Answer to a reader: I hate my corporate job. Should I become an entrepreneur?
Let me start off by saying that I truly appreciate every email that I get from my readers. I may not be able to get back to you right away, but if you put time and effort into connecting with me and asking a very good question, then I will put an equal amount of effort in my response. Hence, the person who emailed me last week gets a blog post and video response because of his sincere email and enthusiasm to connect.
If you have any questions about entrepreneurship, relationships, or business, please shoot me an email at me [at] JunLoayza.com and I promise to respond to you with an awesome, well thought out answer.
View the video above to see my video response. Click on “Read More” below to view my text response.
The main reason I’m considering entrepreneurship is because I’m unhappy with the corporate world. The corporate ladder takes too long and “paying my dues” feels like I’m not realizing my full potential. At the same time, I don’t want to devote my life to a goal that may not materialize. What should I do?
The worst possible reason to become an entrepreneur is because you hate the corporate world. If you don’t like your corporate job, it does not automatically follow that you will like starting your own company. It may just mean that you’re in the wrong industry, that you’re working in the wrong company, or that you just completely chose the wrong career path.
I think it’s better to phrase your question like this: “I’m unhappy with my current job. What career path suits me best?”
You’re going to have to figure this out on your own through trial and error and self reflection. If you’ve been an accountant for a year and you hate accounting, what the heck are you still doing there? You should be networking, training yourself, and doing everything possible to change career paths into something you actually like to do and that isn’t draining your life into misery.
So to sum up the answer to your first question, you must do the following:
- Figure out what you love to do
- This doesn’t have to be something you’re deeply passionate about. Just something that you’re proud of doing and that puts a smile on your face
- Figure out what you can be the best in the world at
- Keep in mind, “best in the world” is variable. If you want to be a Photographer, then “best in the world” means being the best Asian Model photographer in the city of Boulder, Colorado. Now that’s a niche you can sign me up for!
- Figure out how you’re going to get paid
- You can become a freelancer, entrepreneur, or join a corporation that you respect, value, and that you love to work for
The second part of your question is a red flag for me: “I don’t want to devote my life to a goal that may not materialize”
Nothing in this life is guaranteed. You may change jobs and find that you hate your new job as well; you may start a company and realize 6 months into it that it’s just not going to be successful. Failure is a necessary part of life.
No person has become successful without previous failures
Great entrepreneurs know how to do two things extremely well:
- They immediately quit projects or ventures that they cannot be the best in the world at
- They persist on projects or ventures that they can be the best in the world at
For more information about knowing when to quit, please read The Dip
If you’re afraid of failing, then don’t start your own company.
If you had 30 days to live, would you still keep up your entrepreneurial lifestyle, or would you use that time to spend time with the people you care about?
This is a neat question. I will first answer it literally, and then I will answer it in a more helpful way.
Literally: If I had 30 days left to live, I would immediately quit my job, leave my startup, and spend my time with my friends, family, and girlfriend. I would probably go on a 4 day cruise with Kim to Mexico, I’d race my brother in a bicycle race every Sunday until I beat him, and I would cook for my mom every night. Oh, and I’d also take my dad out to the fanciest dinner he’s ever been to. I would also visit my family in Peru, finally visit Japan, and hopefully figure out a way to leave a legacy within 30 days. I would say have a kid with my girlfriend, but I think it would be very irresponsible to leave her as a single mom.
A more helpful response: Yes, part of the reason I’m an entrepreneur is because there is the potential for a huge payout out in a short amount of time. I mean, who wouldn’t want to be 27 years old (I’m 24 right now so I’m giving myself a 3 year window) with a successful startup who just got bought out for $30 million.
I think the better question is this:
“If you had $10,000,000 in the bank, would you still be doing what you’re doing?”
If the above is the question, then my answer is “Yes,” I would definitely still be doing what I’m doing. I love the satisfaction of building something that is my own, and the responsibility of making or breaking a company. I love to find pain in this world and and be the one who solves it. I love to build teams, connect people, and ultimately build a product or service that thousands or more use on a daily basis.
I would still build startups even if I had all the money in the world.
Most old people emphasize spending time with your loved ones because that’s the most important thing, but I don’t know if that’s a universal truth that applies to very driven people such as yourself.
Don’t mistake entrepreneurship with having to ignore your friends, family, and girlfriend. I am an entrepreneur, but am able to spend quality time with my loved ones. For tips on how to accomplish this, please read the following blog posts:
- How to spend guilt free time with the ones you love
- How to keep your girlfriend happy as an entrepreneur
Family is the most important thing in this world. Make sure you give them the time, attention, and love that they deserve.
