You like to do project work. But, do you have the right risk profile? What’s your risk appetite? Are you risk taking, risk sensitive, or risk averse? If you like to take risks, one option is to strike out on your own and start a business or work on a startup. Startup work is all about extreme self management. If you have a good track record, you’ll attract investment like flowers attract bees.
What do I mean? I’m a risk taker. I’m a rush junkie. If I’ve got a great commercial idea, I want to monetize it. What about you?
What percentage of American households includes someone who has started, tried to start, or helped fund a small business? One percent, five, or even ten percent? Well guess again! Thirty-seven percent of American households are involved with entrepreneurship, startups, small business, gig-work, or side-hustles. Entrepreneurs were once considered VUCANs who couldn’t work in a big company because they were seen as business misfits, even a little disreputable.
Let’s look at startups. Startup work is not for the weak of heart. Up to half of small businesses don’t make it past two years. Joseph Schumpeter, the economist called the process ‘creative destruction.’ Ideas for new products and services develop, companies form, they grow, products are altered or new products are developed, and the company morphs again.
As a startup founder and workaholic, startups can be brutal. Gary Pisano, a Harvard Business School Professor, captured the startup angst:
“But, there’s a harsh reality of innovative cultures. They are not much fun. There’s little tolerance for incompetence, they are extremely disciplined, they involve high degrees of personal accountability, and they are brutally candid places. Not everyone will thrive we would add one further thing: most folks don’t thrive.”[i]
Work Lesson Earned: Only self-managing VUCANs can survive a startup. I’ve started a number of startups. Some tanked, others broke even, and one or two actually made money. This is after years of very long – many 80-hour weeks and little pay. Would I do it again? You bet, in a heartbeat – no in a nanosecond! Why? It’s in my DNA. I’m a risk taker. I love the freedom to fail or succeed. I love the rush of doing my own thing.
[i] ‘How Big Companies Can Outrun Disruption’ Harvard Business School, February 7, 2019.