Why You Should Not Be An Entrepreneur: Phil’s Advice

Evernote CEO Phil Libin at The Next Web conference gave a rather intriguing presentation where he claimed he advised people against the idea of entrepreneurship (except exclusively for the right reasons). After watching the video closely, I drew out the lessons below;

Among the infinite number of reasons why people go on to start-up a business, the most common ones are;

Money: People go on to start a business because according to them, it’s a good way to make quick money. The fact to this issue is 95% – 99% of businesses fail at startup.       Phil’s Advice: if you’re smart enough, talented enough, driven with the ability and motivated by the thoughts of making more money, then your best bet is to secure a job.

Power: That abbreviation CEO (Chief Executive Officer) seem to make head swell. Not because of the work associated with it but the feel of been in control and answering to nobody. Phil points out how this is a misconception; it’s the other way round; everyone else becomes your boss technically because you become answerable to them and that is including your customers, investors, employees, partners and media.                           Phil’s Advice: If you love the feel of power so much then join the military of go into politics.

Boredom: We’ve heard of stories where people claim to be bored with their daily job and jump in the entrepreneur wagon. Boredom is not a good reason for starting a business. It’s a lie.                                                                                                                                   Phil’s Advice: stay at your job until you figure out what is it exactly you want to do.

Flexible Time: Some have the notion that with running your company, comes flexibility of time. “I can come in at whatever time i like” you’ll hear them say or “I want to spend more time with my family”, “I want to travel the world”. This is rather nonsense talk because been your own boss doesn’t give you all that leeway in the reality of the situation.

The only one legitimate reason that passes for why you should be an entrepreneur is that ‘you want to change the world with an idea’. This should be the only reason why one should risk the emotional, psychological and physical stress involved with been an entrepreneur.

Watch the Full Video Here »

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