Here are my 3 things that you hit on the head
1. Corporate Ladder
I say this to much nowadays. The problem here is our mindset. The dream of getting to the top. Stop. Now. The corporate ladder is just a false vision of a top that just leads to another ladder. There is no top and we should all strive to build, better, and create something of value for others. That could be a product, our service, or a relationship. Life is Learning. I think if we stop thinking about the ‘ladder’ then people will be much happier in what they do everyday.
2. You probably just hate your job.
Here is my thought on this. That is what it is about. There are too many freaking jobs to think you will find 1 dream job. I would probably like millions. Why don’t we just figure out what we don’t like and check it off the list. Once you find something, add it to the ‘ya i like this shit’ list.
3. Think out side your job title. (I just wrote this on the squab so I will paste http://www.thesquab.com/2010/02/life-is-a-secret-game/)
If we position our thinking to be a little differently then we don’t feel like we are ‘failing’ or not ‘climbing’ anymore and we are helping create. I would ask myself this… If I look at my company as 1 person am I super stoked to tell everyone about what I (my company) does? The other secret…People. Relationships are life. If you don’t like who you work with, leave. If it is your work at hand that sucks then use all these sweet new tools and tricks to make your work easy. That is how you get promoted. You implement processes to ultimately eliminate your job. Trust me, I just did it and now I have this weird leverage and I spend my days enabling others to build awesome shit that they didn’t believe they could.
Reach out anytime
Shane Mac
@shanemacsays
http://www.shanemac.me
3. Building something (I just wrote this before you just said it) ha, is what life is about. Building bridges, companies, products, or art is what it is about.
-Thank god I don’t have a girlfriend because I would suck right now.
Shane, always good to hear from you.
I’ll be starting a LIVE show soon (potentially) in a few weeks. You’ll be hearing from me if I do.
Jun - You should definitely make it a priority to visit Japan. It’s really a unique experience with much to see. When you do make it there be sure to climb Mt. Fuji and visit Hiroshima. Quite an amazing experience.
I’ll make sure to bring my hiking boots when I visit
Jun, I like your answer to #1. Well put.
What is up with the entitlement mentality of not wanting to put in the time, but getting all the reward? “It takes too long” is just an excuse.
Whatever the case may be.. if the person isn’t willing to put in the time in their job, they aren’t going to be willing to put in MASSIVE OVERTIME as an entrepreneur.
Amen to that!
Great post & it rings very true. I think often I get caught up with telling my blog audience that everyone should escape the 9 to 5 but I do agree with you it isn’t cut out for all people who just don;t like their job. Maybe they just need a better one.. I for one though, LOVE what I do, LOVE being an entrepreneur and a completely dedicated to this lifestyle.
Awesome post!
Great video Jun! Really good responses to the questions, prioritizing you life is really what it comes down too, it’s huge!
Years ago, I took a quiz at the WSJ’s Startup Journal site that compares the test takers answers with those received from proven entrepreneurs. One that struck me was that more of the successful entrepreneurs that of people in general said their primary motivation for starting a business was “can’t stand working for someone else.”
As I think about it carefully, that answer is very different from “I hate my job,” though the two may be easily confused. I (and some of my aspiring or already) self-employed friends have talked about this. For some of us, the very condition of employment seems a bit degrading, and every negative thing about being an entrepreneur - long hours, financial risk, enduring failure - pales in comparison as to that fundamental assault on a sense of dignity.
When I was younger, I did say, a lot, “I hate THIS job.” That’s really changed to, “I really have to find a way not to have to put myself under subjugation that way.” It’s a very strong drive, and it’s not about money or “free time” or “wearing pajamas every day.”
Wow, I had not heard this before. I have to say that this was probably my #1 motivation for taking the entrepreneurial path - although I didn’t realize it at the time. In the past I had endured employment by finding employers who were smarter than me - but as I became more experienced and educated this became increasingly difficult. It has been a difficult road, but I will say firsthand that it does pale in comparison to the alternative.
Great blog post Jun… I would like to share my experience.. I gave my 1.5 months notice to my boss yesterday… the reason I am quitting… I am working on a start-up…I started my company almost 4 months ago.. If you have the passion and the right idea (You know it when you start working on it), you don’t mind spending your nights working on it while during the day you work at your 9-5 job to save some money for the tough times ahead (remember Startups are hardly Cash-flow positive until a year down the road).
