What do you think? Is there a ‘perfect’ time for starting a business? It’s an interesting question, isn’t it?
In today’s world, it’s easy to believe that the ideal time is when you’re in your 20s – young, flexible, and likely to have the time and energy to give a startup the time and resources that it needs. In the manner of Mr Zuckerberg or his peers.
However, a new report published originally in Harvard Business Review, shows that the average age becoming a successful startup founder is actually 45!
So if youth isn’t a determining factor in deciding the perfect time to start a business, what is?
The answer is that it depends entirely on YOU!
What should you ask yourself before starting a business?
Before you even get to business planning and forecasting activity, there are a number of key things to consider:
- Do you have the mindset to succeed? Are you ready to make the commitment that your new venture will need if it is going to thrive?
- Do you have a support network in place? For me, this was not just about getting friends and family onside. It was about making sure I had the right business partner; and knowing that we had everyone that we needed to fill gaps in our knowledge and to provide professional advice and support where required.
- Are you financially ready? This is not just about whether you have the capital you need to start up (in our case, we secured a government-backed Start Up Loan). It’s also about your own financial position. Will you still be able to afford childcare? Your mortgage? How long can your family sustain a drop in income?
What’s next?
These three questions are fundamental to your future success as an entrepreneur, and each one is woven throughout the Tabono Programme. We cover everything from goal-setting to confidence. Team-building to understanding your customers.
You will know when the best time to consider entrepreneurship is.
For yourself.
Age, however, is purely a number.