Why Everybody Can’t Start And Own A Successful Startup
The stakes are high.
The media and the world have always celebrated the next Wunderkind, the next “revolutionary” business, the next Google.
It seems sometimes that everybody has eaten the entrepreneurial bug or at least no longer find the employee ‘steaks’ palatable.
I am going to be the voice crying in the wilderness saying that not everybody can or should start a business. At least, don’t go quitting your job anytime soon. Starting a business isn’t for everybody and not everybody is meant to get a job.
Here are 5 reasons for my stance:
1. Jobs still exist.
Haven’t you wondered why with all the entrepreneurial and ‘start your business’ Kool-Aid, jobs still exist?
The answer is simple. Jobs still exist because people need jobs.
In these days of jumping on the media bandwagon, it is the rare individual that tells himself the truth and can recognize his own strengths and weaknesses.
Not everybody is suited to start a business. The stakes are too high and the commitment too great to make the decision on a whim. Be sure you have counted the cost and you are aware of the sacrifices starting a business will require.
If you have done all these and find that it will be a sacrifice with uncertain benefits, find a good job that pays the bills and leaves you extra time to dabble in your hobbies and interests.
2. Financial Insecurity.
One of our chief needs in life is security – especially financial security.
When you are above 21 years old, you are practically an adult in all sense of the word. You have to get an apartment (unless you want to live in your parents’ basement). You need to pay the bills and do a lot of adult activities which cost money.
Delaying the process to start your unproven business is only prolonging adolescence and you wake up at age 30 to find that many of your peers are securely in their well-paid jobs with substantial health insurance, married with 2 – 4 kids and have their first mortgage while you were starting the second Facebook.
One consequence of starting a business is that your income for some time will be unstable. As a small business owner, you are concerned with getting new clients, making sure you get paid and retaining enough customers to ensure cash flow for next month.
This is a lot of commitment and uncertainty that many business blogs and Harvard Business Review don’t tell you about.
A job, in contrast, gives you financial security; a leverage your small business counterpart can only dream of. According to the guide on Wage Advocates, the minimum wages and overtime pay have continued to be raised in many states to ginger more people to work.
That said, if you don’t have the stomach to become the next Bill Gates, then stick to getting a job.
3. Loss of a social life.
A business, especially in its early stages, requires a tremendous amount of obsession and commitment if the business is to ever take off.
In that time, you would be cut off from your family and your friends. Your social life would be as barren as Mars with only your customers for company.
A job, on the other hand, provides you with just enough social interaction to keep you stimulated. You learn important social behavior and you live as nature intended- in a community and not in isolation.
Also, you have the choice to retreat into your cubicle if you’ve had enough social stimulation to the admiration of your boss. It’s a win-win all around.
You don’t want to become the proverbial 40-year old entrepreneur with no friends, no family, and the only people who call him on his birthday are his suppliers.
The millions you make in your business can never replace the warm and loving relationships with friends and family.
No one on his deathbed wished he had spent more time at the office. So if you know you aren’t cut out for entrepreneurship, get a job.
4. It requires a large time commitment.
As I’ve reiterated in my previous point, starting and growing a business requires a large time commitment and investment with no guarantee of results or reward.
A better investment of your time would be to get a great, well-paying job, save part of your income, invest in passive investments, and live a full life involving all of your hobbies and interests.
The process of getting a job has been tried and tested and works all the time whether in China or Turkmenistan.
Starting a business is uncertain and essentially breaking new grounds. If you can’t stand the wait of being an entrepreneur, you can get a job instead.
5. You could fail.
After all your hard work and effort, you could still fail.
According to Forbes, 90% of startups fail in their first year and less than 60% of businesses pass the 5-year mark.
In the end, not everybody can or should start their own business. Some people are not suited to the roller-coaster ride of entrepreneurship. A better use of their time, talents and energy would be to find a company that appreciates their skills well enough to compensate them generously.
So if you think you can’t start the next Microsoft, then there’s no harm in getting a good job and being happy in it.
CULLED From this Huffington Post Article (These articles are ones I (Kcee Raph) wrote on their platform. They give rights to re-publish elsewhere as long as it’s linked back to the original article.)