Q&A: How Will the Business World Be Affected by the Increasing Number of Entrepreneurs?
Obviously, on an individual level, not everyone will make it as an entrepreneur, but that won’t stop people from trying.
The fact that so many people are interested in pursuing their own business opportunities is funny to me because it represents such a huge shift from the traditional attitudes toward career advancement that I encountered growing up.
I can tell you that respect of and support for entrepreneurs just wasn’t there a decade ago. With the rise of “Instagram entrepreneurs” (the young glory seekers who glamorize the entrepreneurial lifestyle), people now tend to have a much higher opinion of entrepreneurship than they would have in previous decades.
As a result, of this increased acceptance, entrepreneurship has skyrocketed.
Ideally, more entrepreneurs=more competition, which, in turn, will drive innovation. Steve Jobs’s iPod, for example, was a driving force in innovating the portable music player industry. Because there’s no incentive to improve when one or two companies control an entire industry, innovation suffers in monopolistic industries. Increasing the number of players in the game will help to put a fire under the asses of companies that have long ago become too comfortable with mediocrity.
On a local level, new businesses could reinvigorate communities and drive economic growth through increased employment and standard of living.
While increased innovation and economic growth from entrepreneurship are both tremendous benefits for society at large, that doesn’t mean it’s necessarily right for everyone. Pushing the idea that anyone can (and should) be an entrepreneur could be disastrous for the people who really shouldn’t be encouraged to pursue the entrepreneurial path.
Not everyone is cut out to run their own business, and, as people continue to misrepresent what it actually means to be an entrepreneur, we’ll see more failed entrepreneurs leaving and reentering the workforce along with more businesses and startups that die out under inept leadership.
With all that being said, increased entrepreneurship can be a net positive for society, but whether or not it’s a good idea on an individual level is a whole different story.