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Why Most Young Entrepreneurs Don't Succeed

22/01/2015 11:15 GMT | Updated 23/03/2015 09:59 GMT

How many young entrepreneurs do you see knocking about making some serious money? When I say young, I mean people under 25? There is a reason for that and here is my opinion why...

Instant Gratification vs Pain

We are young. We are wild. We are free.

However, being an entrepreneur requires that you are anything but that. We live in an instant society, where people can get things on tap. Fast food. Fast books. Self-service checkouts. As a society, we are being trained not to wait for anything. This breeds impatience, and ultimately means that some people will go for a quick fix, rather than enduring some of the pain that goes with being an entrepreneur. Why build something solid when you can get what you want now?

Lack of Focus

I am 21 and sometimes, I have the attention span of a goldfish, particularly if I am doing a task that I find arduous. Most times, I am so focussed on my goals that I won't let anything stand in my way and that is the thing. Unless you are truly passionate and obsessed about something, you will lack the focus required to do it. Most people my age, that I know, are not interested in entrepreneurship. Or they get interested, see the pain involved and then their focus shifts over to something else. When you are young, you are still finding your feet and exploring options and you may go through 5 different things until you focus and narrow down on one. We have a restless energy that sees us bouncing from one thing to the next. Focus is key to successful entrepreneurship.

No Money to Start Up

Lack of finance is a big issue. Unless you are handed a pot load of money at the age of 18 (and let's face it, most of us are not), it can be hard to succeed as a young entrepreneur. Most ventures require some finance to start with. Add to that day to day living costs, as well as business costs and you'll find that it can be hard to run a business at a young age. There are some ventures that have no start-up costs, but every business has some overheads, no matter how small.

Here's the thing, even if they do have money, a lot of young people lack the financial discipline required to run and sustain an organisation. Financial education is not taught in most schools and in order to be astute in that area, you either have to take a college course, or read lots of books. If maths is not your thing, your business will go under faster than you can say boo! Whereas a lot of mature companies have access to accountants, young people without capital do not. It's a catch 22 situation and a vicious circle.

Despite the above points, now is still a good time for young people to jump into entrepreneurship. Technology has made it easier to run a business and anyone in my opinion can run a successful organisation within their own home with just a computer, internet access and a whole heap of creativity. There are mentors out there too who are be willing to help. The difference between those who succeed and those who fail comes down to one thing; those who succeed want it more. So, are you willing to play big? I dare you to succeed!