Navigating Entrepreneurship in Your Twenties: Pros, Cons, and Lessons Learned
Entering the world of entrepreneurship at a young age comes with a unique set of challenges and opportunities. As the owners of a video editing company, we’ve experienced firsthand the highs and lows of building a business in our early twenties. In this blog post, we’ll explore the pros, cons, and lessons learnt from our journey so far.
Pros
Being a young business owner means that we had a fresh perspective on processes and systems within our company. We are able to come up with innovative ideas without the pressures and expectations of industry norms. We have found this creativity to be a powerful asset our field of video editing where standing out is crucial. Also, with fewer financial and personal responsibilities and obligations, we found that in this season of life we were easier able easier to take risks and access funding and mentorship opportunities which set us up for being relentless in pushing the business forward.
Young entrepreneurs are often more willing to embrace inevitable change and pivot when necessary. We found this to be invaluable in navigating the ever-evolving landscape of business, particularly a technology based service like video production. On the subject of technology, our age has been instrumental in equipping us with the language of technology which comes more naturally having grown up in the digital age. With technological skill being paramount in our industry, this has helped us to spot potential errors before they occur and be much more agile in our problem-solving skills, while allowing us to learn new software with ease.
Cons
One of the most significant hurdles we have faced as young entrepreneurs is the relative lack of experience in the field. Without years in the industry, it can be difficult to anticipate challenges or make informed decisions. In an industry such as video editing, our combined total of five years experience has given us a wide rage of projects to work on and skills to develop but we are not naive to the fact that there is far more to learn. Similarly, given our lack of experience in other jobs and industries combined with the limited time spent in the business world relative to some of our competitors, our networks are limited by these constraints. Building a robust professional network takes time, and therefore we have made it a priority to cement valuable working relationships with clients and collaborators and other business owners through practises like networking in order to help us grow our list of connections in a short time.
When you are first setting up a business, potential clients or investors may question the credibility or reliability of a entrepreneur in their early twenties, and are more reluctant to trust them without social proof, leading to initial challenges in securing clients and collaborators. Finally, managing the demands of a growing business while still developing personally can be a delicate balancing act. From our experience we have found that if left unchecked this can often lead to burnout or neglect of personal well-being.
Being a young entrepreneur with bring with it a whole lot of unsolicited advice from those who assume they know better. Over time you will learn when advice is well intentioned and when it is not. It’s important that you listen to the right people - it’s not wrong to listen to advice but pay attention to where it is coming from.
Challenges
One of the most significant obstacles we have found as a young entrepreneurs is there is an expectation that we must work harder to prove ourselves in in the business world where rightly or wrongly, age is equated with experience and wisdom. There have been times, particularly in Izzie’s case since video production is still a male dominated industry, where we have struggled to be taken seriously and have lost out on clients who were perfectly suited to us in favour of a longer standing team but one lacks the experience with have with their desired content.
Similarly, with limited access to capital and credit, the growth of a young business can be hindered, requiring creative solutions and careful financial management. Thankfully, in the case of our business, we are able to deliver a high quality product without the burden of significant overheads so this is not an obstacles we have struggled with immensely, however the lack of capital in the business initially can be a daunting prospect.
Only those who feel threatened by your presence in their industry will make an effort to bring up your age in relation to your capabilities. It’s important to know how to stand up for yourself and remain confident in your ability to deliver a high quality product. Don’t be intimidated by those who seek to challenge this, your age can be a huge asset to your craft.
Opportunities
Despite the challenges, the steep learning curve of entrepreneurship in our twenties has offered us unmatched opportunities for personal and professional growth. These lessons have allowed us to bring fresh perspectives and innovative solutions to the table, allowing us to be positioned as disruptors in the video editing space.
Finally, starting a business in your twenties offers the potential to build a lasting legacy and shape the trajectory of your career from an early age while giving advice to future newcomers in the industry and help them on a similar journey. We are excited to watch our business grow and transform throughout the years as the industry continues to shift and having the opportunity to do so at a young age has given us much more confidence in our own abilities. We know that if we can overcome all of the challenges we face in our position and embrace all of the opportunities that come our way, we can make a real impact in our sphere and are excited to do so.
Our Top Tips:
Commit to growing your network by consistently showing up at networking
Prioritise creating valuable and meaningful connections by providing value to your network over time
Invest in yourself and your business - it takes money to make money
Know your worth and believe in your offerings even if you come across those who don’t
Pay attention to where unsolicited advice is coming from - not everyone has your best interests at heart
Don’t give up!
Key Takeaways
Being a young business owner comes with its own set of advantages and disadvantages. While navigating the road to entrepreneurship in your twenties may be daunting, it's also incredibly rewarding. By embracing creativity, adaptability, and a willingness to learn, young entrepreneurs can overcome obstacles and carve out their own path to success.