There's Never Been a Better Time to Be Your Own Boss — and Here's Why Carving out a good life using the traditional path is getting harder. Here's why being your own boss is the key to satisfaction.
By Aytekin Tank Edited by Kara McIntyre
Key Takeaways
- One study showed that 93% of Gen Z is exploring entrepreneurship, reflecting a shift in career aspirations amidst economic instability.
- The internet has revolutionized entrepreneurship, enabling business from anywhere without a need for traditional hubs like Silicon Valley.
- Despite the allure of self-direction, entrepreneurship demands high commitment and can be better suited to certain personality types.
Opinions expressed by Entrepreneur contributors are their own.
Every generation has characteristics that set it apart. Gen Z, the first generation to have grown up online, has a vastly different approach to work than millennials, Gen X and baby boomers.
Having entered the workforce amid the turmoil of Covid-19, Gen Z has found itself in an employment landscape beset by instability and gig work instead of salaried jobs with benefits. Luckily, the Zoomers are using this time of upheaval to their advantage. Rather than settling for unsatisfying, precarious careers, Gen Z is exploring the perks of entrepreneurship — according to one study, a whopping 93% have taken at least a step toward dipping their toes in business ownership.
In previous decades, entrepreneurship was seen as a risky alternative to a more traditional career path, one embarked upon after a four-year degree and maintained until retirement. But as a comfortable middle-class life becomes increasingly elusive by the standard means, entrepreneurship is now seen as a viable alternative to working for someone else.
Of course, entrepreneurship isn't just for Gen Z. Anyone who wants to can embrace the many benefits of startup life.
Related: You're Not Crazy: Trading Your Six-Figure Job for Entrepreneurial Freedom Is the Right Move
Why now is a great time to be an entrepreneur
The word "entrepreneur" dates back to the 18th century, but the concept has existed since one caveman sold a handaxe to another. But only in the last 15 years or so has entrepreneurship evolved into what it is today.
That's because the internet has significantly lowered the barriers for anyone looking to launch their own business, from essentially anywhere in the world. In the past, the West Coast of the U.S. — especially Silicon Valley — has been a hub for startups, thanks to factors like the region's preponderance of research universities and significant government investment, among other enticements. The San Francisco Bay Area has long had a pioneering spirit, ever since it attracted the so-called forty-niners hoping to strike it rich during the Gold Rush of the mid-1800s. That spirit eventually gave way to pioneers of a different sort, interested less in mining gold than hacking creative solutions to problems using technology.
But now, it's no longer necessary to pull up stakes and move to Mountain View to launch your startup dream. Bootstrappers in particular, who don't seek outside investment, have no need to schmooze their way into funding at Google networking events. Digital nomads now roam freely around the globe, working on their businesses everywhere from Manhattan to Mexico to Malta. Becoming an entrepreneur is easier than ever — all you need is a strong internet connection.
Related: The Best Time to Start Your Dream Business Is Now. Here's Why You Shouldn't Worry About Timing.
The perks (and pains) of being your own boss
There are many reasons one might want to become an entrepreneur. Maybe you've identified a need for a product that doesn't exist and want to address a pain point. Maybe you see the opportunity to make the world a better place. Or maybe it's the lifestyle that appeals to you: Being your own boss, making your own schedule and answering to no one.
These are all legitimate reasons to start a business, and there are plenty of others, too. But before you get caught up in the daydream of tapping out emails poolside in Bali, remember: Launching a startup is work — a lot of work. A 40-hour workweek will be a rare luxury, especially at first. Answering to no one means there's also no one to turn to when things get tough, and if you fail, well, it's hard to find anyone to blame but yourself. In a Reddit post discussing the pros and cons of working for yourself, one user summed it up succinctly — "Pro: Freedom to manage yourself as you please; Con: Freedom to manage yourself as you please."
Research suggests that some personality types fare better at this than others. A study from Myers-Briggs, of the well-known Myers-Briggs Type Indicator (MBTI), found that Intuition (N) and Perceiving (P) personality types tend to have a more entrepreneurial nature than the Sensing and Judging types. As the study notes, "The entrepreneurs in the group showed a significantly higher orientation for creativity, risk-taking, impulsivity and especially autonomy than did non-entrepreneurs," adding that, "people with a preference for extraversion, intuition, thinking and perceiving tended to show greater levels of entrepreneurial orientation."
This isn't to say that only certain personality types are suited to entrepreneurship — the study clarifies that people across the MBTI spectrum can — and do — become entrepreneurs. But it is worth taking a hard look at your own strengths and weaknesses to determine whether it's ultimately the right move for you.
You make your own luck
I started my company, Jotform, as a side project I did it on nights and weekends on top of my full-time job. As a bootstrapped founder, I knew there was no major cash infusion coming to save me. That meant I had to make tough choices and sacrifices, like moving back to my native Turkey from New York City to keep down costs.
It was on me to sink or swim, and I'm grateful that my hard work and the decisions I made at the time allowed me to grow my company to the size it is today. While there were certainly people who mentored me and helped me along the way, it's incredibly satisfying to know that the success of Jotform is the product of my own hard work.
Almost everyone wants the freedom to create their own destiny. In the past, most people have settled for less. But I believe there's never been a better time to be an entrepreneur. Gen Z may have some inscrutable slang, but they're not afraid to break out of the corporate mold and create their luck. For them, and anyone else who chooses that path, the sky is the limit.
