By | Tim Hentschel | www.entrepreneur.com
In my last article, I focused on what it takes to become a successful entrepreneur and what “success” means today. Here, I’d like to drill down on when to launch a business and offer some practical tips for entrepreneurs as they grow their new ventures.
Two Windows Theory
Deciding when to launch a business can be one of the most difficult decisions for entrepreneurs. For many, it’s a choice between a typical 9-5 corporate grind with the risk of burnout vs. becoming an entrepreneur too early in life before you have had enough real-world experience.
Given the inherent risk in starting a business, there are two ideal windows of time to launch a new venture: right out of school in your early 20s, when you have a lot of energy and no other commitments, or in your late 50s or 60s, when your children have left home, and you presumably have a higher net worth. Both of those windows are easier times to assume the risk of starting a business. But if you want to have a successful and profitable business by your 40s, you really need to put in the “sweat equity” when you’re 22.