Can I Make It Big as a Startup in My 20s? Yes, But It Takes Hard Work
The idea of starting your own business in your 20s is both exciting and daunting. Many young entrepreneurs dream of making it big, but the reality is that success doesn’t come easy. If you’re ready to put in the hard work and dedication it takes to build a successful business, keep reading. I’m here to share some insights that could make all the difference on your entrepreneurial journey.
Learn From Others Before You Leap
One of the most important steps you can take before launching your startup is to gain experience in the industry you want to break into. This isn’t just about getting your feet wet—it’s about immersing yourself in the business, understanding the ins and outs, and learning from the successes and failures of others.
Start by working for 2 to 3 different companies in your chosen industry, and spend at least a year at each. During this time, observe everything. What works well? What doesn’t? How do these companies handle challenges? What can you do better when it’s your turn to lead? Consider this phase as your real-world MBA, where every job is a case study in how to (or how not to) run a business.
My Personal Experience: Learning From the Trenches
Let me share my personal journey before I became an entrepreneur. I worked for three different companies, each offering valuable lessons that I carried into my own startup.
Company 1: The Hot-Headed Boss With a Bad Manager
My first job was at a small company with just seven employees. The owner knew the industry inside and out, but he had a temper that made the workplace challenging. Worse, he hired a manager who was completely out of their depth—this person only understood a small part of the business and was useless in supporting the staff. From this experience, I learned the importance of strong leadership and the critical need to hire people who are not only knowledgeable but also able to support and guide the team effectively.
Company 2: The Engaging Owner Who Ignored Receivables
My next job was at a slightly larger company with 8 to 10 employees. The owner was much more engaging with the staff and had a hands-on approach. However, she made a critical mistake: she let receivables—the money owed to the company—grow out of control. Instead of addressing this issue, she focused on bringing in new business, leaving the company cash-strapped. This business ultimately failed, with a notice on the door from the landlord and a fire sale of the company. The new owners quickly focused on collecting the outstanding receivables, which turned the business around and set it up for a profitable sale. From this experience, I learned the crucial importance of managing cash flow and staying on top of receivables.
Company 3: The Big Corporate Machine
Finally, I worked for a large company with a few hundred employees. The office was in an out-of-the-way location, and the work environment was less than ideal—no customer support, no employee support, and a bullpen-style setup that made you feel like just another cog in the machine. This job taught me what not to do when running a business. I realized the importance of creating a supportive work environment where employees feel valued and customers receive the attention they deserve.
Applying the Lessons to My Own Startup
When I finally started my own business, I was determined to avoid the pitfalls I had seen in my previous jobs. Here are the key lessons I applied:
- Strong Leadership & Hiring: I made sure to hire people who not only knew the business but were also capable of supporting and mentoring others. Strong leadership was at the core of everything we did.
- Manage Receivables: I kept a close eye on the money owed to the business, ensuring that our receivables were always under control. This helped maintain a healthy cash flow and avoided the financial troubles that sank my previous employer.
- Treat Staff & Customers Well: I committed to treating both my employees and customers as I would want to be treated. This focus on respect and support created a positive work environment and strong customer relationships, which were critical to our success.
This is the groundwork for creating what you do and don’t want for your business and yes, it takes time and effort to get in the trenches and learn, but you are learning while you make a living. It will give you both life skills and entrepreneurial skills designed to put you in a favourable position when you start your own business.
Boost Your Skills With Part-Time Business Programs
In addition to gaining real-world experience, another valuable way to prepare yourself for entrepreneurship is by enrolling in part-time business programs. Canada offers a variety of programs designed for those who want to learn business skills while managing other commitments, such as a full-time job or other studies. These programs are typically offered during evenings or weekends, making them accessible for young entrepreneurs who are eager to learn without having to sacrifice their day jobs or other responsibilities.
Business Management Programs
Many colleges and universities across Canada offer part-time business management programs. These programs cover essential topics like marketing, finance, entrepreneurship, and leadership. Schools like George Brown College in Toronto and the British Columbia Institute of Technology (BCIT) offer evening and weekend classes specifically designed for working professionals.
Entrepreneurship Courses
If you’re looking to focus specifically on entrepreneurship, many institutions offer part-time courses dedicated to starting and running your own business. For example, Toronto Metropolitan University’s (Ryerson) Chang School of Continuing at TMU offers courses that cover everything from business planning to venture financing.
