Like most people, you have probably dreamed of being your own boss. You may have considered what type of business you would like to own, the types of customers you want to help and how you would run your company, but you may have also thought how impossible starting a business seems. However, did you know that starting a company and becoming an entrepreneur while you are young have several advantages?

You Have Less To Lose

Many young people don’t have significant assets or responsibilities. You may not have a spouse or children. You likely don’t have major bills, such as a mortgage, and you may not even pay for your own medical insurance. Your living expenses should be manageable, and you probably have extra money each month. You can also live with a roommate, carpool or adopt other strategies to reduce your monthly obligations.

You can use these extra funds to start a business, even if it is on a small scale initially. You have time and money to spend on market research, and you should have access to mentors or other supportive professionals. Also, losing money on the business isn’t as devastating as later in life when your focus includes saving for college funds or retirement.

Your Recovery Is Quicker

There are times when your business may see downturns or fail completely. When this happens, you can feel discouraged and unmotivated. However, young people typically rebound much quicker. You can learn to glean what you can from your failure and move on with greater knowledge to the next business idea or project.

The great thing is that you understand what it takes to start and run a business. With youthful optimism, you can take what you learned and apply it to the next startup.

You Gain Experience

One of the best advantages of starting a business young is that you gain experience in the real world. You learn how to apply abstract business concepts to real-world situations. You gain an understanding of serving customers, managing staff, building credit, marketing products and handling finances. You can also gain knowledge about funding a company.

You Build Your Asset Portfolio

As you age, you want to build a portfolio of long-term assets. Many people see real estate or retirement accounts as their primary assets. However, businesses can be exceptional long-term assets as well. As they grow, you can increase your income. In fact, you can eventually receive a passive income from these investments.

Although starting a business at any time in your life has its benefits, becoming a young entrepreneur has unique advantages. Consider these as you contemplate your professional career.