You probably know the story of Mark Zuckerberg, who famously dropped out of Harvard, moved to California and turned Facebook, which started as a small on-campus project, into a global phenomenon. Today, Zuckerberg's company is over 10 years old and at the age of 30 he is worth over $33 billion. While his story is legendary, and his success is certainly not the norm, that hasn't stopped a generation of young entrepreneurs from trying to follow in his footsteps by starting out at a young age with the hopes of making it big before getting their first wrinkle or grey hair.
An article in Fox Business recently discussed a growing business trend — entrepreneurs are getting younger. They are doing so for a number of reasons. For starters, young people grew up with the technology necessary to get ahead in the business world in the 21st century. They have learned important skills in virtual platforms that allow them to connect, market themselves and grow with limited physical resources. Moreover, due to an uncertain economic landscape and a growing national debate regarding the value of higher education, many young people are going into business for themselves because they feel it's the most practical option.
Wyatt Rancourt, who at the age of 17 is co-founder of The Mallard, an online retailer specializing in men's preppy clothing, expressed this sentiment in a conversation with Fox Business.
"Entrepreneurs are getting younger, and they're getting younger by necessity," he said, showing maturity in that he understands the responsibility of owning his own company. "What I've learned quickly is that being an entrepreneur means you are married to your work. There is often no one else to lean on and when there's a problem, you're the one who needs to address it."
While young entrepreneurs likely have the right attitude and spirit to be successful, they must ensure they have the right resources at their disposal. For example, learning how to incorporate their business will help ensure they have done their due diligence and they are set up to succeed financially.