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šŸ‘¶šŸ»šŸ‘“šŸ»The ideal age to start a business

Plus: How to be Successful, Meta layoffs, RBI Bulletin.

Author

Chai Sip
March 22, 2023

ISSUE #034

ā˜• Good Morning! Sippers,

The question of what age is the ideal age to start a business has been debated for a long time. Some argue that starting young can give you a head start and the energy to keep pushing through the challenges.

Others say that starting later in life, after gaining more experience and knowledge, can lead to a more successful and sustainable business.

In todayā€™s Issue šŸ“„ :

  • The ideal age to start a business.

  • How to be Successful.

  • Meta layoffs.

  • RBI Bulletin.

SIP WORTHY

The Ideal age to start a business

Letā€™s take a look at some case studies and insights on this topic:

  1. Mark Zuckerberg started Facebook at the age of 19 while he was still in college. He had the advantage of being in the right place at the right time, as social media was just taking off. His youth and lack of experience didnā€™t hold him back, and Facebook is now worth over $1 trillion.

  2. On the other hand, Arianna Huffington didnā€™t start the Huffington Post until she was 54 years old. She had already gained a wealth of experience as a political commentator, author, and businesswoman. Her age and experience helped her navigate the competitive media landscape, and the Huffington Post was eventually sold for over $300 million.

  3. A study conducted by the Kauffman Foundation found that the average age of successful startup founders in the United States is 45 years old. This suggests that experience and knowledge can be valuable assets when starting a business.

  4. However, a separate study by the Founder Institute found that entrepreneurs who start their businesses in their 20s are more likely to succeed. This could be because younger entrepreneurs have less to lose, are more willing to take risks, and have more time to recover from failures.

According to Poyni Bhatt,

CEO of Society for Innovation & Entrepreneurship (SINE)-IIT Bombay, India is currently the third-largest startup nation in the world, and the countryā€™s entrepreneurial ecosystem makes it an ideal time for students to consider entrepreneurship as a career path.

With the right support and resources from academia, students can leverage technology and scientific innovations to create their own job opportunities and become job creators rather than job seekers.

However, as student entrepreneur Rishabh Shekhar, co-founder of Pepper Content, an end-to-end content marketing platform, has noted, starting a business as a student can be challenging. It can be difficult to gain credibility and be taken seriously by more established companies and investors. Nevertheless, Shekhar and his team persevered and were able to build a successful business.

Itā€™s important to note that there is no one ā€œidealā€ age to start a business. While starting a business as a student or early in oneā€™s career can have its challenges, it also offers certain advantages, such as lower risk tolerance and fewer financial obligations.

On the other hand, starting a business later in life may offer more experience and a greater network of contacts to draw upon.

Ultimately, the key is to identify the right opportunity and have the passion and commitment to see it through to success.

Here are some business ideas that require low investment, anyone can start:

1. Social media management: With the rise of social media, businesses are looking for professionals who can manage their social media accounts. If you have a good understanding of various social media platforms and can create engaging content, you can start your own social media management business.

2. Personalized gifts: Personalized gifts are becoming popular, and you can start your own business of creating personalized items such as mugs, t-shirts, keychains, and more. All you need is a computer, a printer, and some creativity.

3. Online tutoring: If you have expertise in a particular subject, you can start your own online tutoring business. You can provide one-on-one sessions or group classes via video conferencing software.

4. Pet grooming: If you love animals and have some experience in pet grooming, you can start your own pet grooming business. You can offer services such as bathing, haircuts, nail trimming, and more.

5. Content writing: If you have a flair for writing, you can start your own content writing business. You can write blog posts, articles, product descriptions, and more for businesses that need content for their websites and social media accounts.

IMPROVEMENT SIP

Sam Altman on How to be Successful

Iā€™ve observed thousands of founders and thought a lot about what it takes to make a huge amount of money or to create something meaningful. Usually, people start off wanting the former and end up wanting the latter. Here are 13 thoughts about how to achieve such outlier success. Everything here is easier to do once youā€™ve already reached a baseline degree of success (through privilege or effort) and want to put in the work to turn that into outlier success. But much of it applies to anyone.

1. Compound yourself

Compounding is magic. Look for it everywhere. Exponential curves are the key to wealth generation.

A medium-sized business that grows 50% in value every year becomes huge in a very short amount of time. Few businesses in the world have true network effects and extreme scalability. But with technology, more and more will. Itā€™s worth a lot of effort to find them and create them.

2. Have almost too much self-belief

Self-belief is immensely powerful. The most successful people I know believe in themselves almost to the point of delusion.

Cultivate this early. As you get more data points that your judgment is good and you can consistently deliver results, trust yourself more.

If you donā€™t believe in yourself, itā€™s hard to let yourself have contrarian ideas about the future.

3. Learn to think independently

Entrepreneurship is very difficult to teach because original thinking is very difficult to teach. School is not set up to teach thisā€”in fact, it generally rewards the opposite. So you have to cultivate it on your own.

Thinking from first principles and trying to generate new ideas is fun, and finding people to exchange them with is a great way to get better at this. The next step is to find easy, fast ways to test these ideas in the real world.

ā€œI will fail many times, and I will be really right onceā€ is the entrepreneursā€™ way. You have to give yourself a lot of chances to get lucky.

HOT SIP

 šŸ˜Ÿ Meta layoffs: Indian techie in Canada gets sacked after 3 days at work, butā€¦

RBI Bulletin: Indiaā€™s economy to maintain the pace of expansion, but inflation remains a concern

šŸ˜³ We wanted to draw your attention to the latest bulletin released by the Reserve Bank of India (RBI), which contains some interesting insights about the Indian economy.

šŸŒŽ According to the bulletin, unlike the global economy, India is expected to maintain the pace of expansion achieved in 2022-23. The RBI remains optimistic about Indiaā€™s economic outlook, despite the challenges posed by the pandemic and global economic slowdown.

šŸ„ˆ The second advance estimates of national income released by the National Statistical Office indicate that the recovery from the pandemic was stronger than earlier believed, led by private consumption and supported by a rebound in government consumption during 2021-22.

ā˜šŸ» However, the RBI continues to flag concerns related to consumer price inflation. As per the bulletin, CPI inflation remains high and core inflation continues to defy the distinct softening of input costs. The recent inflation reading of 6.44% in February 2023 was higher than expected and the second consecutive month where it has stayed above RBIā€™s upper tolerance limit of 6%.

Overall, the RBIā€™s bulletin provides a mixed picture of Indiaā€™s economic situation. While the economy is expected to maintain its pace of expansion, inflation remains a major concern.

SMALL SIPS

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Google Explains: Why they recommend nesting structured data types instead of creating multiple structured data scripts.

Zomato Gold: Food delivery major Zomato has started reclaiming market share from its arch-rival Swiggy since the relaunch of its loyalty program, Zomato Gold in January, per an HSBC Global Research report.

Bard: Google Opens Public Access To Its ChatGPT Rival Bard.

Extra SRK: The Internet was beyond delighted to see an extra Shah Rukh Khan scene in Pathaan on the OTT platform Amazon Prime Video and a few other additions in the extended version of the film. Take a look: This Twitter user couldnā€™t keep calm because of the extended version on Pathaan.

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