Not Everyone Needs to be an Entrepreneur

When we're not bombarded with negative news, the most exciting topics that media outlets like to report on include successful entrepreneurs, growing side hustles, and profitable small businesses. For someone working a traditional job, starting a career, or graduating from school, the pressure of starting something on your own can be wearying.

The media often romanticizes the success of individuals from the likes of Kylie Jenner, a self-made billionaire as declared by Forbes, to Elon Musk who originally came from a wealthy background. Even Bill Gates, who humbly started Microsoft in his garage, is applauded as the shining star example of entrepreneurship.

Yet, what the media doesn't cover is the fact that Kylie Jenner was born into a family with wealth owing from personal branding techniques and playing a significant role in the sales of her lip kits. Elon Musk's father, the owner of emerald mines, facilitated the environment for his son to make smart investment decisions that eventually led him to acquire Tesla and become CEO. And, as Malcom Gladwell outlined in his book Outliers, Bill Gates just so happened to attend the one high school in the area that had computer terminals at a time when computers weren't commonplace.

So, what does this all mean? The above examples do not diminish the success of the above individuals, however, it outlines that entrepreneurship requires the right skills, in the right place, at the right time. It's not easy and it's not meant for everyone. It requires a unique combination of qualities mixed with luck to create a successful venture.

Platforms like social media have further fueled the desire to become self-employed and self-made. Influencers, LinkedIn posts, blogs, and life coaches glamorize the entrepreneurial life. They offer tips and tricks to start your own side hustle in just a few easy steps. Sometimes, they even shame those who aren't pursuing their own ventures. Entrepreneurship is packaged and sold as a quick fix that in some cases can even save your life.

Thus, how do you know if the entrepreneurial life is or isn't for you? It demands some degree of experience, time, and money. It involves having a large risk appetite, the ability to be vulnerable, the skill of self-promotion, the strength to take on criticism, and the thoroughness to learn quickly. A successful entrepreneur is one who embraces failure and holds an unmistakable and almost delusion form of optimism and self-belief. Yet, most people lack in these qualities to thrive as an entrepreneur. Having a great idea is not enough. One must excel in an environment of constant setbacks, challenges, failures, and limited resources. Or, one must have the financial backing to try again with minimal consequence.

Studies on entrepreneurship often focus on the positive characteristics of an individual that led them towards success. However, these studies overlook other essential traits that are developed through experience and learning. Here are additional qualities that can contribute to entrepreneurial success:

1. Ability to Sell: Unless you're a celebrity with a strong personal brand, a new business requires effective selling and finding an audience. Too often, a great idea is stolen and made successful by someone else who knows how to market better.
2. Vulnerability: Starting a new business requires immense vulnerability. Once you announce your venture, you open yourself up to criticism, judgment, attacks, or even harm. Those close to you will be watching to see when and how you fail.
3. Open-Mindedness: If you're set on an idea or business, you must be open to learning more about it and gathering as much feedback as possible. Many startups fail because founders are too stubborn to see beyond their vision, consider alternative perspectives, or acquire feedback. Criticism should be seen as an opportunity for growth rather than as negativity.
4. Collaboration: If a founder believes they can build a business entirely on their own, it's a major red flag. Wanting complete control over everything will be the downfall of the business. A founder should have the self-awareness to identify where they can provide the most value and where collaboration is necessary.

The aim of this post isn't to discourage you, but to help you explore alternatives to entrepreneurship. You may resonate with all the qualities listed above, however, it still doesn't guarantee your success.

Many people find success and innovation within their chosen career areas through intrapreneurship, also known as entrepreneurship within an existing organization. Successful intrapreneurs don't engage in random acts of innovation. Instead, their work is always connected and guided by an organization's strategy and mission. For example, Spencer Silver, the creator of Post-It Notes, successfully discovered an adhesive that stuck lightly to surfaces while originally setting out to develop a tougher adhesive for 3M. For years, he struggled to find a use for his invention, but that didn't stop him from touting the merits of his creation to his colleagues. Meanwhile, another co-worker, Art Fry, needed a bookmark that would stick to paper without damaging the papers. Thus, utilizing the organization, 3M, developed sticky notes crediting Spencer Silver and Art Fry for the massive runaway success. Another example of a successful intrapreneur includes Paul Buchcheit who invented Gmail while working for Google.

Intrapreneurship allows for greater flexibility to innovate while mitigating some of the risks associated with starting from scratch. If you've dedicated years of education or experience to a specific domain, often times, your developed expertise can perfectly position you to innovate within a familiar context. In fact, you may be already innovating within your company without recognizing your existing skills of entrepreneurship.

Considering your opportunity cost is an excellent tool for finding your career direction. Opportunity cost refers to what you sacrifice when choosing one option over another. For example, if you choose entrepreneurship, it may mean sacrificing time with family and friends. Conversely, not choosing entrepreneurship may limit the possibility of your financial freedom. Ultimately, it amounts to your own abilities, values, and motivations.

Marta publishes articles every Wednesday. Connect with her on LinkedIn!