Entrepreneurship has definitely become cooler and cooler in the minds of Millennials during the past 10 years: Facebook was founded in 2004. That gave the Millennial Everyman hope that he too could start a multi-billion dollar business and retain ownership of it to the end. Then, the 2008 stock market crash and the subsequent recession erased the traditional job opportunities that Millennials and others had grown entitled to.
I graduated from the University of Pennsylvania in 2007, majoring in English and History. Why? Because I was told by countless professors and mentors to “study what I loved.” In retrospect, I should have probably focused on Marketing or Computer Science in tandem with one of my two humanities choices, but c’est la vie, those days are behind me.
Today, Millennials are unemployed in record numbers, and many see “entrepreneurship” as the only way out of unemployment. Plus, entrepreneurs wear t-shirts, shorts, and flip-flops to work year-round, and don’t have to answer to anyone… But let’s get this straight: Being an entrepreneur is hard work. It is far more difficult to run your own company than it is to be a cog in a wheel at a large corporation. There are many late nights, sleepless nights of nervousness, and you never know where you will be in six months time. Plus, working on weekends isn’t the exception, it’s the norm. That’s stressful, and it’s not for everyone, despite what some pro-entrepreneurship organizations would have you believe.
(Yes, many entrepreneurs become depressed from this stress too.)
Before I started SkillBridge, I had worked at 3 funded startups and started 2 of my own businesses. Both businesses “failed” in the sense that they never were acquired by anyone else, but they were both incredible learning opportunities and earned me a bit of money along the way. However, as I wrote on LinkedIn, you are NOT wasting your 20s working at a large company. My article says, “Many of my most intelligent friends from the University of Pennsylvania and other fine institutions started their careers at Google, McKinsey, or other large tech or consulting firms. Some of them are still there — and those who stuck around seem quite happy. For example, my good friend Josh Steinberg works for Google and now lives in Tokyo, his dream city, and has traveled all around the world, on Google’s dime. My other good friend Anastasia Leng founded Hatch.co after working at Google for 5 years. Neither of them would change a thing about their 20s. They were able to pay off their student loans, travel, and live excellent lives.”
Alas, there is also a grammar problem in the world: You don’t have a “startup” if you are not seeking to scale your business. You simply have a small business, and that is an excellent accomplishment. No, your nut butter stand may never achieve the scale of Nutella, but it’s very cool that you can derive income from it.
There are so many “pre-revenue” entrepreneurs out there, who are great at selling themselves, but once you dig a bit deeper realize they’re all fluff. Putting up a LaunchRock page for your idea doesn’t make you an entrepreneur: Go build something, and then tell people you’re an entrepreneur. Go assemble a world-class team, and then say you’re an entrepreneur. Go make enough profit to live off of, and then call yourself an entrepreneur.
Too many people out there are selling this entrepreneurial dream but not detailing the amount of work involved to create it. Sorry kids, there are probably 100 people out there with the same killer app idea that you have, yet having the idea is only the beginning. Strategy and execution are everything.
I wouldn’t change anything about the path that I chose, because I value adventure and not knowing what is around the next corner. However, there have been times when I’ve been ready to turn in the towel. Unless you can tolerate high levels of uncertainty, you won’t go far as an entrepreneur.