When Is the Best Time to Start a Startup?
In this article, I am not talking about what market conditions are most ideal for startups—though right now, they are very conducive. This is more about the individual entrepreneur and the question of when is a good time in one’s life to bite the bullet and enter the startup world. Is it fresh out of college, or maybe even as a student? Or is it much later in life, after gaining some work experience?
There is no clear answer to this question, as there are stories of success and failure in all these categories. In fact, while the overall startup market often sounds lucrative, success rates are very low; as many as 75 percent of venture capital-backed startups fail.
So, when it comes to success, is it the person’s age, experience, energy, passion, or risk-taking ability that makes the difference? Which is that core ingredient needed to succeed in the dynamic startup environment?
It may seem like one’s twenties are the best time to venture into a startup. After all, several organizations, including known winners such as Facebook, Microsoft, and Apple, have had very young founders. Several other successful startups are also led by young entrepreneurs. Aren’t young faces the identity of startups? Not always.
In fact, an article written by an entrepreneur talks about how, based on her own experience, parenthood is a great time to venture into the startup environment. This is a time in life when it’s even more important to optimize, prioritize, and focus on core passions, all of which are also valuable practices in running lean and successful startups. While this surely may not be the best time for everyone to think about beginning a business, the author has interesting ideas about comparing bootstrapping a startup to having a baby and raising a child.
But no matter an entrepreneur’s age or experience, he or she has several places to turn if in need of guidance or funding. Investors, venture capitalists, universities, and nonprofit organizations that promote entrepreneurship recognize these days that startups are a popular way of beginning a company, and they’re willing to provide mentorship or backing. TiE is one such global organization that empowers the startup culture, through expert talks across domains, forming special interest groups, encouraging volunteers to partake in events, arranging competitions for varied age groups, supporting members through cash awards and venture funding when they showcase their works and ideas, and providing networking opportunities with more experienced businesspeople.
Resources for startup entrepreneurs are widely available today. If you are willing to do the required due diligence and leverage the support available, now can be that "best time" to start a startup—regardless of where in your career you may be.
