Dependent and Independent: The Corporate path Vs. The Entrepreneurial

Alternatives to mold out career paths in a time of employment instability

By: Jordan Smith, Staff Writer

[pullquote]we have certain plans and aspirations in life and things we want to do and we didn’t really feel that we were going to be able to achieve those things with a normal career path…[/pullquote]

The days of multi-decade employment for an individual at a single employer are long gone. We’re all aware that multiple career changes are going to be the norm for the millennial generation.

So are we destined to become drifters through the frontier of unstable employment and subsequent financial instability? At first glance it may seem that way. However, there are other options out there for those who seek to mold their future to different ideals.

[pullquote]Each member of the team has their strength that they bring; we all draw on the strengths from each of the four of us so that we really just give our expertise.[/pullquote]

The path of entrepreneurship can be a very promising one, if you have the ability and drive to do it. As with the numbers on career changes, most people are familiar with how few businesses make it past the first couple of years. So if the corporate world can’t provide stability and the independent route is a huge gamble what options do the millennial generation have?

How about both? At first, the notion of being a full or part time employee while running a business of your own may seem impossible. Despite the obvious demands of this lifestyle it is possible to not only maintain it but thrive while doing so. For the skeptical reader who wants proof that this goal is attainable, real life examples are a must.

Never Forget Photo Inc. is such an example of millennials being able to succeed and flourish at managing a business while maintaining employment.

Run by four friends in their late twenties, all of whom have post-secondary educations, Never Forget Photo Inc. provides photo booths and customizable albums for special events ranging from weddings to proms to corporate affairs.

Beginning in 2010 as a partnership and becoming incorporated in April of last year the company has grown from one booth to six and has expanded to employ five employees. With steadily increasing sales figures year to year they show no signs of slowing down even while maintaining outside employment.

When asked why take the entrepreneurial route over being an employee for a lifelong career path, VP of Development Brandon Smith explains, “we have certain plans and aspirations in life and things we want to do and we didn’t feel that we were able to achieve those things with a normal career path… this was a way to start to develop extra funds and give ourselves the flexibility and opportunity to make as much money as we want to and feel that we can.”

Although there is a distinctive lack of faith in the corporate world to provide the lifestyles they want for themselves the team at Never Forget Photo recognizes the benefits to both career paths.

Despite the fact that they have all been able to succeed at handling both a job and a business they do not see it as a permanent situation. When asked if he ever sees himself maintaining the business and an outside job for his entire career Mr. Smith emphatically says, “Hell no.” This sentiment is no doubt shared by the others as well, for obvious reasons.

VP of Marketing Stephanie Mole adds that, “I don’t think anyone’s goal would ever be to doing them both at the same time. You’re doing the entrepreneur side for a reason and most likely you’re balancing a job just because financially it’s difficult to handle just the entrepreneur side.”

Although it is possible to do both at the same time the demands year in and year out would certainly be mentally and physically taxing. So instead of maintaining both indefinitely the executive team of Never Forget Photo weighs in on why it is a good idea to experience the corporate world as well as the entrepreneurial one for at least some portion of your employable career.

“It’s hard to go out there and know exactly how to do everything right away, working for an established company can help to teach you how to do those things,” explains Smith. On that note Mole feels that,  “It’s important to have a little bit of experience in both at some capacity, I think it’s nice to experience a little bit of corporate to know what things work well and know structure so you can employ that.”

Despite the bleak outlook for many millennials the corporate world is not a complete black hole for opportunity and benefits. As Stephanie and Brandon discussed working for and paying attention to successful firms and their operational models can be an extremely valuable tool for the budding entrepreneur.

A critical aspect to the success of Never Forget Photo has been the team dynamic. It should come as no surprise that when multiple people collaborate on a project their varying expertise and points of view will only breed better ideas and practices.

President and VP of Sales Dave Wilk points out, “Each member of the team has their strength that they bring; we all draw on the strengths from each of the four of us so that we really just give our expertise.”

So not only are peoples’ strengths highlighted in a team dynamic, their weaknesses are significantly muted as other team members can make up for them.  Stephanie states, “Our group dynamic is actually perfect, everyone has a responsibility and you know it’s not overwhelming and you can do your job and do it well and rely on your team…  At the same time you can still execute on your other job [in the corporate world]. It’s so nice to know that the skills that you don’t have, somebody else can pick up on.”

“I strongly believe that it would be impossible to be successful as a sole proprietor and have another job, you’ll need other people to lean on when you can’t be there to do what needs to be done,” adds Smith.

The benefits of a team dynamic are by no means limited to the entrepreneurial world however. In fact, team work and communication skills can be developed in significant amounts in the corporate world, even more so than in the entrepreneurial one in some cases.

What has become evident to this point is that although the corporate world has destabilized significantly in terms of job security and opportunities there is still much to be gained from experiencing it for one’s self. Furthermore, it can provide individuals with tools that are transferable to any workplace, including one of your own making.

Aside from the skills that can be gained there are lessons to be learned from the corporate world such as how management should function to maximize efficiency and profitability. Often times more can be learned from mistakes than success. This means that despite a lack luster performance from a given firm as a whole the employee who hopes to venture out on their own can take away a wealth of information on how to avoid such problems.

As mentioned previously maintaining both a job and a business is a very demanding lifestyle, but given the uncertainties faced by the millennial generation and the corporate world there isn’t a whole lot to lose by trying to capitalize on such situations.

Not only can you prove something to yourself by succeeding at both, you can prove to others that it is possible to do the same; success breeds success.  Mr. Smith shares this sentiment and “would encourage anybody to go for an entrepreneurial opportunity if they can; I thinks it’s a lot more rewarding than working for somebody else in a lot of ways.”

Mr. Wilk adds, “once you’re able to get your business up and running… it does have a lot of perks but initially you are working a lot more and harder than anybody else at a regular job but if you have the drive to do it be prepared [for the work].”

Both Mr. Smith’s and Mr. Wilk’s comments have often been repeated by many in their position and lose some of their significance over time. When the risks and rewards are evaluated however, especially in these most uncertain of times regarding job security the independent, entrepreneurial routes are looking ever brighter and more promising. Despite this the corporate world can afford you the opportunity to experience how an established business functions. Moreover, the interpersonal skills and personal network you create in the corporate world will make the transition to the entrepreneurial route that much more rewarding and successful.

Image provided by reneskafflestad

Jordan Smith is a third-year honours history major at Wilfrid Laurier University. In addition to Arbitrage Magazine, he also writes for Laurier’s student-run newspaper “The Cord”.