Given how long I have been working in business, it’s safe to say that I consider myself to have what it takes to be a successful entrepreneur. I’ve got a lot of experience to showcase. I’ve made my mark on a lot of businesses, in various capacities, large and small. Look at Inc & Co, it’s an undeniably successful company and I held a key entrepreneurship role. This is by no means a brag. It’s to show that entrepreneurship is clearly the right career path for me. But, that’s not to say it’s for everyone. If you ask me, entrepreneurship is more than just starting a business.
The prevailing notion suggests that a brilliant idea or robust financial support is enough to establish a thriving business. This romanticized view of entrepreneurship captivates millions, however, in my professional standing, I view it from a more nuanced perspective. Truly, entrepreneurship transcends the simplistic interpretation of being a mere business owner or ideator; it involves a holistic approach to an innovative product or a service of essentiality.
Surprisingly, unlike a lot of people, I’m actually going to argue against the idea that entrepreneurship is a viable career path for everyone. You really do have to have what it takes to succeed, and not everyone does.
The Social Pressure to Pursue Entrepreneurship
There has been a growing social pressure for people to pursue entrepreneurship as a career path in recent years. This is reflected by the number of people that have started businesses and side hustles, and the increasing number of people that have transitioned to freelance working. The rise of startups and the tech industry’s successes have fueled the hype around entrepreneurship, attracting people who want to do something similar. This social pressure is largely driven by entrepreneurial success stories. There’s always a story about an entrepreneur who has made millions by starting a business. This makes it feel as though entrepreneurship is something that anyone can do.
Media and popular culture also glamorise entrepreneurship, portraying it as an exciting and desirable lifestyle, one that works around travel and family life. Though this is true, it’s also time consuming, stressful and risky. It’s not uncommon for people to crave autonomy and independence in their careers, and entrepreneurship is often associated with being your own boss and setting your own schedule. People hear about someone having a fantastic work-life balance because of entrepreneurship and they want the same.
The Potential Downsides of Starting a Business
Everyone knows the benefits of starting a business. You can enjoy the freedom of managing your own workload, and there’s no one to answer to. If the business is a success, you are the first person to benefit financially. However, there are a number of downsides of starting a business.
Potential Failure – Entrepreneurship involves inherent risks and uncertainties. Starting and running a business can be risky, and success is not guaranteed.
Long Working Hours – As a business owner, you will often work long hours, especially in the early stages of starting a business. This often ruins the work-life balance that many people desire.
Psychological Toll – Initiation into entrepreneurship invites its distinct set of emotional and mental trials. As opposed to conventional employment, you are expected to bear the brunt of setbacks, failures, and the immense pressure to prosper. These are aspects absent in the context of being an employee for another entity.
Monetary Hazards – The prospect of instigating your enterprise presents major financial risks. Often, the initiation phase calls for substantial monetary investment, which could become a liability if the enterprise does not witness the success anticipated initially.
Entrepreneurship Isn’t All It’s Cracked Up to Be
Responsibility and Decision Making – As an entrepreneur, you are responsible for your business’s success. The weight of decision making and problem solving can be overwhelming at times, especially if there’s a lot riding on it.
Job Security Uncertainty – The realm of entrepreneurship considerably lacks the assurance of stable employment seen in corporate occupations. Here, your income and livelihood are directly linked to your venture’s performance. Often, this unpredictable nature of entrepreneurship makes traditional employment—with its predictability and stability—preferable to many individuals.
Networking and Commerce – Effective entrepreneurship invariably necessitates networking and forming industry-specific connections. You are expected to cultivate relationships, attract customer base, and forge partnerships. These elements, though crucial, can pose exhausting and unnerving challenges to an entrepreneur, thereby forming a demanding aspect of an entrepreneurial career.
Be Realistic About Being an Entrepreneur
While pursuing entrepreneurship can be a fulfilling and rewarding career path, it’s important to remember that it is not the right fit for everyone. The social pressure to pursue entrepreneurship can lead to unrealistic expectations and unprepared ventures. Dreams are quickly dashed when an entrepreneur isn’t an overnight success. It is crucial to carefully assess your passions, skills, risk tolerance and motivations before deciding to become an entrepreneur.
