The Meaning of Entrepreneurship for Today’s Workforce

My last post got me thinking a little bit more about how different generations view the workforce.  I’m interested in entrepreneurship, and frankly, I’m not sure why or where the fascination comes from.  Neither my parents nor grandparents are entrepreneurs.  Everyone in my family worked for “the man” in corporate America.  They put in the hours, gave 100% effort and loyalty to their companies, and were rewarded over the years for their dedication.  My grandparents were particularly loyal to their employers – both of my grandfathers worked for the same major corporations for nearly their entire working life, which wasn't atypical of the generation.  My parents have had a couple employers throughout their careers, but that list has never included themselves.  My brother is an entrepreneur, and a surprisingly good one considering his lack of experience.  I, like my parents, work for an employer as do a majority of my friends.  In fact, I went to college, and then grad school, just so I could have my pick of employers.  However, I have this deep fascination and respect for those who work for themselves.

I think a lot of people in today’s workforce consider themselves entrepreneurs, even in the smallest of senses.  However, I believe this is due to fear, and not true innovation.  Younger generation workers are scared of getting screwed by corporate America.  I’ll admit it, I have felt that way before and worry about it occasionally.  My control freak tendencies push me to identify this area of my life as having some risk, which helps me relate to some of those feelings I'm describing.  Many American workers saw their parents give up everything for corporate life and then get let down.  Workers today are fearful of repeating this in their own lives.  I read today that some hockey teams were releasing some of their business staff due to the recent hockey strike.  My organization could be similarly impacted by a prolonged labor strike, and it’s terrifying that I would have little to no control in that situation.  It’s easy to see why workers are looking at contingency plans, particularly with so much uncertainty about US employment and economic growth.   

For this reason, much of today’s workforce believes that the safest route in employment is entrepreneurship, which is a departure from previous beliefs on the topic.  Owning your own business has traditionally been viewed as the “risky” career move, and the idea it is a “safety” route sounds absurd to most serial entrepreneurs.  In many polls, Gen Y indicates that they want to own their own business.  Decoded, I think what this really means is that people want a safety net.  They want to feel like if they were to be let go from their job, they wouldn't be left high and dry like their parents were.  This creates a disconnect for many workers.  The Society for Human Resource Management (SHRM) has done studies that show many people in today’s workforce like assignments, meetings, feedback, group efforts and after-work happy hours.  These are all signs of people who work for someone else.  Most entrepreneurs experience phases in their careers that come with loneliness and anxiety.  Entrepreneurship is living on the edge of what’s normal, and that is enough to make most people run right back to corporate life.

What are your thoughts?