Why Start Young?
It is never too early for you to start a business and become an entrepreneur. Inspirational stories of young entrepreneurs like Nick D’Alosio have shown that with determination and hard work, it’s possible to become a successful entrepreneur at a young age. They will exercise independence and commitment to completion and work on projects they care about.
As a 17-year-old balancing schoolwork and business can be challenging, dealing with failure is inevitable but can also provide opportunities for growth and learning. By being resourceful, persistent, and open-minded, obstacles can be overcome. Every person can become a micro-entrepreneur, whether full or part-time if turnover thresholds are respected. With parents’ authorization, one can create an EIRL or EURL, or apply for emancipation for sole proprietorship.
Legal Considerations for Young Entrepreneurs
Is it legal to start a business at 17?
Fred DeLuca started a sandwich-making business at 17, which later turned into Subway. And 16-year-old candle maker Mike Kittredge developed Yankee Candle. Although starting a business often requires capital, lack of it should not discourage you. There are ways for teens to raise funds, such as seeking help from parents or mentors or earning money online through tasks like surveys and website testing.
Starting Your Business
So, you’re considering entrepreneurship at 17 and wondering how to begin. Here are 8 tips for young aspiring business owners:
- Write out a business plan.
- Research your niche to understand what works.
- Create a professional website.
- Focus on achieving financial freedom.
- Understand that entrepreneurship isn’t about constant luxury but choosing how to work.
LLC: What’s the Buzz About?
Before diving into starting a business, it’s essential to understand the basics of an LLC (Limited Liability Company). With an LLC, your personal assets are protected from business-related debts or legal issues. Setting up an LLC is relatively straightforward, and it’s a more budget-friendly option for those new to business. Plus, it offers the freedom to run the business your way, without the need for a board of directors or formal annual meetings.
Finding the Right Age to Start
What is the right age to be an entrepreneur? The truth is, any age can be suitable if you have the willingness to grow, and the right mindset, discipline, and responsibility. The average age of successful startup founders is 45, with those under 40 running more than 40% of all startups.
To become an entrepreneur, it’s crucial to gain market knowledge, be resilient, financially astute, and focussed on the bottom line. Often the best time to start a company is when you have few family obligations and plenty of time, typically in your early/mid-20s or after 55. However, the prime age for entrepreneurship is considered to be 35-45.
The decision to start a business should be influenced by visible opportunities or your readiness to seek new ones. Despite a focus on young startup successes, the older generation often leads in business ownership, with the average age of UK entrepreneurs at 47 and US entrepreneurs at around 40.