The Age Limit for Starting A Business?

[Sindre]

I was just wondering.. I'm 22 years old. I have an idea about a internet business I want to start. I've already had 4 "regular" jobs, and I always felt about it like Steve writes in his posts. I don't want to trade my time for money. I didn't really like those jobs anyway. I've always been one of those who didn't know what I wanted to be when I "grow up". So, after a lot of reading (Steve) and thinking.. I recently decided to quit my job. I want to go my own ways from now on.

So what do you guys think? Am I too young? Should I have a bit more experience before attempting this? Like Steve qutoes from The Matrix: "Everybody falls the first time". So I'm prepared this can happen, but I can still make the same business work, if I keep working hard on it, and always adding improvements, right? Just need your general advice =)

Another way to think of it: The earlier I begin (I'm 22), the more likely I am, in my lifetime, to actually accomplish something? Is it a good idea to begin now, or should I gain more experience first?

Thanks for your time!

[seeker5]

I don't think age should limit you. The founder and current CEO of Facebook is now what? 23 years old, so he started facebook several years, thus younger then you. On the other hand, Colonel Sanders started Kentucky Fried Chicken in his 60's or so.

[Sindre]

Thanks for the answer. You're probably right. One other thing I didn't mention, is that I'm not extremely skilled in building websites. I've made one, and I mostly used a webeditor.

Let's describe my idea a little more. It's meant for musicians who wants to spread their music to the world. It's partially inspired by the site CDBaby.com/net/org. I figured, that in the long run, IF I can make this work, I will be able to spend time on what I really want to do: Producing music. Combined with maintaining my website. I can work from home!

Originally I got this idea as a way of just selling my own album, but I realized that this could be a great idea for everyone. Then I'll get the chance to help others in the same position as me, get their music out. That's something I want to do.

So.. the only problem is my webskills.. Should I still just go for it, using the "Ready, fire, aim"-approach that Steve talks about? Do you think it will be possible for me, to find someone to help me "modernize" the site if/when I need it? Because, at the time, I can't do it myself. I'm more than willing to learn though.

In the beginning everything will have to be done manually, but I'm actually looking forward to that. I should be able to make the site more "automatic" as time goes by.

[norbert]

Hey Sindre,

(I accidentally clicked No--I thought the poll was about introducing a lower age limit for people starting businesses.).

There are some things I'd like to tell you:

1. It's absolutely the best possible time for you to start your first business. You're young, you probably don't need to cover your own expenses yet, you don't have to support your family, this is the best age for starting a business! I'm 24. I've started my business at 21 after having two day jobs for 2.5 years. I have made lots of mistakes since then and I'm glad they're the past and I'd be extremely sad if I had to start out only now! I'm doing pretty fine now and it is quite possible that I'm going to reach my financial and other goals well before the age of 30.

2. Your idea sounds like an internet startup. You might be interested in the Paul Graham's essays, Y Combinator or, in Europe, SeedCamp and the OpenCoffee Club.

3. Regarding your idea: I think there are many similar services out there already. I'm not saying it's a bad idea. Actually, as I see, a startup is much more about the execution and not dying and not the idea anyways. I am not sure I'd spend my time working on this idea in its current phase UNLESS it has something unique to offer (unique selling point). Quoting Steve from 2 Mental Blocks to Making Money:

Too often that shell remains hollow, containing nothing but recycled and rehashed ideas that can readily be found elsewhere. There’s no innovation or risk-taking. Hundreds of others are already doing a better job performing essentially the same service you’re trying to perform. Your service is comparatively useless. It just isn’t needed. You’re trying to milk a system instead of using that system to provide real substance.

By focusing on trying to get money, you’re missing the point. The point is to provide value to others. This means serving people in a way they aren’t already being served, in a manner that aligns with your unique creative self-expression. Share what only you can share. Express what only you can express in the way that only you can express it.

4. Regarding webskills. I think startups generally fall into 3 categories and you need at least one of them:
a) startups with tons of money behind them might ignore their webskills (see myspace)
b) startups with lots of in-depth technical knowledge (facebook, youtube, netvibes)
c) startups with great UI design skills (wufoo)

BUT if you go into this for gaining experience, learning how to build large websites, how to operate a business and you are willing to stick to the idea and not die and not give up, I'd say go for it!

The most important thing though: not knowing the how doesn't mean you shouldn't go for it. Follow your intuition and don't try to rationalize everything. Forget "reality". It just doesn't exist and everybody's reality is different. Go for what you want in your life because you never know how it will turn out.

P.S. Actually, me being a web business owner, working on several web startups, being a trance producer and DJ and almost the same age, I'd be glad to keep in touch with you. If you're interested, drop me a line, you can find my e-mail address at the top of my blog.

[Sindre]

First of all: Sorry for the poll vs. the title of the thread. I saw afterwards that it might look a bit misleading.
Second of all: Thank you very much for that interesting, inspiring and insightful answer, Norbert!

1. That's what I felt too, I just wasn't sure if I were right Very good and interesting to hear from another person in almost the same category as me! Well, I just moved out from home 1,5 months ago, to live with my girlfriend. So, there's some things that has to be paid for, such as the rent for the appartment and food. We still don't have a car though (even though I really want one). But I'll try to wait as long as possible. At this time only my girlfriend have a job. I have some savings, so I'm making up for it that way, but it won't last long. So I better get some things done quickly here, I don't want her to suffer because of me

I've tried to explain to my girlfriend that she can't expect that my business will make money right away. I'm more concerned about it making some kind of value for others. This is a very important thing I've learned, by reading Steve's posts. But she, on the other hand, just want to see money right away My goal is, that in the long run, I can make a living of this (or something similar, if this flops completely), but the most important thing is value. If I get more and more artists willing to use my site, then there's a sign that I'm doing something right.

2. Yes, it's a internet startup. But what exactly does "startup" mean? I guess it's pretty much what it sais, but I was reading on Paul Graham's site, and was wondering what exactly he talked about. Thanks for the links!

3. I can understand why you are a bit concerned about my idea, when you haven't heard all of it yet Yes, it's already similar services out there. But I haven't seen anything quite like what I'm intending. I just didn't want to say too much before I've actually done something myself. A few hours ago, I registered the domain, and soon I'll be working on the site. I'm really looking forward to it. I think it's a pretty new way of thinking, and hope others see the potential it can have.

4. I'm not sure if I fall into any of those categories. But yes, I'm doing this to learn, and to see if it can work. I'll do my best not "dying", even though things go slowly in the beginning. That's the way it has to be. I do not expect any overnight success here. It will take time for people to discover it. And when I say "people", I mean both potential musicians and potential customers.

Thank you so much for those last, inspiring words. I think that was exactly what I needed to hear. I'll definately go for it

Oh, and like I read on Paul Graham site: Now, that I've announced my little "business-plan" to the world, it actually WOULD be a bit embarassing if it didn't work, and that inself will make me work harder on it to actually make it work. And that, combined with "not dying", I actually believe that I have a fair chance. It's really up to me.

[Andreas]

What you may find is that you don't want to go into that specific type of business anyway, but that's okay. We often learn more about what we *don't* want the first few tries, and this is important. I remember hearing (pretty sure it was from a Steve podcast) that when a dozen or so millionaires were interviewed, the average number of jobs they had before they felt successful was 17.

Now, I'm not saying this is 1 down 16 to go, but it's something to keep in mind.

I wish you good fortune on your learning journey.