By: Benjamin Turner, Staff Reporter, The Pawprint
It seems like nowadays everyone wants to become the next Steve Jobs or Jack Dorsey, wishing to create something revolutionary or just create a brand and rake in millions and millions of dollars. However, this ideology that everyone can and should work for themselves is outrageous and very detrimental to society.
Firstly, many people do not realize that the chance of creating a successful business is very slim, and it seems that people dive into building a business before realizing the risk that they are taking. According to data from the US Bureau of Labor Statistics, approximately 20 percent of small businesses fail within a year, which is fine but by the fifth year, the percentage rises to 50 percent.
People have the idea that all you have to do is create a brand and start working, however, things such as supplies, finances, and a multitude of external factors can cause the business to fail.
On top of this, many people ignore their weaknesses such as bad social skills or lack of creativity. They then start a business and are surprised when it fails. The process takes a while and needs time and attentiveness from the owner, which is a quality that a lot of people do not have.
Entrepreneurship also requires a sense of risk, whether that’s quitting a 9 to 5 job to create a business or something else, it makes a person remove the cushion that is a steady job and devote all their time to something which could still fail if everything done right.
The risk of being vulnerable is what drives the majority of the entrepreneurs of this world, as failure is not an option for them. Many people due to school and college seem to have a sense of security, as if all goes wrong you can go to school and everything will be fine.
Additionally, for many people who try to start up in more urban areas like Dubai for example, competition is fierce, and thus the chances of success are pretty low.
According to data released by the Department of Economy and Tourism, 72,152 new business licenses were issued in 2021, compared to 2020s 42,729.
Overall, while the idea that everyone can be an entrepreneur and work for themselves and get a ton of money is a nice idea, and people should strive for big things, I don’t believe that everyone has what it takes to become an entrepreneur.