I am quitting my day job because I need to spend more time on my start-up but at the same time I hate my job too. I did not let this effect my performance because now I am in a position that they want me to work part-time remotely (little work.. enough money to survive).
Be ready to accept failure but just don’t just accept it, learn from the mistakes you made. Along the way you make good friends/network (Cherish them) you will need them.
Entrepreneurship is a life style, be ready to eat some Ramen Noodles, live in a small apartment all this is just part of being the “Startup guy/gal”
Hopefully it works out for you!
I am right on the line between ‘Quit my job today and figure it out later… start living life’ and ‘If I just do these few things first, I will be much more prepared and have a better chance of succeeding when I quit my job’.
It’s tough because you never know when you might have 30 days left to live. I really do believe that if I quit my job today I would be fine. It would be difficult, but I would figure it out. But then there’s that part of me that is comforted by the regular paycheck. No stress, no worrying… just eternal boredom. Actually, eternal boredom sounds much worse than the chance that I might end up on the street.
I’m working my way through it though. I’m sure it’s something a lot of people go through.
Jun, first of all, I really appreciate your taking the time to answer these questions (the video is a nice touch). My response is kind of long and a little disorganized, but here it is. If any part of it sounds harsh or cynical, I apologize and don’t mean for it to sound like I’m badmouthing entrepreneurship
1) I’m In The Wrong Job/Industry
My problem with the corporate world isn’t that I don’t like what I’m specifically doing at my job. At least, it goes much further beyond that. No contribution I make at this point is significant enough to make me feel like I’m making a real difference for the company. Nothing I do could even make a scratch in the stock price of my company. My salary is a tiny fraction of the value I generate and is in line with some coworkers that barely pull their weight. And because of bureaucratic HR requirements that value tenure more than merit, it’s a long way to the top before I can make some real contributions on interesting strategic decisions. Maybe there are some career paths that are faster than others, such as I-banking or consulting, but my impression (after talking to friends in those fields) is that the bottom is the bottom. Having no significant impact and/or equity is a killer.
What do I love to do? Create impact. And be rewarded for it. I think my dream job, the one I’d still do if I had $10 million, is to be an angel investor in disruptive startups. Unfortunately, in order to do that, I HAVE to have $10 million. At LEAST.
What can I be the best in the world at? I have no idea. Even if I think I’m the best at something, there are probably 10,000 people who think the same thing (just like 80% of people think they’re better than average drivers). But what if I’m wrong? What if I’m the best, but someone else gets lucky? Not only does my company sink, but I also lose the time, money, and who knows what else that I would’ve had if I did something else.
How am I going to get paid? I wouldn’t quit my day job unless I figured that part out first
Nothing in life is guaranteed. You’re absolutely right. But there are degrees of risk. Even if I get fired, I don’t lose the income that I already earned. But if my company fails, then I lose it all. It’s like playing “Who Wants To Be A Millionaire”, except you get $1 million or nothing, and you have to answer every question right.
Knowing when to quit and when to keep going is very useful. It’s just like in stocks, knowing when to buy low and sell high. But how do you know you’ve made the right decision unless you’re looking in hindsight? A huge chunk of Warren Buffet’s holdings is in Coca-Cola to this day, but the stock price topped out in 1998 and hasn’t come close ever since.
2) If I had 30 days to live, or $10 million
I believe there are two luxuries in life: time and options. You need time to do what you want, and you need options that enable you to spend your time in the way you want. In today’s world, options come with money. The more money you have, the more things you can do with your time. Maybe you have the time to take a trip to Hawaii, but you also need the money to get you there. So what do we young people do when we have plenty of time but not enough money? We go to work. One main reason for being an entrepreneur is to get lots of money fast so that we can do what we want sooner. Sure, what you want might be to start another company even if you had $10 million, but that’s very different because you’re not risking your financial future.
I think everyone really just wants to be happy. Happy in the short term and in the long term. What’s different is that everyone has a different idea of how to get there. For the average person, this path usually involves having a good job, getting married, and having kids. For the high-potential person, I think it’s the same thing, except for one big difference. They also want glory. Knowing they’re the best. Making their mark on this world. On the way to growing up, they would hear people around them tell them, “You have so much potential!” or “You’ll grow up to be a great [something]!”. Encouragement. It’s like peer pressure, except it’s so effective that you don’t know you don’t want to do it. After awhile, it becomes so ingrained that you feel like if you don’t become successful in whatever area you were encouraged in, then you’d be letting down not only everyone around you, but yourself as well. But to the average person that gives the encouragement, the idea of being the best seems so great, so they wish it upon you. They don’t think about all the work and sacrifice that it takes to get there. At this point, it almost never crosses the high-potential person’s mind to think, “Is this really what I want?”. Or more specifically, “Is this worth sacrificing my other wants?”. At least, that has been my experience.
