Becoming an entrepreneur requires courage, persistence, and a taste for adventure.  For most people, deciding to become an entrepreneur is a difficult decision that can have significant consequences, either good or bad.  The entrepreneur route is not the safest.  When you decide to become an entrepreneur you put everything on the line for that five percent chance that you will succeed.  The rewards can be many, but the odds are against you.

Many people have a desire in their hearts to become an entrepreneur.  They long for the opportunity to build something of their own, to control their own destiny, to become their own boss – and who knows, maybe even build a small fortune.  The issue that many struggle with is when to take the plunge.  When to take the chance to reap huge rewards, both financial and in personal satisfaction, knowing that if things don’t work out – and chances are that they won’t – they could be giving up an opportunity to start a career, to accumulate some assets, to bring some stability to their lives.

When is the right time to become an entrepreneur?  Let’s look at the different stages of life and how they offer different opportunities and challenges to the prospective entrepreneur.

In Your 20’s

Nothing fuels the entrepreneurial drive more intensely than the adventurous spirit of youth.  When you are in your 20’s, still in college or fresh out of college, or perhaps with just a few years of work experience under your belt, you are ready to take on the world.  You haven’t settled down yet, and the possibilities in front of you are wide open.  Why not venture into an entrepreneurial journey?  Nothing has tied you down yet, you have plenty of energy in you, and there is nothing to loose.  Your 20’s is perhaps the period in your life when you are most open to taking some risks, which is a significant factor is making this a good time for becoming an entrepreneur.

However, there are some other factors that weigh against your decision to become an entrepreneur in your 20’s.  First of all, you have very limited experience in the business world which is likely to result in many missteps.  Many people in their 20’s can barely make the adjustment from living with mom and dad to living on their own.  They are still trying to figure out the ins and outs of controlling their credit card spending and some can’t even balance their checkbook.  So how in the world are they going to manage their own business? 

But despite of the challenges that come with lack of experience this is not what holds back most people in their 20’s from becoming an entrepreneur.  Here is the real show stopper:  You’ve been living a student lifestyle for quite a few years.  You share an apartment.  You drive an old beat-up car.  You eat peanut butter sandwich for dinner.  In the meantime, your friends are graduating from college and getting good jobs.  They are able to get their own place, and perhaps even put a down payment on a property, starting to build some equity.  They are buying brand new cars.  They even take vacations to some exotic places that you’ve only dreamt of.  You look at them with envy and start comparing them to your own situation.  You long for what they have and start wondering if you should take a job for a while, get you financial life in shape, reduce your student debt and only then go for the startup.  After some serious thinking about you current pathetic lifestyle, you decide to put the entrepreneurial dream on hold.  That is the real show stopper for people in their 20’s.

In Your 30’s

Once you have reached your 30’s you have been able to get some stability in your life.  You now have a place of your own, you have made good progress reducing your student debt, and you drive a nice car that you are very proud of.  You may even have found that someone special that you want to share the rest of your life with.  Perhaps now that you have been able to get all these things that you craved out of your system you could quit your well-paid job and get back to your dream of becoming an entrepreneur.  You even have some experience and a few contacts in the business world that could help you get started.

But before you know it, it is not just about you anymore.  It’s about you, your spouse, and… soon enough… kids.  You now have a family to support and your priority has shifted.  You start to think to yourself, “I am lucky to have a nice job and family.  What if the startup doesn’t work out?  What if I don’t make any money?” It is one thing to share an apartment with three other friends when you are single.  But now you are a family man / woman and you can’t risk putting your family through hardships.  Another show stopper.  The entrepreneurial adventure has got to wait.

In Your 40’s

They say life starts at 40, right?  Perhaps this is the time to get back to the entrepreneurial dream.  You have made great progress in your financial life, have a retirement fund going, have some savings in case of an emergency, have built great equity in a beautiful house, and reached that upper management level you worked so hard for your entire career.  You are now a savvy business man or woman, with plenty of experience under your belt.  Now is the perfect time to take the plunge and go for the startup.

But then your rational self starts thinking again. “Wait a second.  Am I really willing to give up my six figure salary, plus bonus, stock options, and the many other perks that come with an upper management position in the corporate world?  How about the kids?  Will I ever see them again if I start a company?  At least now I get to enjoy my weekends, not to mention 4 weeks of paid vacation.  How about the kids' college education?  Will I be able to afford it if I start my own company?  What if things don’t work out?  Am I willing to risk my kids’ future for some stup…, for an entrepreneurial dream?”  The dream is on hold once again.

In Your 50’s

Ok, now we are talking.  The house is paid for; the kids will be out of college soon; you have saved diligently for retirement.  This is the perfect time.  The moment you’ve been waiting for.  This is the time to start your entrepreneurial dream.

“Who Am I kidding?” that nagging voice comes back to ask you.  “I am not a kid anymore.  I have everything I possibly need, so why should I work my buns off at this late stage in life for the small chance that I might get lucky and that this startup thing might actually work?  Why don’t I just enjoy this time of my life?  Retirement is only a few years away, so I might as well hang on to my corporate job just a few more years so that I can assure a comfortable retirement.”

In Your 60’s

“Forget about more work.  You just want to retire…”

Conclusion

My dear readers, the truth is, there is only one time when it makes sense to become an entrepreneur.  That time is when you heart tells you that this is what you have to do.  There will always be a million reasons not to do it, no matter what stage you are in your life.  If you are waiting for the perfect time, it will never come.  If becoming an entrepreneur is your life call, the best time to do it is right now.