Why Entrepreneurship Isn't for Everyone

Published August 9th, 2020 - 03:00 GMT
Why Entrepreneurship Isn't for Everyone
Can all people become entrepreneurs regardless of their skills, qualifications, or understanding of the business world? (Evanto: FlamingoImages)

For decades, the world has advocated and praised entrepreneurship as the modern way of creating not only a pioneering and groundbreaking business but also as a means to create new jobs and support the traditional economy and eventually join it.

Entrepreneurship has been the ultimate dream for every youth looking forward to achieving extraordinary success and finally be freed of 9-5 jobs where they feel that they're working to help someone else become successful, but is it actually for everyone?

Let's forget about the endless number of inspiring TedTalk videos that promised guaranteed success easily by starting one's own business. Can all people become entrepreneurs regardless of their skills, qualifications, or understanding of the business world?

Most of the world's successful entrepreneurs had to make several attempts before they could actually become the renowned businessmen and women we see today. For example, Apple's Steve Jobs was fired from Apple for several years after his project the Apple Lisa failed in the 1980s. The later-acclaimed tech-genius was able to rejoin the company in 1997 and helped it become among the most-celebrated tech giants worldwide.

Similarly, the multi-billionaire Warren Buffet has disclosed secrets about the many wrong decisions he had made back in the 1960s when he first started buying shares in Berkshire Hathaway before learning from his mistakes got him to make huge profits eventually.

Notably, many of today's wealthy people have come from well-off families that were able to support them at the start of their journeys, which was a major reason they were able to take risks that paid off later in life. The world's wealthiest man Jeff Bezos, for instance, had persuaded his parents to invest  $250,000 in Amazon as the company was being founded. Aspiring entrepreneurs wishing to establish their own businesses today might not all be as lucky to have such rich families as he was.

Recently, Al Bawaba Business used social media platforms to ask followers whether they prefer to be employees, working for others, or entrepreneurs who dedicate every minute of their time, every effort, and every penny for their own projects.

Of 64 voters who answered the 24-hour poll on Twitter, more than 78% of people voted for being entrepreneurs if they had the option to choose, while 21.7% were content with being employees who work on helping business owners achieve their goals and advance their businesses.

This random poll with a great majority of people embracing entrepreneurship shows that decades-long work, to promote setting up new businesses instead of helping already existing ones prosper, has succeeded for the most part. However, it fails to inform individuals impressed with this ambition that some people are just not made for it.

In addition to developing a business mindset, an entrepreneurial spirit is pretty necessary. An individual, looking to set up a successful business on his/her own, needs a positive and determined attitude that strives and believes in continuous work despite little outcome sometimes. 

A successful entrepreneur needs to understand the various dynamics that go into the field they are working in. They also need strong critical skills so they maintain their success and continue to be relevant and competitive no matter what changes affect their sectors.

The worst part of some current approaches towards entrepreneurship is that they limit it to fresh graduates and people with short or even no prior business experience, which makes them miss on practical significant skills and knowledge needed to overcome the different kinds of obstacles they will face until they achieve success. 

Having a great idea for a business can be a good seed for a potentially successful entrepreneurial project, but unless individuals involved combine all needed elements and own the practical experience that can help in a long-term collaboration, being a successful employee in a reputable corporation, where they can reach high, well-paying positions doesn't sound very bad.

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