In life, some people dream of having something of their own at least once. These are individuals who want to go beyond following someone else’s directions and trust their intuition to start a business. Some people jump in when they feel this urge, but others hesitate due to a lack of ideas or suitable business partners. I, too, feel this way. Whenever I hear stories of famous entrepreneurs, my mind races. As I approach my 30s, the anxiety increases.
Am I too late? Will I end up stuck in a routine and unable to start a business?
However, there’s no need to rush. According to Bloomberg, the average age of a unicorn founder is 34. Harvard Business Review reports that the average age of the fastest-growing 0.1% of startup founders in the U.S. is 42.
Still, it’s hard not to feel anxious.
Of course, those dreaming of starting a business probably know this information. But it doesn’t ease the anxiety. At this point, what you can do is ‘prepare’. Put aside your complex emotions and focus on sharpening your skills before taking on the challenge of starting a business.
Preparedness Captures Opportunities
Time waits for no one. So, there’s no need to regret the passing time. Instead, it’s important to use the time given to us effectively to build a foundation for the business we’ll eventually start. The foundational strength here refers not only to health but also to the basic abilities to overcome any difficulties that may arise.
Sam Altman, former president of Y-Combinator, says that people who have reached a certain level of success are more likely to receive pay-it-forward opportunities without expecting anything in return. You can succeed by studying and working hard on your own. However, a more effective and easier way is to experience running towards a great mission alongside someone more talented than you. It’s crucial to work intensely and train yourself in an environment as similar to a startup as possible.
Thought Breeds Worry, Action Breeds Results
The first step is to check if your current organization is such a place. Who are the colleagues and superiors you’re working with? Are they striving together under a grand vision of the company, or are they just enduring each day waiting for quitting time?
If you want to start a business, you need to work with passionate, hardworking individuals. Otherwise, you might unconsciously absorb your environment and lose your dream of entrepreneurship. If your environment doesn’t meet these criteria, you need to leave the organization.
Two Conditions to Consider When Changing Jobs for Growth
When choosing a new organization, there are two essential conditions:
- There are many people smarter than you (i.e., people you respect and can learn from).
- The expectations of you are high.
If you dream of success through business, what you should consider now is not a high salary or unlimited vacation. It’s about learning and growing as quickly as possible. If you want to achieve great success, you need strong internal motivation centered on growth rather than external incentives. And the most important factors for personal growth are the abilities of the people you work with and the scope of the tasks you undertake. Surrounding yourself with people smarter and better than you will elevate your performance. Similarly, if your organization expects a lot from you, your abilities will rise to meet those expectations.
The Process of Growth Can Be Painful
Growth is similar to building muscles. You can’t build muscles while lounging on the sofa and dropping crumbs on your clothes. Muscles get stronger by tearing, and this process can be painful. That’s just the way it is. The reason we exercise is not so much for the process but for the results. We endure today’s pain imagining our future, slimmer, and more muscular body. If you endure the process well, the results will inevitably follow.
It’s important to train your mental and physical stamina to avoid burnout. Everyone has different ways of managing this, but mainly, working with people you like and who share your interests can give you the strength to continue despite fatigue. Working intensely leads to growth, and accumulated time results in success. It’s advisable to work intensely early in your career. When you’re young, even if you don’t have time for other things due to work, there’s relatively little to lose, and the more time you spend working intensively early in your career, the more growth opportunities and benefits you’ll gain in the future.
The Biggest Obstacle to Growth is Lack of Self-Objectivity
It’s often thought that the poison to growth is ‘willpower.’ But this is not about willpower. It’s not about doing it if you have willpower and not doing it if you don’t. You do it because you have to. There are no exceptions. Moreover, you can’t grow if you lack self-objectivity. People tend to not accept their shortcomings because of pride. They deceive themselves to avoid getting hurt. But while you can deceive others, you shouldn’t deceive yourself. If you do, no one can save you.
You need to know objectively what you do better and worse than other top performers. And you should know what to do to further improve what you’re good at and to compensate for what you’re not. Polishing what you already do well is relatively easy. When you enjoy doing what you’re good at, you do it without needing anyone to tell you.
