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?
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.
Age, however, is purely a number.