Why Everyone Should Think About Being An Entrepreneur In Their 20s

Why Everyone Should Think About Being An Entrepreneur In Their 20s
Money
Like Us On Facebook
Like Us On Facebook

Before we go any further, let’s make one thing clear. Yours truly is no entrepreneur, nor does he plan to be any time soon. At least not yet anyway. But even those who are far from entering the world of entrepreneurship have to recognize the special potential it has a career choice for all twenty-somethings.

You wouldn’t tell an English major, for example, to think about becoming a doctor. It just wouldn’t make sense — not to mention, attempting to get into the medical field after years committed to studying literature would be near impossible. You wouldn’t advise an engineer to try becoming a lawyer, either.

No matter what field of study people have immersed themselves in, though, becoming an entrepreneur can be a viable option for any young person, especially those who are fortunate enough to (let’s face it) be years away from having any actual financial responsibilities.

College student or not, without huge mortgages to pay off, decades of debt to consider and a family of five to take care of, twenty-somethings, especially those in their early twenties, are at a special point in time at which they can really weigh their options without having to sway one way or another simply because they’ve racked up too many liabilities.

Having said that, starting a business should be amongst those options, especially when you consider the fact that (as opposed to attempting those radical career changes mentioned above) your past experiences don’t necessarily preclude you from aiming to become the next big CEO.

11-year-old Moziah Bridges is the head of his own bowtie business and, like most successful businessmen, already has his own charity to “give back.” High school dropout David Karp built Tumblr into a billion dollar enterprise, an accomplishment that was confirmed once Yahoo! bought the site for that exact amount during the summer.

tumblr_mst8kiUOB31rkbqbko1_500

The idea that “anybody can become an entrepreneur” is indeed much stated, but, admittedly, too optimistic. A more accurate statement might go along the lines of this: anyone, who is willing to devote the planning and passion necessary, can become a businessman or woman, without having to worry about having the “necessary” requirements to enter the world’s college of entrepreneurs.

These words of praise for the opportunity that choosing a life of entrepreneurship can offer someone (even if it means trying to succeed in an industry that has nothing to do with what they were previously studying) are not meant to question the usefulness of college.

Despite the fact that a number of big time CEOs would tell you that spending those four years in the classroom, and the money for them, isn’t necessary, like Zappos founder Tony Hsieh, many of today’s younger prospects in the business world are using the experiences and networking they’ve gained at universities to their advantage.

The three Ivy League sophomores behind new app Side came together after two of them were paired together as roommates at Harvard. 22-year-old Lucas Duplan brought over 20 of the friends he’d met at Stanford onto his team to help develop Clinkle, the app that has $25 million of investing fueling its development in Silicon Valley, the tech capital of the world.

Becoming an entrepreneur, however, is much more than a matter of taking two things (your desire to start a business and a product/idea that you like) and marrying them. Based on some of the more recent success stories of businessmen who’ve pushed their companies to the top, literally amongst the elite of the elite, there is a more elaborate set of ingredients that goes into entrepreneurial success.

One (of the many) combination of prerequisites needed seems to include first, the identification of a need; second, a product that eliminates that need; third, a knowledge of the relevant market; and fourth, a willingness to take on many jobs.

tumblr_msod4br97S1qf7dj9o1_1280Tumblr 

At least, that’s the way it appeared for Jon Oringer, the 39-year-old founder and CEO of Shutterstock, an online image and video marketplace. Oringer shot the first 100,000 images on the site himself, using an $800 Canon Digital Rebel camera. That was in the early days of Shutterstock, a point at which he was the lead photographer, CEO, customer service rep and presumably everything in between for the company.

Ten years later Shutterstock is generating over $100 million in revenue yearly and has over 27 million photos on its site. And what about Oringer himself? He enjoyed a successful summer, during which he became the New York tech scene’s first billionaire, after Forbes estimated his net worth to be north of the $1.05 billion mark in July, which bring us to the crux of this argument.

It is true that the most awe-inspiring of entrepreneurial stories are, generally, the exceptions to the rule. It’d take a great deal of optimism to believe that quitting two jobs after rebelling against two bosses out of self-belief would lead to an ownership of an NBA franchise and a seat amongst ABC’s intimidating sharks. It’d also take a great deal of optimism to think that everyone could drop out of college and end up a billionaire if they really “wanted it” enough. The choice of a career in entrepreneurship doesn’t grant a magic ticket to success, what it does do, however, is provide an opportunity to each competitor that few other fields can match.

