It is true that a new business endeavour requires beyond-human efforts, from the moment an idea is born, to the reality it turns out to be. Failure is always an option (despite how anyone expresses it, or doesn’t). But the thrill of doing something from scratch, never done before, defining the conventional thinking is addictive. Yet not every startup succeeds, despite how good they were on the inside, or had huge market potentials on the outside.
Now imagine having the opportunity before the age of 25? Failing could/should have devastating effects on your future career? Well…..NO!
Starting and failing before 25 had taught me a few lessons about personal and professional growth that people who fail at 40 would absolutely kill to have known. I will try to summarise them in a few points:
You are way ahead of your peers!
It is good to have confidence in business, but I mean, how many people around you have pursued their idea and made it a reality – despite having failed at the end. The things learned throughout the process are invaluable and cannot be taught at school. Only YOU will benefit from this in the future. Experience gained, no matter if good or bad, is something which cannot be ever taken away, but will be your competitive advantage on the professional playing field.
You value your time!
Closing your startup wasn’t about not trying anymore – but about doing something which will get higher return of your INVESTED time. Every successful businessperson knows a thing, or two, about opportunity cost. There comes a time where the opportunity cost of trying too hard to achieve something becomes greater than the expected return of your time. It is not a question of giving up, but rather being smart in setting your future goals.
You must have developed a different perspective on money by now! Once you start earning it, they seem a bit more important. But that is a good thing since wise money management is considered to come with experience. Yet making your own (money) before 25 gives you an early advantage over anyone who hasn’t. Everything learned can be put to use in personal wealth management too, since concepts like investments, time value of money and opportunity cost have become second nature to you.
People form businesses and their interactions create value. So understanding and knowing people is key. But having your own business shows that you are already fairly familiar to this. Just forming my own startup team stretched my boundaries of understating people – how to find the ones with skills, but even more – people to who will align to THE vision.
Now you see that there is a bigger purpose planned for you. Use everything you already have, never make the same mistakes twice and challenge the universe again!
Till next time.