I have noticed amongst my social circle that there is a band of young professionals discarding  lucrative careers for entrepreneurial pursuits. In last month's Cud we published an interview with a friend who had opted out of his chosen profession to set up a recording studio. In the weeks since I have spoken at length to a number of people who have done the same thing. A neighbour recently left his career as an investment banker to set up a pizza store. Another friend is about to leave his promising legal career to start an online business. Earlier this year, a colleague of mine established her own internet retailing business last year leaving behind a capable career in publishing. It would be premature to claim that these few examples might begin a mass exodus of talented individuals from the ranks of professional employment, but the cult of the entrepreneur is gaining momentum.

In the past it was common for entrepreneurs to rise from adversity. Anecdotal evidence suggests that many business empires were born out of desperation. The most famous example in Australia is the mobile phone empire of "Crazy John". Anecdotally, John used to buy phones from the trading post and re-sell them the next day. Another famous Australian example is Attitude clothing, which was allegedly financed on $50 capital to print a handful of T-shirts. In Australia there are thousands of immigrants who have never been able to pursue professional employment for one reason or another. It may be a worn stereotype, but consider the proprietor of your local fruit shop, corner store, independent supermarket, newsagent, or fish shop. There seems to be a disproportionate percentage of ownership coming from ethnic minorities compared with the general population. Many of these businessmen would have been restricted by unrecognized foreign qualifications, or the racial prejudices of this country in decades past, which kept them clear of the old-boys club down at the Stock Exchange.

It is in this context that I find the number of well-heeled entrepreneurs to be a fascinating phenomenon. Not one of my acquaintances who has sacrificed their career for entrepreneurial pursuits could be considered to be in a disadvantageous situation. In fact all of them are people on a collision course with top positions in their industry. So why take the risk? In discussions I have encountered a recognition that while one works for a larger organisation, the financial reward is disproportionate with the work. Why work for someone else when your time is being billed out to customers at three times what you are being paid? Being accountable for every dollar that you earn seems to be a one incentive to go it alone.

There are fewer and fewer employees entering the corporate ranks who are willing to spend the bulk of their working life climbing the corporate ladder within a single organisation. Rather, there seems to be a preference for many to climb laterally and take the next step up by switching companies or changing industries. “It's not what you can do for the company, but what your company can do for you.” By moving around, the young professional is apparently exposed to different environments and new challenges, and is learning new skills to take to a higher paying job somewhere else in a few years time. Perhaps this emerging entrepreneurial class is an extension of this trend. After all, it is an express elevator straight to the top.

Technology must also be partially responsible. The internet has allowed almost anybody to enter into business without the need for a physical shop front or office. For just a few thousand dollars, anybody with an idea can begin trading online in a few weeks. Skepticism about online retailing still lurks in the hearts and minds of many. Some are concerned with the security of online transactions, and others with product quality. But the benefits of convenience and theoretically lower prices will eventually win people over, especially the next generation who have been born and raised in the Internet age. Technology has also enabled the free flow of information that a budding entrepreneur can access when starting a business. With the help of web resources anybody can master the necessary support skills in accounting, marketing and administration with a limited investment of time and money.

I mentioned above that all of the people I have spoken to have promising careers in their respective fields. This is an important consideration, for it mitigates the risk of failure. What’s there to lose if everything goes belly-up? Nothing but time and self-esteem. In times when a career was forged within the one company, making the decision to leave a promising role would have been unthinkable for all but the most daring. When company loyalty was important, that role would be filled by the next in line and may never become available again. But in an employment market where broad experience is valued above company loyalty, there is little incentive not to leave. In fact, many might consider that heading up any business venture, even one that failed, would improve one’s employability.

I can only sense that as technology improves and the employment market becomes more transient, that there will be a huge number of bright people leaving professional employment for a chance to own their own slice of industry.