Gen Y: think seriously about your economic options!

I'm a chess player and, like all chess players, I've learned that it's far easier to AVOID getting into a difficult position than to try to get out of one.

With this in mind, here's what I see as the main challenge of members of Generation Y (12-30 years of age).

They must decide whether to work for a corporate employer (or a small company, which may offer more flexibility but provide less corporate training and resources), OR become entrepreneurs and launch their own business.

Call the above Option E (for Employees) and Option B (for Business).

You might be thinking, "Which option is better, E or B?"

It's like me wondering, "Should I marry Kirsten Dunst, or Princess Leia?" The answer, of course, is neither one of them! One doesn't exist, the other does exist but is probably very hard to seduce.

Seriously, my point is that it's not a choice between Option E or Option B. Rather, it's a choice between Option E + Capabilities which are relevant to Option E + Plan E

vs

Option B + Capabilities which are relevant to Option B + Plan B

Note: Capabilities = Your attributes, attitude and aptitudes (skills, competencies)

Strangely enough, at the beginning of one's career (let's say you're 21 years old), a person usually doesn't have advanced capabilities and doesn't have significant planning abilities. In such a situation, Option E (to become an employee) seems to be the best choice.

Indeed, as has happened in my case, I learned a great deal about planning from working for Fortune 500 companies like IBM and American Express. They also trained me to develop capabilities that I could not have acquired on my own.

So throughout the 90s, I was able to increase my Capabilities and Planning Ability, which somehow increased the odds that I would succeed if I switched from Option E to Option B (launch a business).

Thus, in 1995, I launched a graphic design firm with two friends. After a few months, we failed. I had overestimated my planning ability!

So I went back to McGill University in 1996 in order to learn and master all the darn stuff on planning and management. I graduated in 1999 and began working for a consulting firm for 7 months before I quit and launched my own marketing firm in 2000 (and made a lot of money).

What I learned from all this is that unless you have a relative who has succeeded in business and is willing to teach you how business works, it is possible that the best option is to work for an employer in order to train yourself for future entrepreneurial endeavours.

You could also ignore my experience and decide to launch a business on your own, and pick up the training you need about business, planning and management as you go along.