In my opinion, yes! Millennials should pursue entrepreneurship. I firmly believe that the days of filling out job applications and sending in your resume are coming to an end. The current trend among millennials and Gen X’ers is to work for themselves.
I believe that this trends current wave is far from dying out. Automation and machine learning will surely be the death of many jobs in the manufacturing industry. And It’ll only be a matter of time before machines replace humans in other industries.
Job loss as a result of increased automation is just one reason why working for yourself might be the new thing to do. Another reason is the high student loan debt that is accumulated as a result of going to college.
The cost of most college tuition’s these days are astronomical. It is almost financially irresponsible to go to college.
Of course skeptics will say that people make more money now and days so the income to debt ratio of a college graduate hasn’t changed much. I admit this might be true. But, college graduates these days have a hard time finding jobs in their selected fields. So the case for many graduates sounds like, $40,000 later you end up taking an entry level position that does not require you to have a college degree making only few dollars more than minimum wage.
The point being is that the college degree required to secure a high paying job might not be worth the financial debt that accompanies it. This gives strength to the idea that working for yourself might be a better option than working for someone else.
I could also mention the fact that the cost of living has increase at a rate much higher than that of the minimum wage. But I won’t mention that because we have other topics to discuss.
What It Means To Be An Entrepreneur
Merriam-Webster’s dictionary defines an entrepreneur as, “one who organizes, manages, and assumes the risks of a business or enterprise.” I’d like to emphasize the “assumes the risk of a business or enterprise”, part.
There is a lot of risk involved with being an entrepreneur. Entrepreneurs carry the weight of that risk with them at all times. Successful entrepreneurs have to be all in. They have to get up and grind everyday, because their success or failure rests on their shoulders.
Although Merriam-Websters dictionary provides a great definition for the word entrepreneur, it doesn’t however explain the meaning of entrepreneurship pertaining to lifestyle, work ethic, and mindset.
Below is a YouTube Video by Patrick Bet-David, titled 10 Challenges Every Entrepreneurs Will Face.
In the video Patrick goes over the 10 challenges every entrepreneur will face. These challenges include things like sacrificing time, money, freedom and fun, building a team, and wearing many hats.
The challenges described in this video offers a more accurate representation of what it means to be an entrepreneur that is different than what most millennials might see on social media.
Often times being an entrepreneur is not glamorous or fun. It is hard work and requires discipline and dedication. These are two traits that most millennials lack. Dedication and discipline are not things that you are born with, but the good news is they can be learned. If you can learn and apply these two things then you will increase you odds of becoming a successful entrepreneur.
Why Be An Entrepreneur
If being an entrepreneur means taking on a lot of risk and it isn’t as glamorous as many make it out to be, then why pursue entrepreneurship? Below are 4 benefits of being an entrepreneur that will make being an employee look like……..well and employee.
1. Make Your Own Schedule
Entrepreneurs are afforded many freedoms that employees don’t have. Entrepreneurs have the ability to set their own schedule. However as an entrepreneur the schedule you set for yourself might depend on the industry that your business is in. Also this doesn’t mean that you can sleep all day. Most successful entrepreneur barely sleep at all.
2. Your Work Is Meaningful
Entrepreneurs are also fortunate to get up everyday and see their efforts help the business grow. This is completely different than what an employee might see from their individual efforts at their jobs.
One reason so many people hate their jobs is because they feel as though the work they do is meaningless. As employees they don’t see how the work they do day in, day out, helps the company. Entrepreneurs often have a direct cause and effect relationship with the efforts they put into their work.
Another benefit of being an entrepreneur is the excitement that comes from seeing your company grow and change.
4. You’re The Boss
This one might be the most attractive, but it has it’s downsides. Who would like to be their own boss. You get to tell other people what to do. The problem with being the boss is that you have to take full responsibility when things go wrong. That’s just a part of being the boss. However if you can deal with this then being the boss is not bad.
The harsh truth is not everyone has the intangibles to be an entrepreneur. As I mentioned before being an entrepreneur means taking on a lot of risk. If you are the kind of person that can’t handle taking risks or you don’t do well in high stress situations, then entrepreneurship isn’t for you.
But if you are the kind of person that has vision, a strong work ethic, and are willing to bet on yourself then you might have what it takes to be a successful entrepreneur. However you will never know until you try, so don’t be like most people and let fear stop you from trying.