Of course, they could also become a vassal race, just like the Bearkin within the Night Alliance, used as cannon fodder when war breaks out, and forget about becoming Adventurers.
Moreover, even for inferior creatures like jackalweres or Kobolds, becoming a top dog isn't easy; without tens of millions in investment, don't even think about it. More likely, before they've conquered other tribes, they'll get taken down by Adventurers and heroes.
Of course, although it's tough, the benefits are huge once you succeed.
Just like the Lord players who manage Novice Villages can profit from using Adventurers, once you become a faction leader, all Adventurers of your race are under management, including birthplaces, Novice Village arrangements, Prestige quests, and the selling of Noble titles within your race. It'd be too easy to make money then.