Economic Wisdom to Apply in Your Twenties

Chapter 53

Chapter 7 In your twenties, be your own boss, start a business and realize your dreams

It can be said that the "Matthew Effect" exists widely in the fields of biological evolution and personal development, as well as in the competition between countries and enterprises, but these competitions are ultimately economic competitions.Therefore, if you are weak, don't expect sympathy from others, and don't be like the third servant, thinking that the master will reward you for being poor.In today's society, if you want to get more, you can only become a strong person.

Section 1 We are young, we have the capital to start a business

Young people in their 20s are young people with passion and dreams.Many young people who have just graduated are not willing to rely on others to work for others, but prefer to start their own business by themselves.It can be said that entrepreneurship is a dream hidden in the heart of every young man who wants to show his talents.We are proactive, we are high-spirited, and we are willing to use our talents and wisdom to show our ambitions on the commercial battlefield.For some people, starting a business is equivalent to a pilgrimage in their hearts. On the way, they will experience mountains, rivers, swamps and deserts.If you want to reach your destination, you must go through hardships, and you have been preparing for a dream journey since you were a student.

As a result, many people resolutely quit their jobs and plunge into the wave of entrepreneurship.However, among the successive entrepreneurs, countless young people full of fantasy finally failed.Successful entrepreneurs like Bill Gates, Robin Li, and Yu Minhong have also become idols admired by entrepreneurs because of their scarcity.

Why Bill? Gates they can succeed, but more people have failed?Because starting a business is not easy after all, opportunities are only reserved for those who are prepared.If you don't make sufficient preparations before starting a business, resigning and starting a business rashly will only be doomed to return empty-handed.

If you can consult economists before preparing to start a business, they will definitely give you advice in the following aspects:
1. Consider the time cost of starting a business.In your twenties, the biggest cost is your own young capital.If you are 40 or 60 years old, even if you have dreams, plans, and confidence in future earnings, unless you have extraordinary courage; otherwise, it is difficult to easily enter the mainstream of "entrepreneurship".However, the so-called "time is gone forever", our age is destined to be a "sunk cost" that will never come back.Our young capital cannot be squandered by us. If we want to enter this industry today, we will see another opportunity tomorrow.When you are 40 or 60 years old, you no longer have the capital of youth, and the income is very small.

2. The opportunity cost of starting a business.Not only is your age the cost of starting a business, but when you choose to start a business, the rest of the job opportunities you give up become the opportunity cost of your choice of starting a business.If you already have a stable and well-paid job, the opportunity cost of choosing to start a business must be high, because if you fail, even the job you had before will be wiped out.And if the work you did before you decide to start a business does not meet your expectations, if the start-up succeeds, you will get benefits far greater than the cost, and even if you fail, you will not lose too much.The above-mentioned successful entrepreneurs such as Bill Gates, their income after starting a business is far greater than their income from continuing to study or engaging in other jobs. Then, it shows that when they choose to start a business or not, they are more concerned about the opportunity cost. The correct estimate was made.

In addition, economists also remind every young person who decides to try to start a business, he should pay attention to using his own existing resources to maximize the benefits of limited resources.

For college students, we should pay attention to the following resources:
1. University Classrooms, University Libraries and University Clubs
If you are a student in the ivory tower, congratulations, you have excellent resources on the university campus.Libraries and entrepreneurial societies in universities provide rich resources for every young entrepreneur.We master industry professional knowledge through classroom study, read newspapers and books on entrepreneurship guidance in the university library, and exercise various comprehensive abilities in university club activities, laying a solid theoretical and time foundation for entrepreneurship.Of course, even if you're out of college, you still have a lot of avenues to network and get resources from your peers in college.

2. Media information
Media information includes paper media and network media.Among the paper media, talent and economic media are the primary choices.For example, the more professional "21st Century Business Herald", "IT Manager World" and so on.Network media is also a resource that cannot be ignored. Management, talent, and professional entrepreneurial websites are necessary choices, such as "China Marketing Communication Network", "ChinaHR Network", "China Entrepreneurship Network" and so on.In addition, start-up information can be obtained from various start-up centers, innovation service centers, college student science parks, science and technology information centers, and websites of well-known private enterprises.
3. Extensive communication with business people
Business activities are everywhere.Make full use of your network resources and find relatives and friends who have entrepreneurial experience to communicate with. They will give you the most direct entrepreneurial skills and experience. In many cases, this is more rewarding than reading books.You can also visit business people you admire by email and phone, or consult business groups that are closely related to your entrepreneurial project. Don't think it impossible, your humility will always have their support.
4. Curve Entrepreneurship
Employment first and then starting a business is the choice of many students.After graduation, due to my lack of experience and experience in all aspects, I was able to practice in a physical unit for a few years, and it would not be too late to start a business after accumulating a certain amount of knowledge and experience.The entrepreneurial projects of students who are employed first and then start a business are usually closely contacted in their past jobs.In the process of preparing to start a business, you can use the opportunity to communicate with professionals to gain more entrepreneurial knowledge from the market.
Starting a business is difficult, but because of the difficulty of starting a business, we can feel its infinite benefits even more after paying huge costs.As long as we make enough ideological and realistic preparations before starting a business, we can also realize our dreams and realize the brilliance of life through starting a business like "Li Yanhong"!
Wisdom Pieces: According to a survey in the United States, successful entrepreneurs have the following obvious characteristics

1. Voluntarily lower consumption levels, work hard, be strict with self-discipline, and be willing to sacrifice.

2. They usually live a life that is conducive to wealth accumulation, and are good at allocating time and money efficiently to facilitate property accumulation.

3. They have compulsive savings and investment habits, relying on their own strength to accumulate wealth, and they believe that wealth stability is more important than showing off status.

4. Do not accept financial support from parents.

5. They have always lived in the same place, often where neighbors are much poorer than they are; their children grow up to be financially independent; they marry once and live forever.

6. Be good at grasping market opportunities.

7. Choose the right career.

(End of this chapter)