Like the title says I am curious on people’s thoughts, I am not planning to own/create a business anytime soon right now but I was wondering if my plan as well as my description of myself fits and makes sense for a future in entrepreneurship?
Right now I am 20 and in college, and have worked and plan on continuing to work in technology which luckily pays well, while paying off my debt (luckily it isn’t insane amounts but it still sucks and I have to be realistic financially while acknowledging my mistakes) while working towards my long term goals and saving money (which isn’t easy because we’ve all fallen on hard times, especially since inflation, but it still is doable if I am disciplined).
Anyway with all of that out of the way I plan on (of course plans could change), but ideally I would want to start a business after I have a solid job and all of that, I’m moved out, done with my undergraduate degree, etc. around the time I am 30 I would say hopefully being able to start my business with my own money and not a loan (fingers crossed).
I would say my traits would align pretty well for someone considering owning a business, I consider myself to be extremely creative and passionate to where it takes over my life (both good and bad I guess lol), I generally enjoy projects with full creative control in general, I have previous family members who have owned businesses and I can see not only the personal satisfaction but the freedom as well from those endeavors, and I am pretty good at managing money (when I am not taking out money/debt for school or helping people close to me when they’re low on funds), and lastly I have also dealt with failure countless times as well as embarrassment and I am still doing well (as an example, while I was bedridden from debilitating chronic pain at 17 I somehow managed to write a book during that time and when I was first learning technology I studied for 12+ hours a day, and when I also was down on my luck with less tech opportunities, I hustled my way into an interview for a 45k sales executive interview by just remaining determined).
I don’t want to sound narcissistic (and I know I sound like I am rambling), but I really love the thought of having my own company.
If I were to start my own company I would avoid anything to do with restaurants, cosmetology, or clothing to name a few (a lot of money dumped into it, a lot of drama, and I am not good and I also don’t have much knowledge in any of those industries honestly speaking).
I am thinking down the route of technology and teaching mainly (the path of least resistance), I have a few ideas such as: starting an MSP, help desk/call center, company that prepares students for IT, a company involving the trades (although that’s a stretch since I don’t have much knowledge in that, but it could possibly work).
I hope this post doesn’t come off as obnoxious or completely naive, and I appreciate anyones thoughts on this, thanks. :)
Being an entrepreneur is not an option that everyone that wants ‘to have their own business’ has, it’s a different way of living that’s is based around skills and products that other people find useful for them, and it’s nothing close to a ‘just having a job’, you need to have a complete set of skills to make it actually work…
Hence why most business fail within their first 1-2 years.
I believe the worst part of this plan is to postpone until you’re 30, all settled etc.
The more settled you are, the more there is to lose, the higher the fear to start things over.
Speaking from experience.