive.

Correction: College is extremely expensive.

Many times you will read about graduates who cannot get a job in their career field. Not to mention the amount of debt these graduates have to deal with for decades or even the rest of their lives.

For someone who wants to be an entrepreneur, do you want to be $50,000 in debt or do you want to use that $50,000 to start your business?

3. College no longer interests recruiters.

In the real world, most recruiters do not care about where you went to school or how successful you were at it.

Instead, they are interested in your skills and experience, not your degree. So don’t expect to fall back to Plan B with your degree because recruiters nowadays simply do not care.

Besides, they will be much more impressed if you started your own business as opposed to earning (and paying dearly for) academic accolades.

4. Employers hire contractors, not employees.

According to a study by Allison & Taylor Reference Checking, freelancing is estimated to be three times faster than that of the normal workforce.

Only 47% of Millenials that work today work in a freelance position. At this current growth rate, the majority of the United States will be freelance by 2027.

The problem with freelance positions is that they lack benefits and pay less. So if you just have freelance jobs, you will not be able to put away enough to start your business.

5. Exuberance is finite.

So…should you start a company? If you are a hard worker, then you might think that long hours and hard work are helping you in the long run with starting your business.

Wrong.

Doing that, especially when working for somebody else, let’s your employers know to overwork you and burn your energy and enthusiasm away.

As you get older, you may still have your spirit and your body might be in good shape, but the longer you wait, the longer it takes to start that business.

It is a far better idea to use your energy and youth to start your own business rather than remain under someone else’s thumb.