What is the best age to set up your own business?...

I've recently graduated and am now in the process of getting a 'proper job'. My thought is that it would be best to work for someone else first to get some experience before then hopefully starting my own company further down the line.

Just out of interest I wondered how old people here were when they started their own business, or what they think is an 'ideal' age to start your own business?

My impression is that the likes of Alan Sugar and Richard Branson who started really young are the exception rather than the standard...

Simon

Re : What is the best age to set up your own business?

In my opinion this is very dependent on the area that you are setting your business up in. For instance certain jobs you will have to have a certain age and experience to be taken seriously in - can you imagine starting a company offering career advice to executives when you are in your 20s for instance?

In general I guess 'good' ages would be either when you are young, free and single so have limited commitments and can really focus on your business, OR a little later in life when you are settled down, hopefully have some money behind you, and can start a venture then.

Sarah

Re : What is the best age to set up your own business?

I would be interested to see the actual statistics as to what age on average people set up their businesses.

I've seen something before but unfortunately I can't remember what the figures showed, or which site it was on!

Chris

Re : What is the best age to set up your own business?

With businesses that you don't need a lot of capital to start up, like web design, I get the impression many start a company a few weeks after graduation!

I think whatever business you set up it's useful to have experience working for a company first though to get a decent grounding in all round business skills.

After all when running a small business you need to be able to wear several hats and be reasonably proficient in quite a few skills; many of which aren't related to what you actually do when you have the work on the table.

Dan
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Web Design

Re : What is the best age to set up your own business?

There is no best age, you should do it whenever suits you

I was going to say that perhaps when you have very young children it might be a bit chaotic, but then thinking about it I know quite a few new Mum's who start up a business precisely because they do have young children and want to be able to continue working whilst still being able to look after the kids.

I would imagine most businesses are started by people in their 30s and 40s, but with so many getting made redundant or leaving, setting up their own consultancy, then working for their old company again potentially for more money, I'm sure there are a lot who start in their 50s too.

Lianne

Re : What is the best age to set up your own business?

Early 20s I hope; ask again in a few years

Tim

Re : What is the best age to set up your own business?

I asked this question a few years back when I graduated myself and was persuaded that getting some experience first is always a good thing. Now that I am out of the corporate rat race, I can definitely say that what I gained is thicker skin and more confidence, but in terms of the challenges associated with running your own business, my experience is not helping me much - it's almost like starting all over again. However, no job is sweeter than your own business

Good luck with whatever your decide.

Roksana
www.dealslocally.co.uk

Re : What is the best age to set up your own business?

Hi Roksana

What do you find the most challenging part of running your own business? I find it tricky that you have to do bits and pieces of everything!

Lianne

Re : What is the best age to set up your own business?

Hi Lianne;

In no particular order:

- planning and then sticking to the plan;
- finishing what has been started already;
- not getting carried away with new ideas without doing proper research;
- lack of patience when you need a lot of it;
- getting others to be as efficient as you are towards your business;
- small budgets that need to cover everything.

...but it is still a lot of fun

Roksana
http://www.dealslocally.co.uk

Re : What is the best age to set up your own business?

Roksana's list sounds familiar

Dan
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Web Design

Re : What is the best age to set up your own business?

Quote:
planning and then sticking to the plan