Online Programs
For those who prefer flexibility, online part-time programs are an excellent option. Schools like Athabasca University offer online business degrees and certificates that you can complete at your own pace. These programs are ideal if you want to balance learning with other responsibilities.
Specialized Workshops & Bootcamps
Many local business development centres and organisations offer part-time workshops and bootcamps focused on specific aspects of running a business, such as digital marketing, accounting, or legal considerations. These short-term programs are often available on weekends and provide practical skills you can apply immediately to your startup.
Get Inspired by Entrepreneurial Books & Podcasts
Another great way to prepare for your entrepreneurial journey is by engaging with content created by successful entrepreneurs. Books and podcasts offer valuable insights, practical advice, and motivation that can help you stay focused and inspired. Here are some recommended resources, especially those with a Canadian perspective:
Books:
- “The Wealthy Barber Returns” by David Chilton
This Canadian classic is a must-read for anyone looking to understand the basics of personal finance and business management. David Chilton’s approachable style makes complex financial concepts easy to understand, providing a solid foundation for any aspiring entrepreneur. - “The Lean Startup” by Eric Ries
While not Canadian-specific, this book is a global bestseller that offers a fresh approach to building a business. Eric Ries introduces the concept of “lean” startups, focusing on creating a product or service with minimal waste and maximising learning and adaptation. - “Start Up: The Life and Lessons of a Serial Entrepreneur” by Peter S. Cohan
This book offers practical advice from a seasoned entrepreneur who has founded multiple successful companies. Peter S. Cohan shares lessons learned from his journey, including insights on overcoming challenges and building a thriving business.
Podcasts:
- “How I Built This” by Guy Raz
This podcast features interviews with entrepreneurs and innovators, including many from Canada, who share the stories behind the companies they built. It’s a great source of inspiration and practical advice. - “The Smart Passive Income Podcast” by Pat Flynn
Although Pat Flynn is based in the U.S., his podcast is a treasure trove of advice for entrepreneurs looking to build businesses that generate passive income. His episodes often include interviews with successful Canadian entrepreneurs. - “The Startup Canada Podcast”
This podcast specifically focuses on Canadian entrepreneurs and their journeys. It features interviews with business leaders, innovators, and change-makers from across Canada, providing insights that are directly relevant to starting and growing a business in this country.
Starting a business in your 20s is entirely possible, but it requires more than just a good idea. You need to be willing to put in the hard work, learn from others, and apply those lessons to your own venture. By gaining experience in your chosen industry, understanding what works and what doesn’t, and focusing on strong leadership, financial management, and treating people well, you can set yourself up for success.
Additionally, taking advantage of part-time business programs available in Canada can further equip you with the skills and knowledge needed to thrive. Whether you’re attending classes in the evening, on weekends, or online, these programs offer valuable insights that can help you navigate the challenges of starting and growing a business.
Lastly, stay motivated and informed by engaging with entrepreneurial books and podcasts. These resources provide inspiration, practical advice, and the stories of others who have walked the path before you. Success doesn’t happen overnight, but with dedication and the right tools, you can make it big—even in your 20s. So, are you ready to roll up your sleeves and get to work? The entrepreneurial journey is challenging, but the rewards are worth it.
Start Your Business With Ontario Business Central
At Ontario Business Central, we understand the challenges and excitement that come with starting a business, especially for young entrepreneurs. We’ve helped thousands of aspiring business owners just like you get their startups off the ground each and every year. Our easy-to-use online portal simplifies the process of starting your business, setting up your tax accounts, and ensuring compliance with Ontario regulations. Whether you’re launching a Sole Proprietorship, incorporating your business, or securing a NUANS report, we’re here to support you every step of the way.
Our team of live Canadian agents is available to answer your questions by phone, email, or chat, providing the guidance you need to start your business with confidence. At Ontario Business Central, we’re more than just a service provider—we’re your partner in success. Let us help!
inquiries@ontariobusinesscentral.ca
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Ontario Business Central Inc. is not a law firm and cannot provide a legal opinion or advice. This information is to assist you in understanding the requirements of registration within the chosen jurisdiction. It is always recommended, when you have legal or accounting questions that you speak to a qualified professional.
