The word ‘entrepreneurship’ sounds fashionable these days, the ‘in’ thing. Almost all public leaders encourage young people to pursue entrepreneurship, often followed by the phrase “government cannot give jobs to everyone.” However, encouraging young people to pursue entrepreneurship without understanding the term does more harm than good to the young people.
Public leaders, elders and professionals who are encouraging young people to pursue entrepreneurship should be very careful when they are addressing a group of people who look up to them. They should not be given false hope. Most young people who are inexperienced and novices will develop a misplaced sense of optimism and end up frustrated and disillusioned when they find out later on in life that they were not made for entrepreneurship.
This is not to say that entrepreneurship should not be encouraged. In fact, entrepreneurship is the key driving force for innovation and development in/of any economy. Without entrepreneurship, the economy would crumble. However, when encouraging young people to pursue entrepreneurship, it should be made known to them that it is not for everyone – that not everyone is cut out for the rigors of entrepreneurship. Encourage them but let them know that not everyone has what it takes.
Many people see entrepreneurship as a glamorous pursuit, but the reality is that it can be extremely stressful trying to keep an enterprise afloat. There is always the risk of failure hanging over your head, and even if you are successful, the working hours can be grueling. ‘Entrepreneurship’ is a process that is time-consuming, expensive, and demanding. Compared to a regular job, this is much more stressful and exhausting. Yes, young people are easily attracted to the idea of being their own boss, working whenever they want, and earning way more than others. However, for almost all of the entrepreneurs out there, none of that is even close to accurate.
Entrepreneurship requires a great deal of commitment and a multidisciplinary approach to handle dozens of activities simultaneously. Most people believe that being an entrepreneur is an easy way to make a lot of money, but that is not the case. It takes a lot of time, even a lifetime, and a great lot of effort to become a successful entrepreneur. Often, entrepreneurs fail. If a person has difficulty dealing with loss, or has fear of failure, it is another reason entrepreneurship is not for everyone. Entrepreneurship is not for people who cannot stay afloat in hardships, and it is a stressful field that can lead to mental and physical breakdowns. After facing these breakdowns, returning to work with the same vigor and drive is not a trait everyone has.
Of course, entrepreneurial traits and qualities can be cultivated and developed in a person through passion, sheer will and patience. The point, however, is that young people should be told the truth that it is going to be a tough ride before you tell them to buckle up.