Why it's easier to start a business in your 20's

As an entrepreneur educator who has worked with hundreds of young entrepreneurs, I've seen many successes, often as much of result of young age as anything else. Clearly there are disadvantages to starting young - lack of industry knowledge and limited access to capital just to name a couple - but young entrepreneurs also have some clear advantages over their more "mature" competitors.

First, and probably most important, most young entrepreneurs know how to live cheap. Ask a group of 22 year olds if they can live on $25K a year and virtually all will raise their hands. What happens if you ask the same question to a group of 45 year olds? So keep that second hand car for a couple more years. Share an apartment with friends. Move into your mom and dad's basement. All that means less capital requirements for the business. Instead of paying yourself, you can reinvest early profits back into the business.

Second, and obviously related, young people often have fewer responsibilities. It's a lot easier to take the risk of starting a business when you don't have children, a big mortgage, etc.

Third, everyone wants to help when you're young. The local press will be eager to do a story on your business. Teachers will spend time with you. Successful entrepreneuers in the community will go out of their way to help. And virtually everyone will do this for free, just because they want to see a young entrepreneur succeed. People don't care us much when you're 45.

Fourth, when you're young, you have less fear of the unknown. As we age, we learn more, often too much, and can talk ourselves out of taking risks.

Finally, when you're young, it's a lot easier to put in those 70-80 hour work weeks often required in the early days of a startup. You'll likely never that level of energy again.

So if you're a 20-something with a great idea, go for it! Follow your passion and start a business or a social entrepreneurship venture doing something you love. I'm not suggesting that you should go blindly into a venture. Do you homework, work for a similar business, get a mentor or do an internship first.

And don't worry about those long work weeks. Wouldn't you rather spend 70 hours doing something you love than 40 hours a week doing something you don't?