TL;DR: If you want to be an entrepreneur, you should read this book.
Another inspiring book about entrepreneurship, in which there are several points that I found really interesting:
Entrepreneurship is a good leverage
Taylor (the author) argues that, in such a high growth technology landscape as nowadays, a steady job will not guarantee us proper wealth as much as an entrepreneurial path.
I love the way the author discusses about Leverage, when making the comparison between traditional job and owning a startup. More specifically, we will have longer lever when running a business ourselves, thus creating more value and wealth, rather than a typical 9-to-5 work at big corporation.
End of credentialism
I would also agree with Taylor that, earning more academic qualifications in today’s time are no longer much valuable. Why? The answer is, for the last decade, most of the jobs that require academic background are going overseas or being replaced by machines. Software is eating the world. Fairly saying, I’m not a fan of university degree, given the debt of 4-year tuition fee that we need to pay off and other opportunity costs being likely missed out in the mean time.
On the contrary, jumping into running a business right away after high school would be an ideal path to gain real experience and accumulate wealth on the long term basis, as I believe we will learn more this way. You may obviously fail at several first attempts, but will accumulate advantages and benefits in the long run.
Cynefin framework and your career
The author also makes a really good correlation to the Cynefin framework that forces me questioning myself about my current white-collar life.
In summary, work environment would be categorized into four following groups:
- Simple: relationship between cause and effect is clear and obvious. Anyone can follow proven instructions to solve problems, without much innovation, like putting together an Ikea table— this is traditional job.
Typical figure: worker in an assembly-line manufacture
- Complicated: require analysis to identify the relationship between cause and effect, but using existing knowledge should be already good enough to handle the problem — this is traditional job
Typical figure: 9-to-5 office man
- Complex: relationship between cause and effect is only clear in retrospect. Skills and knowledge acquired from college would not help you much in this field. Things would rather be handle through testing new solutions and see the reaction — this is entrepreneurial work
Typical figure: those who first time run a startup
- Chaotic: as the name implies, everything is unknown, everything is in chaos. There is no relationship between cause and effect. People rather act based on gut feelings, as no guidance has been given before — this is entrepreneurial work
Typical figure: long-time entrepreneur, high profile investor
That’s it. I won’t go further. The rest of the book is yours. Enjoy reading.