Bill Gates was 20 years old. Steve Jobs was 21. Warren Buffett was 26. Ralph Lauren was 28. Estée Lauder was 29.
These iconic figures were all in their 20s when they started their companies, propelling themselves and their enterprises to monumental success. Many groundbreaking innovations of the latest generation — including Google, Facebook, and Twitter — were founded by people under 30.
Mark Zuckerberg, for instance, started Facebook at 19 and moved to California at 20 to turn it into a business. The trend of young people disrupting industries and taking on roles usually reserved for those twice their age is accelerating, fueled by millions of social media followers.
The Unique Advantage of Youth in Entrepreneurship
What is it about that decade after adolescence that inspires such significant achievements? Does age really matter?
It does. This leaves older individuals at a slight disadvantage.
Conventional wisdom suggests young people bring fresh perspectives to problems and challenges others have abandoned. Michael Moritz of Sequoia Capital, a venture capitalist who backed Google, Yahoo, and YouTube, described 20-something entrepreneurs as a generation that “sees no boundaries, no limits, no obstacles they can’t overcome.” Vinod Khosla, another venture capitalist, stated, “People under 35 make change happen. People over 45 basically die in terms of new ideas.”
While this might be an oversimplification, it highlights a critical factor.
Peter Thiel, co-founder of PayPal and an early investor in Facebook, offers another perspective: it’s about money.
Financial Freedom Fuels Risk-Taking
Thiel argues that young people often plan to work for a few years, save money, and then pursue their passions or start their own businesses. However, this rarely happens. People start earning good money and tend to spend it all, making it hard to dial back. Mortgages and other obligations make it difficult to take risks.
Young people, with fewer financial responsibilities, are often more willing to take risks. They have the persistence and zeal to work late into the night, driven by passion and energy. This willingness to take risks is a significant factor in their entrepreneurial success.
Technology and Credibility
The advancement of technology has also given young people more credibility among their elders. Since the rise of the computer era, older generations have been more willing to give opportunities to talented 20-somethings. The rapid pace of the digital age has accelerated their rise.
Not All 20-Somethings Are Successful
However, it’s essential to note that not all young people find success. The few who do are far from the norm. Unemployment for workers aged 16 to 24 is double the national average, and “Gen X” and “Gen Y” have less wealth than their parents did at the same age.
The Burden of Student Debt
One significant challenge facing the next generation is the staggering level of student debt. If Thiel’s theory holds, it will be harder for young people to take risks, crushed by financial obligations from the start.
Success Beyond Youth
For those over 29 who haven’t made their mark, there’s no need to despair. Some people have significant breakthroughs later in life. Thomas Edison, for instance, didn’t invent the phonograph until he was 30.
Chris Hughes: The New Republic’s Young Visionary
Chris Hughes, Facebook co-founder and publisher/editor in chief of The New Republic, exemplifies youthful success. He was Mark Zuckerberg’s sophomore roommate at Harvard and played a key role in the Obama campaign’s groundbreaking use of the web in 2008. Despite his young age, Hughes has shown remarkable confidence and vision, transforming The New Republic with his love for print media.
Helen Oyeyemi: A Literary Prodigy
Helen Oyeyemi, author of four novels, wrote her first book, “The Icarus Girl,” at 18. Her latest work, “Mr. Fox,” showcases her bold storytelling and narrative fluency. Oyeyemi’s age has never defined her writing style, and she continues to explore and innovate within familiar stories.
Alexander Wang: Fashion’s Young Innovator
Alexander Wang, a fashion designer, began his career by remaking thrift finds for his sister and friends. Today, he leads a multimillion-dollar business and is the creative director of Balenciaga. Wang’s success is driven by his pragmatism, capturing urban cool with accessible merchandise. His boundless energy and risk-taking nature exemplify the advantages of youth in business.
Conclusion
Youth brings a unique advantage to entrepreneurship, offering fresh perspectives, fewer financial burdens, and an unparalleled drive to succeed. While not all young people achieve success, those who do often reshape industries and pave the way for future generations. For those who find success later in life, it’s a reminder that innovation and breakthrough can happen at any age.
Frequently Asked Questions
1. Why are young entrepreneurs often more successful?
Young entrepreneurs often have fewer financial responsibilities, allowing them to take more significant risks. Their fresh perspectives and relentless energy contribute to their success.
2. What role does technology play in the success of young entrepreneurs?
Technology has given young people credibility and opportunities, as older generations are more willing to give them chances to prove themselves in the digital age.
3. Are all young people successful in their ventures?
No, the majority of young people do not achieve significant success. High unemployment rates and financial burdens like student debt are common challenges.
4. Can older individuals still achieve entrepreneurial success?
Yes, many people find success later in life. Age is not a barrier to innovation and breakthrough.
5. What are some examples of young entrepreneurs who have succeeded?
Examples include Mark Zuckerberg, Chris Hughes, Helen Oyeyemi, and Alexander Wang, each excelling in their respective fields and transforming industries with their vision and drive.