It’d be fair to say that, no matter what the field of work is, the bigger salaries come with the big performances. But while most us, the most fortunate of us, can only look forward to six digit salaries as a financial goal, entrepreneurs who aim big can earn big. Like Oringer when he took 100,000 pictures by himself for one website, when it comes to earnings, the sky is the limit for any young businessman or woman who aims at it. The ceiling for potential earnings is simply higher in the field of entrepreneurship than it is for any other career path.

If not for anything else, if not for the opportunity never to have to work in the “traditional” work place, if not for the chance to make the world a more efficient place by eliminating a need, the potential to (quite simply) make money in ways that would be highly improbable with other careers, should make entrepreneurship something to consider for every person in their 20s.

Top Photo Courtesy: Amanda Fordyce 

Share Tweet
React
Like Us On Facebook
Like Us On Facebook

Joseph Milord

A Journalism & Media Studies product from Rutgers University, Joseph began his writing days as a blogger in his sophomore year before a twist of fate saw him cross paths with Elite Daily. He hasn't looked back since, only forward towards fulfilling his obsession with words through many more articles for the voice of generation-Y.

More In Money

Strategy Samantha O'Connor

5 Types Of Professional Bridges We All Eventually Burn Throughout Our Careers

What do 20-something interns, 30-something associates and 40-something CEOs have in common? They’ve all made a few enemies and burned a professional bridge or two along the way while climbing the corporate ladder. That’s right; despite what your conscience tells you, you’re not the only one with a professional rival. It’s something that’s not usually broadcast […]

Strategy Jamelle Sanders

Millennial Debt Prescription: 5 Ways To Rid Yourself Of Debt

As a business coach and Millennial, I am always researching strategies to improve my financial acumen and to empower me for even greater financial freedom. Sadly, I do not meet many other Millennials who share this belief or concern. Research shows that more Millennials are taking steps to secure their financial futures. However, what we […]

Strategy Joshua Fechter

10 Ways To Get Your Dream Job At A Top Tech Company

We all want an amazing career, but wanting something isn’t always enough to get it. And if that something is a job at a top tech company, your life just got a whole lot harder. Even though just getting an interview at a top technology company is extremely hard, there are ways to make it […]

Money John Haltiwanger

3 Amazing Ways Elon Musk Is Exactly Like The Real Life Tony Stark

Elon Musk, the CEO of Tesla Motors and SpaceX, is a dreamer, businessman, engineer, adventurer, inventor and innovator. His ambitious are boundless, literally spanning across the galaxy and perhaps even beyond. He is the real life Tony Stark, developing technologies that most of us believed could only exist in science fiction. Musk not only wants […]

Strategy Joe Belsterling

3 Things You Need To Know Before Crowdfunding Your Startup

More and more startups and entrepreneurs are turning to crowdfunding these days and not just equity crowdfunding (i.e. Wefunder), but rather, perk crowdfunding (i.e. Kickstarter and Indiegogo). Crowdfunding can be a great tool for startups and provides much more than just funds (e.g. market validation, a loyal customer base, early adopter market, etc.), especially for younger, […]

Also On Elite

Women

Fall Hibernation: 99 Things That Are Absolutely Better Than Going Out Tonight

The summer is finally over, which means our fall hibernation schedule can officially begin! It’s now more than socially acceptable to stay in under our blankets while we cuddle up to a nice glass of wine and our favorite television shows. Going out, as you get older, becomes a real struggle, despite how social you […]

Humor

High School Football Player’s Passionate Speech Gets An Autotune Remix (Video)

When most professional athletes give an on-field interview after a big game, it either involves them spouting off a string of go-to clichés or yelling into the microphone and accidentally sparking a debate about race relations in the United States. You wouldn’t expect a high school student to deliver a postgame speech that puts the […]

World

Indian Mob Cuts Off Man’s Penis After He Tried To Rape Teenage Girl

A group of Indians brutally took justice into its own hands after claiming a 40-year-old man attempted to rape a teenage girl in an alley. Residents of Ganganagar heard the girl’s screams and ran to her aid. There, they say they discovered Suresh Kumar attempting to force himself on her. The angry crowd held a […]