We often wonder the right time for an individual to start a business. Is it suitable for him to start setting up his business when he is young or he should wait to gain some experience and then plunge into so that by then he has learnt the tricks of the trade and can compete with his competitors. Well, there is no thumb rule for when one should start a business. It all depends on how eager he is to establish his business, if he has enough money to go for it, can he devote his time to the business as it being new, will need a lot of his time and attention. Keeping these few things into consideration, one must take the decision of getting into a business.
If we talk precisely about the construction industry then many believe that there is no age limit to set up that industry. However, before you make your mind up to get into it, there are few questions that need to be answered. How much do you know about this business? What scale of business you want to conduct? Scale of business signifies the kind of projects you want to take. Have you chalked out a plan for your business? How will you strategize your plans as and when you move ahead in your business and if you have the right resources to flourish your business adjoining with the fact the finance required to keep it going. You got to understand the seriousness of all these questions and hunt the answers. Only when you have answers for them, you can take the next leap.
The scale of business that you want to carry is perhaps the most important and deciding point as far as setting up a business in the construction sector is concerned. I you are in your thirties and have sound knowledge of how the construction business is taken care, then you can dare to think big as you may have another 30 to 40 odd years to give to this industry. But if you start in your seventies, then it may not make much sense to put your hands in big projects. Other than that, big projects are given to guys who are experienced and have earned goodwill in this industry which one can earn by staying over a period of time. Therefore taking up small contracts should be something that a person in his 60’s or 70’s should look for.
Concurrently, this industry is a high pressure one. If you are not a person who can deliver in pressurized situations, you really can’t dream big here. People who can take pressure and deliver get more assignments. Having mere ambition may not do any good if you are not blessed with capabilities of working in pressure.
Last but not the least is your foresightedness. You got to have the capability to foresee opportunities and threats and it obviously comes with experience in this domain. Therefore, perhaps experience also matters a lot in this sector. So age is not a constraint but lack of experience is.