4 Reasons Why You Should Start An Online Business In Your 20s

BY SUMMIT CAPITAL    #ENTREPRENEURSHIP    POSTED ON 7 OCTOBER 2015
Being in your 20s can be both exciting and stressful. Suddenly you are thrown into adulthood. You don’t really know anything and yet the world is your oyster. It can mean anything from getting a job straight out of school or chasing the entrepreneurial dream. Look around and it does not take but one minute to see that self-made millionaires are getting younger by the day. And you will be glad to know that many of them form a new breed of founders who started their tech businesses in their 20s; proving that though experience is a key driver, is not all required, as seen in the success of Facebook, Google, Groupon and WordPress just to name a few.



Take founder of PayPal, Telsa Motors and SpaceX, Elon Musk for example. At age 24, Musk started his first online company, Zip2, which provided online content publishing software for news organizations and received US$22 million from the sale in 1999.

In fact, by the turn of the century, the Internet has revolutionized how businesses interact with consumers and according to reports; the number of worldwide online purchasers is expected to double from 2010, grossing over 1.3 billion buyers in 2016.

If these numbers don't excite you, frankly, we don't know what will. Despite knowing the enormous potential of the online marketplace, it's kind of crazy to think that the ones who remain skeptic are often those who spend hundreds of dollars every month on online purchases rather than to invest in starting an online business.

We are not saying it is easy to succeed in the online world. Like any brick-and-mortar business, starting out online requires a fair amount effort and a well thought out strategy before you enjoy the fruits of your labor. The good news is very young people, as we know today; amazed huge success in the digital space. So if you are in your 20s and you are thinking of boarding the online bandwagon, being young may not be such a bad thing after all.

1. Fewer commitments means more freedom

While it happens to be true that success comes at any age, few will agree to take risks especially after having kids and family. Let's be honest, the appetite for risk is clearly different when you are 20-something as compared to your 40s. More bills and responsibilities also mean lesser room for creativity and failure. So when the going gets tough, they flee right back into their comfort zone. Those who think that success is possible without tasting failure should really have their heads checked. So expect mistakes when you launch your business. Expect even more when you start to see results. After all, you can afford to commit errors when time is on your side.

2. You have little to lose but everything to gain

Don't have a stockpile of capital but fancy being your own boss? No problem. For many would-be entrepreneurs, wealth created from nothing is the stuff that startup dreams are made of. So unless you are Bruce Wayne or you can 'Bend It Like Beckham', opting to go online means you don't have to break the bank to start a business, all thanks to the wonders of the Internet today. For a start, the days of hiring a technical wizard to build your site are a thing of the past. If you are starting on a shoestring, consider taking advantage of 'Do-It-Yourself' web-building tools that are available everywhere in the marketplace. It doesn't come any cheaper than that. And in most cases, free when you take a trial so you can take your pick, and settle for an interface you feel comfortable working with. It's amazing to think that the one of the world's largest online retailer, Amazon, started out from a garage and issued its IPO three years later.

3. Getting to travel the world and get paid at the same time

Studies show that if you are in your 20s, you're more likely to go on vacations (as deep as your pockets go) as compared to the 30-40s. Clearly, all you ever need to run your business, check inventory, or monitor performance is a decent laptop and connection, and you could be anywhere in the world, who cares? Without question, the benefits of owning an online business can be sum up in four words - time and location freedom. Furthermore, the Internet never sleeps so one can assume passive income when your business runs on automation. What better way to travel and see the world in your 20s when your laptop happens to be your source of revenue?

4. Taking charge of your financial future

In 2015, there are approximately 3.3 billion users on the Internet, which is close to half of the world population. Globalization in developing countries also goes to prove that more and more people are expected to go online in the years to come. As you can imagine, building a sustainable and passive online business model that works on autopilot today, can potentially double or triple your source of income in the future. Even though there is no such guarantee of success and gratification, the same can be said about job security; where it also makes more sense to invest time and effort to build your own empire than for someone who doesn't really care about your dreams more than you do. And if you've decided on taking the first step, you might as well start sooner than later.

Whoever said "If you love what you do, you will never have to work another day in your life", ought to be shot. Not that we disagree, but the phrase itself is risky advice.

Most people believe that money will follow suit as long as you do what you love. This is simply not true. While many entrepreneurs build their online business around their passion, the reason behind their success comes down to the fact that they focus on what they are really good at, instead of following a blind passion. It is normal to get distracted when starting out and as a result, it typically takes time to find your strengths. Not to mention that it gets tougher to play catch up in the later years.

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