Something from nothing

Most new businesses fail. In fact, nearly all new businesses fail. Some of the most successful entrepreneurs I know were at the helm of a few flameouts before they hit it big. They all had one thing in common, however: an appetite for risk and a willingness to face failure head on. These noble traits are ones I see in many Princeton graduates each year, yet I am always amazed by the legions of bright young minds who forego more entrepreneurial options to pursue rigid, structured career paths at enormous financial and consulting firms.

To clarify, I'm certainly not suggesting that all Princeton graduates should run out and start businesses after graduation, though I think some certainly should. I simply feel that choosing to pursue entrepreneurship in life is not a binary option. If you hope to start your own business down the road, look for a path that can best prepare you for that goal. Such an entrepreneurial job could be one at a smaller, younger company where a new hire's responsibilities are core to the success of the business. Jobs like these bring out the inner entrepreneur in people, forcing them to look at businesses from every possible angle, not just the division, department or team for which they work. This lifestyle strengthens creative thinking and operational intuition, leading to a more valuable skill set for future endeavors.

The main rebuttal to this suggestion that I hear from students is an economic one. Some students see the prospect of taking home six figures in their first year at a big firm and struggle with the idea of making half that much by going to work for a less stable employer or employing themselves. It's a valid argument but one that ultimately ties back to the question of risk/reward and the issue of long-term personal goals. If you truly see yourself as a future entrepreneur, I implore you to take a moment and think twice.

Of course, going to work for a large firm doesn't preclude you from starting your own company down the line. The simple truth, however, is that few people who take such jobs after graduation ever end up taking a chance with their own business. Ultimately, the risks associated with entrepreneurship will remain, and every year that passes will make it harder and harder to take on those risks. By the time a mortgage and family are on the horizon, the pursuit of an entrepreneurial endeavor will begin to seem almost reckless.

An obvious truth that is seldom spoken is that a person's own risk profile is rarely more conducive to an entrepreneurial decision than at college graduation. While there is clearly an opportunity cost associated with passing up a job at a big firm, bear in mind that your career decisions today will set a path that may be difficult to reverse. As such, there may be other opportunities at risk. Don't let your dreams take a back seat to conformity. Take the plunge - I'll see you out there.

Robert Moore '06 is the founder and CEO of Donor Loyalty Corporation, a New Jersey-based software company that provides fundraising optimization and new media advocacy solutions to nonprofits and other donor-supported organizations. Its consumer website, smartraise.com, helps organizations raise money whenever their supporters shop online.