Entrepreneurs come in all sizes, shapes, ages and colors. Great businesses have been created in times of prosperity. Great businesses have been started during our deepest depressions.

There is no perfect time to start a company. But these five periods in your life are best suited for new venture creation.

1. You're young

The best time to start a company is when you are young. The younger, the better. Youth is a beautiful thing. It's the perfect combination of ignorance and innocence. Stupid decisions are excused as learning experiences and the worst outcome of most youthful transgressions is a few days in juvenile prison, or, worse, going broke.

Blogger Michael Arrington recalled a conversation with a venture capitalist that "entrepreneurs are like pro basketball players. They peak at 25, by 30 they're usually done."

I don't agree with the blanket statement, but I do agree that it's easier to pour your life into a company when you're young, creative, fresh, and fired up.

When I graduated from Northwestern in 1996, my primary asset was time and passion. I decided to focus these assets on two goals: making money and finding women who would date a geek in glasses with crossed eyes and a bum heart.

Starting a business killed two birds with one stone. I grew my first company into what became a publicly-traded firm (University Wire and Student Advantage) and I met my future business partner, best friend, lover, and wife at a wedding at age 22.

I've never met an entrepreneur who said, "Wow, I wish I hadn't started so young." The world is full of regrets and one of the main ones is from entrepreneurs and would-be entrepreneurs lamenting that they didn't start off earlier.

2. You're miserable at work

Life is too short to sit behind a desk and be miserable. Show me someone who makes a million dollars a year but hates her job and I'll show you an unhappy woman.

I've always believed that misery loves company for a reason. Look inside any company and you'll find a boatload of misery, the best fuel to start your own company. We grow up rebelling against our parents. Many grow companies to rebel against former bosses.

Use your nights, weekends, and lunch breaks to form your ideas and network and start laying the groundwork for your eventual prison break. And when you're confident you're on to something, jump. I assure you that you'll never look back, even if all you have at the end is less money in the bank and a learning experience.

3. You're out of work

There's nothing like a good ol' fashion layoff to turn you from a worker into an owner. It shocks and beats the comfort out of you. It's a mini death forcing the least introspective to examine all aspects of their lives.

Let's be clear, everyone who is laid off should not start a business. But a layoff is a great catalyst if you're already thinking about making the move.

When you're fired or let go, many fall into the trap of focusing energy on the people who "wronged" you. Just the opposite. Look at the firing as a blessing in disguise and motivation to reevaluate your life. Put everything on the table—new opportunities you have been ignoring, industries you're interested, and starting your own gig.

4. You have no responsibilities

Start-ups and life responsibilities are often inversely related, if not mutually exclusive. The more responsibilities you have, the less likely it is that you will start a business.

I have many friends who have been speaking to me about starting businesses for 15 years now. And for many, they now feel it's too late to jump in.

While age and responsibilities are often related, they aren't always. So start a company when you have the time and the energy and the freedom to do so. Don't wait until it's too late and you're trapped by a mortgage, private school tuition bills, and annual family vacations that you need to fund.

Starting your own firm has a ton of rewards—excitement, accomplishment, the promise of financial freedom, and more. But don't kid yourself, it also has a ton of downsides—you won't see your friends or family as much, your income will approach zero, the time you used to spend working out is now being spent networking, meeting, recruiting, and traveling.

Providing for others and keeping up with a lifestyle you've grown accustomed to makes it hard to start companies, especially for the first-time entrepreneur. If you are single, married without kids, or thinking about getting married and starting a family—and considering jumping on the entrepreneurial train, do it now before you decide that it's just too late.

5. You have an incurable obsession

Our great country was founded on the idea that anyone with an idea can strike it big. John D. Rockefeller, the son of a traveling salesman, founded Standard Oil, and in the process became the nation's first billionaire whose fortune swelled to more than $500 billion.

The Rockefeller story is a great one. But don't get seduced by the myth, the money, the adventure, and the allure of being a self-made person. Starting a company is the hardest thing you will ever do professionally. It's you versus the world. And the world wins 90% of the time.

Start a company after you sit on your idea for a while—and you can't get it out of your head. You're obsessed. You're incurable. No matter how much you try not to think about the business, it keeps coming back. You start working on the idea during all your free time. You can't stop talking to friends and family about it. And you feel like you will never forgive yourself if you don't take a chance.

This incurable obsession must be consistent over an extended period of at least three months. Let it sit. Let it settle. And don't confuse it with the entrepreneurial seizure, a more temporary excitement that will wane if you give yourself time to really think about the idea.

So when should you start a business? Today. You're not getting any younger. And if you don't, the only thing you will have to show for it is a bag of regrets.