I’ve always wanted the glory. I love the idea of being a rich, successful, influential person that my peers admire. I love the idea of being great. But we as people are terrible at predicting our own happiness. Having never been as rich or successful or influential or admired (at least not to the degree that we’re talking about), I don’t really know if that’s what I want. Yes, you can budget your personal time so that you can “balance” your life when being an entrepreneur, but that balance is heavily shifted to one side. If the people you cared about are gone, wouldn’t you wish you spent more time with them? We always take for granted what we have until it’s gone. I personally have been very guilty of that. So is the glory worth the sacrifice? More specifically, is the glory worth the sacrifice even if you don’t succeed? And how do you know for sure?
People change. As we grow old and experience new things, we change our perspectives. Entrepreneurship is a big commitment. A successful startup is speedy and agile, so you have to put in your whole day and night to keep it running at top speed. A successful entrepreneur is persistent, so you have to budget in a few failures. But failures take time. Before you know it, you’re 30 or 40 years old and running out of time and money. What if you realize then that you want something else? What if your perspective changes? You can trade your time for money, but you can’t buy your time back.
3) Other thoughts
I know I would love entrepreneurship. At least the good parts. Working on a high-caliber tight-knit team, having control over my company, pouring my heart into creating something great. But the risks seem pretty daunting. It would be hard for me to say that it’d be worth it if I didn’t succeed.
On the other hand, I’m only 21…
Hefty comment Lance:
“But if my company fails, then I lose it all.”
This is completely untrue. You gain an incredible amount of knowledge, you meet an insane amount, and you become an expert in an industry strictly due to the fact that you’ve worked 24/7 as an entrepreneur. There are so many more things to gain as an entrepreneur than just money.
“Maybe you have the time to take a trip to Hawaii, but you also need the money to get you there.”
Completely untrue as well. Just take a look at Cody McKibben, http://ThrillingHeroics.com. He’s living the mobile lifestyle and he is not even close to a millionaire. Take a look at Collin Wright, http://exilelifestyle.com/, who is doing the same exact thing.
“They also want glory.”
You and I want glory; however, I can guarantee you that not everyone wants it. Every motivated person in the world does not necessarily want to be recognized for their accomplishments.
“What if you realize then that you want something else? What if your perspective changes? You can trade your time for money, but you can’t buy your time back.”
Again, nothing in life is guaranteed. All you can do is try your best and hope to get lucky.
“I know I would love entrepreneurship. At least the good parts.”
Just from this sentence alone, I can say with confidence that you are not ready for entrepreneurship.
Take your time; you’re very young at 21. Learn from the corporate job, save some money, and then branch out when you’re ready.
Testing…is there a delay before the post shows up?
Hmm it looks like my post was too long, so here it is split into two posts:
Jun, first of all, I really appreciate your taking the time to answer these questions (the video is a nice touch). My response is kind of long and a little disorganized, but here it is. If any part of it sounds harsh or cynical, I apologize and don’t mean for it to sound like I’m badmouthing entrepreneurship
1) I’m In The Wrong Job/Industry
My problem with the corporate world isn’t that I don’t like what I’m specifically doing at my job. At least, it goes much further beyond that. No contribution I make at this point is significant enough to make me feel like I’m making a real difference for the company. Nothing I do could even make a scratch in the stock price of my company. My salary is a tiny fraction of the value I generate and is in line with some coworkers that barely pull their weight. And because of bureaucratic HR requirements that value tenure more than merit, it’s a long way to the top before I can make some real contributions on interesting strategic decisions. Maybe there are some career paths that are faster than others, such as I-banking or consulting, but my impression (after talking to friends in those fields) is that the bottom is the bottom. Having no significant impact and/or equity is a killer.
What do I love to do? Create impact. And be rewarded for it. I think my dream job, the one I’d still do if I had $10 million, is to be an angel investor in disruptive startups. Unfortunately, in order to do that, I HAVE to have $10 million. At LEAST.
What can I be the best in the world at? I have no idea. Even if I think I’m the best at something, there are probably 10,000 people who think the same thing (just like 80% of people think they’re better than average drivers). But what if I’m wrong? What if I’m the best, but someone else gets lucky? Not only does my company sink, but I also lose the time, money, and who knows what else that I would’ve had if I did something else.
