The “good” life is really only for those who sell a business or inherit the money

So this is clearly a huge blanket statement - but I speak from the perspective of a kid of a first generation immigrant whose parents made it ‘big’ in corporate America from almost 3 decades of non stop grinding to public company executive leadership (C suite level). Now, I am personally trying to achieve success as a financial services professional with aspirations to go work in an operations capacity for a public, with my real dreams outside of this all to start a business one day. 

At the level we grew up at, my siblings and I grew up very comfortable, no student loans, support for first home purchases, multiple nice cars, luxury goods and some travel,  but we generally lived very middle class (until C suite where the company afforded us residences overseas / travel for the family / etc). For my dad the whole time however, his purpose and day to day has been non stop work at the expense of a close relationship with us growing up, no time to develop hobbies or that kinda thing, general disregard for himself and his health (he’s not unhealthy, just never consistently cared for it, etc. not the only way to do it, but it is the common story I’ve seen from his peers. 

On the other hand, we have multiple points of reference of family and friends who took on entrepreneurship - one being in franchising (Mexican fast food, even truck stops), who have built and sold medium size businesses; the operational piece was intense and unsexy in many regards, it is no doubt in my eyes that this is however a happier life, one that builds something you can pass to your kids more so than a corporate career. Know others with dozens of McDonald’s, dennys, etc. real estate is another one - many of these aforementioned businesses built and maintained by hard working but not the most sophisticated people (not passing judgement, just mean relative to these super sharp corporate folk). 

Another couple examples are folks who we know that worked for the corporate (industry is specialized manufacturing)  who split off to start a small/medium size specialized competitor who got rolled up in to the corporate. At this point they’ve made $$$ and are out of the race altogether - again obviously higher risk of a path but when it pays off it is glorious. Yes selection bias but the above both in franchising and startup now having $10mn homes, with many 8 figures split between investments of various types. 

It’s obvious and overstated but even in a high paying career with somewhat predictable upward mobility you are stuck on a low risk high pain path to a comfortable life mostly for others to enjoy, not yourself. Not to say you can’t enjoy working, but I view life ultimately as designed and built for much more than being a worker bee. When I think of the real “good” life it’s one where you can afford yourself and your family the luxury of just not thinking about the burdens of small and medium expenses, ability to really look back and appreciate all you’ve built and the freedom in both time and capital it affords you to now pursue development and hobbies in whatever areas you might please. 

In investing at a GP level you capitalize on this whole system clearly in a unique and impressive way but I feel like the path up and general industry explosion is clearly and obviously stagnating relative to 10-20 years ago (as are most things). I don’t know what’s next for me but laying out my thoughts here at a high level to see if they resonate. None of this is to say the corporate and working pursuit isn’t great for some, and even for myself it’s arming me with skills that I can use for future ventures. This whole thing above ignoring truly exceptional people like athletes and entertainers and the rest

10 Comments
 

Your reflections resonate with many of the insights shared in top WSO threads about the trade-offs between corporate careers and entrepreneurship. Here's a breakdown of key points that align with your thoughts:

  1. Corporate Success vs. Entrepreneurship:

    • Corporate careers, especially at the C-suite level, often demand relentless dedication, sacrificing personal time, health, and relationships. As you noted, this path can provide financial security and a comfortable life for the family, but it may lack the autonomy and legacy-building potential that entrepreneurship offers.
    • Entrepreneurship, while riskier, can lead to greater personal fulfillment, wealth-building opportunities, and the ability to pass down a legacy. As highlighted in WSO discussions, many entrepreneurs find happiness in the autonomy and purpose their ventures provide, even if the operational grind is intense.
  2. The "Good Life" and Wealth Creation:

    • Your observation that the "good life" often stems from selling a business or inheriting wealth aligns with WSO's insights. Building and exiting a business, whether through franchising, real estate, or specialized startups, can create life-changing wealth. This path, however, requires a unique mix of risk tolerance, grit, and timing.
    • The corporate path, while more predictable, often caps wealth creation and ties success to the company's goals rather than personal aspirations. As you mentioned, it can feel like a "low risk, high pain" route to a comfortable life.
  3. Selection Bias and Success Stories:

    • The examples you shared of entrepreneurs who built and sold businesses or transitioned from corporate to entrepreneurial ventures reflect a common theme on WSO: success in entrepreneurship often comes from leveraging industry expertise, identifying opportunities, and taking calculated risks.
    • While these stories are inspiring, they also highlight the survivorship bias. Many entrepreneurs face significant challenges and failures before achieving success.
  4. Purpose and Fulfillment:

    • Your point about life being "designed and built for much more than being a worker bee" echoes the sentiment that true fulfillment often comes from pursuing passions, building something meaningful, and achieving financial freedom.
    • WSO threads frequently emphasize the importance of aligning career choices with personal values and long-term goals. Whether through corporate success or entrepreneurship, the key is to find a path that aligns with your definition of the "good life."
  5. Skills and Future Ventures:

    • Your acknowledgment that a corporate career is arming you with skills for future ventures is spot on. Many successful entrepreneurs on WSO started in corporate roles, using the experience, network, and capital they gained to launch their own businesses.
    • This approach allows you to mitigate risk while building a strong foundation for entrepreneurial success.

In summary, your reflections align closely with the most insightful WSO content on the trade-offs between corporate careers and entrepreneurship. The "good life" is ultimately about finding a balance between financial security, personal fulfillment, and the freedom to pursue your passions. Whether you choose to stay in corporate or transition to entrepreneurship, the key is to define success on your own terms and take deliberate steps toward achieving it.

Sources: Entrepreneurship or IB... How do you choose?, To Those Who's Had A Successful Career In CRE, What Advice Do You Have For Younger Generations?, Who wants a better life? I want to help., Keys to Success?, Life Goes On...

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Yes, such is the plight of those who didn't win the inheritance lottery.

Reading your post made the quite jealous tbh — I am an intl from a third world country who would have killed to have the life you had growing up. I had to grind my ass off to get a good sa.

But then I remember that there are billions of people who would kill to get to where I am right now.

The only consolation is to give your kids what you didn't have.

 

Another couple examples are folks who we know that worked for the corporate (industry is specialized manufacturing) who split off to start a small/medium size specialized competitor who got rolled up in to the corporate

How difficult of a path was this? What was this person's background before they entered the manufacturing corporate?

 

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