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Why smart ones don't want to be enterpreneur?

There are many smart peoples who are employed. They have amazing ideas and the company they work for made lot of revenue on their talent. However, I just don't understand why these smart people who are so talented and revenue generating continue to work for a company than becoming a entrepreneur. I understand that being entrepreneur is about passion, idea, and execution but these guys who are (want a)preneur never take the plunge.

I am just curious to understand why the safety and stable income satisfies the smart ones?

Did struggle to take a call to be a entrepreneur because of lack of instability?

25 Replies

John Seiffer
7
0
John Seiffer Advisor
Business Advisor to growing companies
Being an entrepreneur is very risky - most startups fail. Most people who have good jobs will be better off financially than most entrepreneurs five years out. Obviously they won't be better off than the few outliers that you read about, but those are the vast minority.

Also many people don't have the skill set for entrepreneurship, and they'd prefer to work in a situation where they can do what they're best at most of the time.

And entrepreneurs are thinking about work 24/7. Some crazy people (myself among them) like this. But others like being able to leave work at work and have other things to do with their time.

The good news is if everyone thought like us entrepreneurs, we'd have no one to hire.
Michael Epstein
0
0
Michael Epstein Entrepreneur
Founder at Zap Technology
John, good point. But I am also wondering if it is taking the first step. I have heard many stories that being fired was the best thing happened or they were hesitant to take the first step and those who did realize that it was best thing ever happened, regardless of failure or success rate. Startup fail but those who failed who many actually return to job vs. moving on to other idea?
Sean Hurley
2
0
Sean Hurley Entrepreneur • Advisor
Strategic Marketing Leader with strong financial results for growing organizations
It's all about risk tolerance; financial and otherwise. The definition of entrepreneur is ones willingness to risk the loss of capital to start a business.
John Seiffer
2
0
John Seiffer Advisor
Business Advisor to growing companies
Michael,
Those stories about being fired as the best thing, all have selection bias. You never hear about being fired, starting a company out of desperation, and ending up in a worse place - it does happen, just doesn't make a good story.

It would take a PhD researcher to really answer your question.

I do think that in the USA, Obamacare lowered the risk of starting a company by making sure you could have health insurance even with a pre-existing medical problem. Universal coverage would do even more to make that leap a bit less risky.
BETTY DAVIS
2
0
BETTY DAVIS Entrepreneur
Global Services at United Airlines
That comes down to a persons comfort level with regards to risk: risk averse or a risk taker...

Some people just thrive better in a more stable environment and are not comfortable being on their own and having to answer to themselves. Others hate being a cog in the machine. There is no right or wrong only what makes a person happy...

And yes there are those that are scared of the first step so much that they will only strike out on their own out of necessity, such as your example, when fired...

Fear is a huge deciding factor. Most people make decisions based on fear as opposed to the best possible outcome of a given situation...




Adrian Tan
0
0
Adrian Tan Entrepreneur
Building Business, People & Products!
Hi Michael, That is an excellent question. In my humble opinion, the main issue is perceived stability and golden handcuffs. That being said, Smarter ones are working on other stuff on the side as well, they just dont let the company know about it. Cheers, Adrian
Anton Yakovlev
0
1
Anton Yakovlev Entrepreneur
Founder of four successful businesses on two continents who can help you do the same
'Cause they are smart. And they make much more money than vast majority of entrepreneurs.
Bruce Carlisle
7
0
Bruce Carlisle Advisor
Leadership, Strategy, BizDev, Marketing, Fundraising
As a smart guy who has been entrepreneurial and has started three companies, I will tell you there is a great deal to be said for the security of a high paying job. Startups typically require long periods of time without any source of income, the assumption of debt, the loss of health insurance, digging into retirement dollars, the chance, indeed the statistical likelihood of failure. If you have a department and admins and resources, it can be tough switching to a world where the only resource is you. Doing a startup, whether you are smart or dumb, requires an ability and desire to live on the edge for two to three years. If you don't like that, can't afford it or think the price to your family would be too high, you don't do it. All things I can completely respect. IMO. Bruce Carlisle. Bruce
Michael Barnathan
0
0
Michael Barnathan Entrepreneur • Advisor
Co-Founder of The Mountaintop Program, Google Alum
Starting a company is very difficult and uncertain relative to working. Entrepreneurship requires a unique set of skills and personality traits that not everyone has or desires - it's not for everyone.
Michael Jay Moon
3
1
Co-Founder at StartupReady.Net
There are several dimensions to your question.

Let's see if we can pull out atell them from the "giant hairball" of holding a job, ambition, and career pivots.

1. Self-identity: Where you see yourself in 3 years? How an individual answers that reveals a lot about who they are and they see themselves. In my individual and group work with executives exploring their career options, I have found extraordinary levels of myopia and limited-horizon thinking.

2. Imagination: If you were to quickly sketch an ideal working environment and career accomplishments, what would be the particulars of that desired future state? Again, I am surprised about how fuzzy and unconsidered most replies are to that question. When I dig a little deeper, inquiring as to how they feel about the future, most report being perplexed, afraid, or deeply unsettled about their future well-being. So of course when they imagine a future on that baseline emotion, they must edit heavily the products of their imagination: panic, bread, and loss of all the find dear.

3. Unfinished business: At what point in your career if you decide to play it safe, taking only easy shots on goal? This one is a lot more complex. It will reflect how good they were and the accolades that followed ead career victory. It will reflect the battles, setbacks, resentment, and regrets that they still carry with them on a day-to-day basis. Mind you, most of us carry a lot of history; we also get pretty good about ignoring the herd of elephant in our psychic rooms. Most of us have not yet conducted a thorough recapitulation of these high and low moments, identifying our God-given gifts, genius talents, core values, and optimal social contexts--mostly hidden by our resentments and regrets .

4. Different ground rules: What are the ground rules and core protocols for winning in a chaotic, fast-paced, and consequential start up and buy the what are the ground rules and core protocols for winning in a chaotic, fast-paced, consequential environment?Most corporate professionals learned that winning entails playing by the rules, the first one is that it's game and it has rules. Start ups do not have rules. Their cofounders make them up as they go along and change them on what seems to be an arbitrary basis - whatever works. For carpet professionals, this is a no-win situation.

5. Best options in the Startup Economy: Given your talents, ambitions, and social capital, what a my best options for pivoting my career into an equity-gaining situation of a startup? Well, it gets pretty interesting at this point. Most corporate professionals are not a good fit until the start up gets the size of about 50 people or more. And that could be much higher, given the culture of a particular startup. Only most good equity positions are gone by the time the startup hires its 20th person. Again in our individual and group work, we have found that corporate professionals must not only retool themselves (skills, attitudes and referenceable results), they must repackage them to meet very concrete but ubarticulated needs of start of cofounders seeking passion, cultural fit, invincible resourcefulness, and the humility of an apprentice.

I suspect there are at least four and maybe as many as seven more factors such as I ennumerated above.

Conclusion

There are some 15 million corporate professionals who will be forced by technology-driven circumstance to execute a career pivot, confronting the fact that their industry has been disrupted, career track truncated, few replacement-job openings for their particular talents, and global competition for the remaining jobs.

Executing a career pivot starts with the determination that you have no better option.

This embraces a core insight about human motivation: human beings will not take constructive action until the current state becomes too dangerous for inaction.

So you need not worry about your friend. It will only get worse from this point forward. He is a lobster in a slowly warming pot of water. It is not a matter of if, only a matter of when and how parboiled is willing to become!


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