Ternary Triangle was created with the vision of helping individuals break out of larger Corporations into their own proprietary businesses. With more and more individual Professionals choosing to start their own practices, our team saw an increasing need for services like branding, PR, marketing, and media specifically designed to meet their unique needs.
Excerpts from a recent article published by Forbes magazine entitled “Does it pay to become an entrepreneur?” highlighted below, reinforce Ternary Triangle’s foundational belief that by helping individuals build their own businesses, we are creating an improved standard of living for both our Professionals, their clients and employees.
- A study published by IZA, the international Institute for the Study of Labor found that the mean, median, and standard deviation of incomes for entrepreneurs ― controlled for education, general ability (as measured by standardized test scores), and demographics (including age and parental income) ― tended to be higher than those for good old-fashioned employees. And the difference is by no means small: mean income for entrepreneurs is almost 50% greater than for “employees.” And what’s more, this effect is not explained by “professional” entrepreneurial pursuits such as opening a medical or law practice.
- Why is this? The study theorizes that entrepreneurs can control their environments in order to play more to their strengths. While employees suffer from the “guard rails” and “iron cages” of corporate America, entrepreneurs are able to create environments over time, that maximize the value of their education and skills. That makes intuitive sense: create an environment that plays to your strengths, and you’ll be happier and more productive.
The study also suggests that highly educated adults tend to irrationally shy away from becoming entrepreneurs. This is unsurprising given the shared sentiment of key influencers. How often have your parents applauded your decision to turn down a lucrative job offer? The study concludes that entrepreneurs do more good in the world ― innovating, creating market efficiencies, and (as we all know) promoting job growth. Perhaps that MBA dean and others like him should actively encourage more graduates to take the road less traveled. We will all benefit.
Possibly the fallacy of thinking is that employment in established corporations is the model for income stability and dependable professional development. When in reality, true stability comes from the development of real-world skills, honed through hard work in highly ambiguous scenarios every day.