The Harvard Business Review referenced a study conducted by New York University on why entrepreneurship aspirations in college students dropped by 85% after participating in a summer business camp.
Over the course of the camp, students got an up-close-and-personal look at the ins and outs of being a business owner. The pitfalls, the risk, the struggle, and the deferred rewards.
Tasting the reality of owning a business versus just paying attention to the seductive idea of it put things into perspective for these students. If you’re thinking of becoming a business owner, you should follow their example.
Why Entrepreneurship Isn’t for Everyone
There is a common misconception that becoming an entrepreneur is the end-all-be-all of being successful. “If you’re clocking in and out of an office every day, it’s only because you don’t have the gusto to make it on your own.”
That idea is untrue.
The reality of owning your own business exposes you to incredible risk on a daily basis. You’re always plugged into it, possibly not getting to enjoy being off work by 6 pm or having weekends off.
If something goes wrong with your business, you’re on call.
But if you view the idea of needing to be plugged into your business not as a bad thing, but as something that’s empowering in that it speaks to your importance, you aren’t alone.
Many entrepreneurs feel that their constant attention means the opportunity pour every bit of their passion and expertise into their work. That’s not something you’ll always find when working for a separate company. If you share that feeling, keep reading.
Having More Money Versus Having No Money
A lot of people feel that the only way to make good money is by becoming a business owner when in reality, over half of small businesses fail by their fifth year, often leaving in their wake financial hardship.
When you consider that reason as to why entrepreneurship can be difficult financially compared to working a typical job where paychecks are consistent, the value of working for somebody else seems clear on the surface.
Looking below the surface however, consistency in pay often means stagnation. When working for somebody else you are at the mercy of your manager for a raise. When you own your own business, you are at the mercy of yourself.
Entrepreneurs embrace the idea that while risk is substantially higher as a business owner, the sky is the limit on returns.
Those Are Just a Couple of Reasons Why Entrepreneurship Isn’t for Everyone
Other frequently cited reasons in addition to the points outlined above include:
- Lack of recognition for your efforts
- Lack of teamwork if you’re a “solo-preneur”
- Lack defined structure in your day
If you look at those points and think to yourself that you don’t need recognition to stay inspired, that if you work hard a team will follow, and that you enjoy crafting your own structure – business ownership may suit you.
What’s the Main Reason You Should Become an Entrepreneur?
People should become entrepreneurs if they see no other alternative that could truly fulfill them.
If building a business is a burning desire you have in your heart, then go for it. Do it for the passion first and the rewards second.
Remember, if you’re looking for money there are easier ways than entrepreneurship to find it.
If you’re looking for recognition there are easier ways than entrepreneurship to get it.
If you’re looking for success there are easier ways than entrepreneurship to go about it.
But if you’re not looking for easy and are a builder at heart, brace yourself. Creating a business can be an incredible challenge but the rewards can be extraordinary.
For more business-related articles, read more on the Rafferty Pendery blog.