How am I going to get paid? I wouldn’t quit my day job unless I figured that part out first
Nothing in life is guaranteed. You’re absolutely right. But there are degrees of risk. Even if I get fired, I don’t lose the income that I already earned. But if my company fails, then I lose it all. It’s like playing “Who Wants To Be A Millionaire”, except you get $1 million or nothing, and you have to answer every question right.
Knowing when to quit and when to keep going is very useful. It’s just like in stocks, knowing when to buy low and sell high. But how do you know you’ve made the right decision unless you’re looking in hindsight? A huge chunk of Warren Buffet’s holdings is in Coca-Cola to this day, but the stock price topped out in 1998 and hasn’t come close ever since.
Jun, you’re probably right that I’m not ready for entrepreneurship. There are too many things I’m probably not ready to let go of. Maybe my place is at a small, growth-oriented company that has already secured a few rounds of funding. You’ve given me a lot to think about. One thing I’m wondering though:
I’m sure you had your doubts before you started. After all, you took a consulting job at one point. So when you finally took the plunge, how did you know you were ready? Why then and not sooner or later? How will I know if/when I’m ready?
Thanks
I don’t think you ever know for certain.
I remember the day I took the plunge. For about a week, I was thinking about quitting. One day, I stood up from my desk, walked over to the bathroom, looked myself in the mirror and asked myself:
“What are you waiting for? Stop being such a scared little shit and just do it.”
Seriously! I knew that if I didn’t do it right then and there, another week or month would go by without me taking action.
So I went to my desk, and immediately sent my manager my two week notice. It was finally done, and I felt so relieved.
Ask yourself this question: “If I lost my job right now, what’s the worst thing that could happen?”
Honestly, its not that hard to bounce back on your feet. Even if your startup fails, you’ll be fine in the long run
Hey Jun, found your blog on Technorati… Looks like we’re in a really similar niche! Just wanted to stop by and let you know that your site looks great, and you gave some great advice in this post. People who aren’t willing to risk it all at becoming a successful entrepreneur should think long and hard, as even though you often DON’T need to give it all up to succeed, you need the mindset that you COULD if you had to. Success comes to those willing to struggle for it.
Looking forward to your future posts,
Garrett
Cool, I think that’s the first time someone found my site through Technorati
What startup are you working on?
@Lance, I find it interesting that the minimum criteria you set for being an entrepreneur are so high. I can’t tell from your post what kind of job you have or what kind of money you might earn. What I can say from years of observation is that a lot of people making middlin’ salaries could make at least as much working for themselves and possibly slightly more.
Is the standard really, “If I can’t make $10M, I’d rather deal with HR b.s., lazy coworkers, etc., etc., etc., than NOT have to deal with those things and make the same money?”
That makes no sense to me.
And when you say, “If my company fails, I lose it all,” you’re wrong about that. I know people who started businesses with minimal investments, earned 6 figures annually for a decade or more, paid for their homes, and only then did the business fail relatively quickly and painlessly. In each of these cases, the business owner earned more in the same time period than he was earning in the job he left.
Im about to go back to school after a 2 year hiatus (quit because I couldnt afford it, plus it was getting boring so I went out into the workforce). Im looking for a career path. Im really good at coming up with ideas (I guess you would call that marketing). There is not such thing as VP of Coming Up With Ideas, so what should I do to make $$. (I dont want to be a starving artist) Im not much of a creative (besides coming up with ideas). My first instincts is business because Im really good at it (ran a few of my own in high school), plus I really enjoy the marketing aspect of creating new ways to reach different audiences… what would u suggest? I would love to work for Naked Communications or Widen + Kennedy, but I am not sure what I could offer them…
I agree with your argument, but entrepreneurship would give the person in question much more control over their career path and lifestyle. I don’t think you can emphatically say that a person shouldn’t try to start a business. It’s not like the world ends when a startup fails…you just go get another corporate job.
Hi,
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Hey Jun-
Your answer to the main question of this post is consistent with my experience, and it’s something that doesn’t get said enough.
My friend Jared Goralnik wrote on this not too long ago, and it was an eye-opener for me. (http://www.technotheory.com/2009/10/entrepreneurial-myth/)
It’s an important topic that probably can’t be repeated often enough, and you said it well.
Great Article! Your article applies to my current situation. I really haven’t truly decide whether I should be an entrepreneur or not, but like you said what if you only have 30 days to live? Right now I’m broke and you can’t get lower than broke right. Thanks for your helpful article. I wish you the best!