Why young people should start a business

Starting a business when you’re young has many advantages.

• Taking responsibility: When you work for someone and things don’t work out, it may be easier to blame circumstances. When you start your own business, you are responsible for the decisions you make and the way things happen. The results you get are a reflection of what you put in.
• Broadening your world view: We all have filters on how we see the world and our place in it. To be successful, your perspectives need to stay flexible. You don’t have to change what is important to you (your vision), but you need to be flexible about how you achieve that vision. Businesses rarely unfold the way you think they will.
• Expanding your comfort zone: If you’re not doing things to push the boundaries of your comfort zone, you’re not growing. Starting a business requires you to do new things, from cash flow management, administration, sales and everything in between. The path to success can be rocky but learning to navigate it helps you grow as a person.

This is by no means an exhaustive list of why young people short start their own businesses, nor does it apply exclusive to the young. However, if you’re young, getting a head start in developing these traits can make a difference in whatever you choose to do.

Dominik Loncar, CYBF Entrepreneur-in-Residence, dloncar@cybf.ca