See that cliff in front of you that you're scared to go over? Run up to it once again. But this time, actually jump. What you will find below is the life you wanted to live and all you need to do is get over the fear that's keeping you back.

http://www.linkedin.com/today/post/article/20130319124711-1714080-5-best-times-to-start-a-company

There is nothing like being your own Boss!

That's why am working hard at standing on my own. Just a few more months and I'll be there with God on my side.

Great write up.

Can one start at all dis time with no CapItal?....
List incomplete!!!

6. You have impregnated your neighbour's daughter and your father has given you quit notice.

:-D:-D:-D

.

Olukemiyemi, when is the best time to start a transport company

tell dis to seun he is an example

I think I met all the criteria listed but oi have responsibility! Anyway its not about me now.

The best thing that can happen to Nigeria is if we start individually to sort ourselves out in business other than waiting to work in aircondition offices. or better still combine both!
Ladies take note.

Also remember to have and protect your good name cos it matters when u are aspiring to become a boss.

6. You have no ideal Nigeria girl which much Need 4 money when she smells success.

No mind me o no matter what I love Naija girls because I dey shine my eyes well...but they are d best. Muah

I want to start a company selling Toto Meter. You can track how many times they nyash your gf/wife.. The name is LesbianBoy & Sons Ltd. Do you think I will succeed in Nigeria?

okpara ugo: Olukemiyemi, when is the best time to start a transport company

I think d best time is only when u are ready.

In your twenties


and when you have not been brainwashed by Pessimists in the so called tertiary educational Institutions

yuzedo: I want to start a company selling Toto Meter. You can track how many times they nyash your gf/wife.. The name is LesbianBoy & Sons Ltd. Do you think I will succeed in Nigeria?

yea.. Especially in Benue and Cross River-Calabar

When you are young or when you are retired from your 9to5 job no more school fees or house rent to disturb you. You pick up that hobby and establish it properly without any fear in the world. Ask the owner KFC he started that food business after he retired.

@op, na true u talk. even though most ppl tink dat money is dia problem, believe me; dey r mostly afraid of what dey can possibly do! Sometimes, de even feel inferior.

Nice write-up, I really want to get something doing as well, even with the financial crisis I'm currently facing, I know I could just start from somewhere... no matter how little.

interesting topic.

Noted....am hoping and wishing that one day i will be my own oga at the top.Amen and Amen.

Pls Nairalanders, I've got loads n loads of vibrant write-ups but don't knw how to post them here. So I wanna ask on how to create a new topic here on Nairaland.

Please.

pls can Ý๏ǖ relate it Ţ☹•◦ our country Nigeria, cos dat nos 5 doesn't seem Ţ☹•◦ be it for ϻё.

I'm young, have no responsibilities and I have an obsession with excellence. Target: My first billion before 35. Sounds impossible? Bookmark this page.

Wishing all young C.E.Os the best.

11th commandment of Entrepreneurship is 'Never let any idea die'. You will always know when it is the best time, most especially when you have a burning desire or idea and won't just let you sleep, a dream is not what you see in sleep, it is what won't let you sleep.
To buttress that, There is one quality which one must possess to win, and that is definiteness of purpose, the knowledge of what one wants, and a BURNING DESIRE to possess it-
Napoleon Hill.

Company registration just got easier. www.regville.com

Adonike: Pls Nairalanders, I've got loads n loads of vibrant write-ups but don't knw how to post them here. So I wanna ask on how to create a new topic here on Nairaland.

Please.

create ur own blog and monetize it and start chopping your own money yourself and not for oga seun who only chop all d money without remembering those that feed his site . Now d hypocrite moderators will hide dis now. Nah u sabi

Point 5 is very critical - turn your incurable passion and obsession into money. From sports to music, to trading or cooking/planning parties - any obsession can easily become a business. Great write up.

@ op, i love this wahalai, this just wake my sleeping dull brain, i'm writing my resignation letter right away.

Gr8t minds here I must tank seun,to me the best time I can start business is when I need cash simple< dea are lot of oportunity out their the problem is every1 need quik cash and huge 1 for dat mater, let me be frank until yu humble ur self as DangOte don't talk about inspiring his figures.I started with importation dat cost me 506 naira...now (100kpluz) and am still in skull...so 2me no actual time. if u need sometin go for it with focus and patience backed with hardwork and positive aproach....my signature tells you more

When you have a reasonable capital.

@ Opkara Ugo: When you are ready is when you start to take tangible steps towards acheiving your passion for transport business irrespective of what you have or do not have. I am not saying this because I don't understand how difficult it is to start and build a profitable business in Nigeria. The key thing is that, in this same country, people who have found their strength and enough motivation have started a viable journey towards reaching their goals.