On the other hand, admitting and improving what you’re bad at is not easy. There are two reasons why it’s difficult: first, it’s hard to admit what you’re bad at because of pride; second, you know that the mountain you need to overcome is huge, making the challenge daunting. However, no matter how uncomfortable it is, you need to accept it as an inevitable challenge for growth and just do it. Forget about willpower. Just do it.
How to Compensate for Weaknesses
The best way to overcome weaknesses is to receive objective feedback from experts in the field. Feedback should come from people better than you, not just from those you respect. Even if their personality isn’t great, if they’re younger than you, or if they excel only in one area, you should still receive their feedback. While it may hurt your feelings briefly, accepting and acting on feedback will make you stronger.
Don’t get too caught up in your weaknesses. If there’s a weakness you can’t overcome, accept yourself as you are. Then, focus on your strengths and move forward.
Many say, “I can’t do Y because I can’t do X,” but this is a flawed mindset. There are ways to achieve Y even if you can’t do X. This might be more about creativity than an inability to do X.
Where to Maximize Growth
So, let’s return to the core question: what organizations meet the two conditions (1) surrounded by people smarter than you, and (2) high expectations of you? It’s where many people besides you want to be, where working hard is the norm, and where expectations of you are sky-high. Joining a startup could be an option, or joining the new business teams of established companies like GAFA (Google, Amazon, Facebook, Apple) or Korean companies like Naver, Kakao, Line, Coupang, or Baemin.
In finance, the bulge bracket firms (BoA, Barclays, Citigroup, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, UBS) or strategy consulting firms (McKinsey, Bain, Boston Consulting Group, Kearney) are also good choices. These places may not be innovative, and the work intensity might make you feel self-pity every day, but after a few years, you’ll emerge incredibly strong.
Even if it’s not one of these places, any environment where you work with people driven by a vision can suffice.
Changing Jobs Isn’t the Only Answer
You can experience growth without changing jobs. Collaborate on side projects with smart, passionate friends who crave growth. Enjoy the stimulus you don’t feel in your main job through side projects.
In the first chapter of the book “Originals” by Adam Grant, a professor at the University of Pennsylvania, he tells this story. After a graduate school class, three young students approached him, pitching a business idea and asking for investment.
Adam asked, “That’s a great idea. So, are you all planning to focus on the business right after graduation?”
One of the students replied, “No. We’ve all secured internships and will probably work at companies after graduation.”
Puzzled, Adam asked again, “I see… so after your internships, you’ll fully commit to the business?”
The student responded, “No. The internships are conversion offers, so if we get accepted, we’ll work full-time while developing our business idea in our spare time.”
Adam, frustrated, criticized the students for having the wrong attitude towards entrepreneurship. He did not invest and his relationship with the students soured.
Those three students followed their plan, working their internships and later full-time jobs while developing their idea for Warby Parker, an online eyeglasses retailer. As they began to see success, they left their jobs to focus on their startup. Within ten years, Warby Parker achieved an annual revenue of 750 billion won and a company valuation of 9.5 trillion won.
The Most Important Thing
Lastly, the most important thing is not to lose your dream. It’s about continually learning and challenging yourself without settling into a comfortable and sweet reality. When you’re tired and don’t want to take another step, take that one more step, keep friends close who share your dreams, and discuss the future with them.
Remember why you wanted to start a business, what you hope to achieve, and how you want to change the world through your business.
Now is the time when you can do anything if you put your mind to it. If you want to own something of your own at least once before you die, it’s time to start preparing. You need to train yourself by experiencing and overcoming the various challenges you will face in your future business.
To do this, it’s a good idea to join a startup or the new business team of a large company where there are many people smarter than you and high expectations of you. If it’s difficult to leave your current organization, you can work on side projects with capable and passionate friends.
The growth process won’t be smooth. There might be more days of tears than laughter. However, overcoming this process will make you a better person.
Reference Materials: Bloomberg, “The Average Age of a Unicorn Founder Is 34”, Harvard Business Review, “The Average Age of a Successful Startup Founder Is 45”