I am not arguing anything about the risks the business owners is taking, I am saying taking a job is not the low-risk, low-reward option it used to be.
Years ago there was an implicit agreement when taking a job: work here for 40 years and you will not get rich but at least you will always have a job. That agreement is gone. Work for one company until you are in your 50's and you will be "laid-off" and replaced with a younger worker. Many people still think starting business is high risk compared to working for a company, but over the past 20 years the risks have changed and no longer makes sense to bear all the risk of losing your job with none of the commensurate up side of owning a business.
Years ago there was an implicit agreement when taking a job: work here for 40 years and you will not get rich but at least you will always have a job. That agreement is gone. Work for one company until you are in your 50's and you will be "laid-off" and replaced with a younger worker. Many people still think starting business is high risk compared to working for a company, but over the past 20 years the risks have changed and no longer makes sense to bear all the risk of losing your job with none of the commensurate up side of owning a business.