logo
Beyond HumanBig PictureCatalystsConnected WorldExchangeMarketing MixNew MoneyNew SchoolPeople SciencePulse

Why the current entrepreneurship craze could create a culture of failure

Avatar

Todays millennials are swapping corporate careers for entrepreneurial endeavours. Why could it create a culture of failure?

“Choose a life. Choose a job. Choose a career. Choose a family. Choose a f***** big television. Choose washing machines, cars, compact disc players and electrical tin openers…” is the life advice given at the beginning of Irvine Welsh’s Trainspotting.

It highlights the importance of taking the safer route and planning ahead.

Until recently most would have agreed, albeit boring, it was safe.

Although it wasn’t until the second tech boom came along that the advice was shunned.

Millennial entrepreneurs looking to make their mark on the world, goaded by the prospect of billion dollar exits, ping pong tables and flexible working hours, swapped corporate careers for entrepreneurial endeavours.

A Millennial Branding report found that 45% of millennials will choose workplace flexibility over pay.

Who can blame them?

But Oliver Bridge, serial entrepreneur and founder of Cornerstone, as part of a wider interview believes this approach could be a hindrance on future fundraising efforts by millennial entrepreneurs.

“Having work experience before launching a business is actually really important,” explains Bridge.

“If you are ambitious and looking to create a high growth startup, these kind of businesses are pretty capital hungry and you’d have to raise investment. And if you haven’t got an investment, finance or professional background, it’s really hard to be credible to investors.”

“So I would urge people to spend a couple of years in banking, consultancy, accounting or investment, just to learn the basics.”

Perhaps less enjoyable than working at a startup, corporate roles provide the foundations for a solid career.

And Bridge argues it will give millennial entrepreneurs the upper hand when it comes to raising investment.

Because having a firm grasp on the conventional metrics of business will instil the faith of investors.

This way, he suggests, you’ll be less likely to give that vacant look when asked cutting questions about margins, and smile triumphantly as you make your way to the bank.

CHANNELS