It used to be that if you wanted to be a business owner, then you had first to put in a few decades working under somebody else before you'd ever dare strike out on your own. But these days, millennial workers are becoming their own bosses at a significantly younger age than the previous generations. Millennial entrepreneurs are starting out at around 27 years versus 35 for Baby Boomers. This, then, raises some important questions. What is the right age is to become a business owner? What is more integral for an entrepreneur - experience or enthusiasm? Let’s discuss this in a little more detail.
What Enthusiasm Can Do that Experience Can’t
The passion of youth is perfectly suited for the entrepreneurial life because it means you're driven, you're fearless, and you’ve got the energy and desire to succeed. You're willing to put in the hours, the work, and you're willing to learn the business skills you haven't yet perfected. All of these things are required to make a fledgling venture succeed, and no amount of on the job experience can give you that level of enthusiasm. Here are a few other ways that passion can give you exactly what you need to succeed as a business owner, no matter how young you are:
- You don’t mind getting up early every day (if you have to) to hit the pavement running
- You're devoted and willing to do whatever it takes to make the business work
- You're excited and thrilled to be living your dreams
- You have the optimism and positive attitude it takes to persevere
But You Can’t Write Off the Value of Experience
However, that’s not to say that passion alone can get you through tough business decisions, or that enthusiasm will be enough in every situation. There are definitely times when the power of experience is vital, especially when it comes to business ownership skills, such as resource management, financial and asset management, leadership skills, sales, networking, and problem-solving.
That being said, an argument could be made that many of those are just as much about attitude and innate abilities as they are entrepreneurial skills, especially things like leadership, problem-solving, and networking (interpersonal) skills.
Low-Risk Business Ideas Can Offset Lack of Experience
While it’s true that there's no such thing as a completely risk-free business venture, there are low-risk ideas you can run with that will allow you to flex your passion muscles even if you don’t have all the experience one might typically expect from a business owner. Low-investment business ideas are one example of a low-risk business, especially if the start-up and operating costs are low.
Digital marketing franchising is one such business model, and it is especially well-suited to potential business owners with less experience because it’s such a high demand business across the globe. Another great thing about digital marketing is that you're a digital native, which means you're already comfortable with the terminology and technology used in the industry, and already have many of the technical skills required for the job.
There's a growing digital market for marketing, and millennial entrepreneurs are ideally positioned to take the reins on businesses of this nature. Not only do you have the passion and drive needed to make a business succeed, but you also have the experience with the technology and a familiarity with the digital that make this a natural fit for you.
WSI is an industry leader with over 20 years of experience in digital marketing franchising, has a worldwide network of consultants and partners, and is always seeking passionate millennial entrepreneurs to take digital marketing to the next level.
If you are young and motivated to start your entrepreneurial journey, we would love to have a chat. Start by assessing what it takes to be an entrepreneur in the first place!
