I often get caught up in discussions around starting companies, which usually begin around talks and throwing around ideas. I love those kind of discussion. Being creative in the mind and releasing this by talking to others and vice-versa is a great vent to get things going, however should you really start a company?
Maybe.
There are a lot of things that could or could not work. Roughly 90% of all startups in the tech industry fail within the first three years.So honestly I do not know the answer to that question and so I’ll just hit you up with a “maybe”.
Aaron Hillegas, over at Big Nerd Ranch, wrote a great article titled “Don’t Start a Company, Kid” and touches on quite a few reasons why you should probably not start a company but rather seek employment at an awesome company – like the KLG). However, again its a subjective opinion and for every Aaron out there I could probably find at least one other successful entrepreneur that will persuade you to instead work on your own startup and not seek employment in the corporate world. Both sides of the coin are valid and regardless of which direction you end up going, I believe either would be a sound decision. Yet the previous sentence alone still puts us in the rough spot on deciding whether or not we should or shouldn’t start a company.
Having starting my own and having worked in the corporate environment, my thought process is slightly different on whether you should or should not. Here are a few things that spring to mind that perhaps might help sway you one way or the other.
1. What is the true passion and motivation within?
This is the core of why you do or do not want to go one way or the other. Let’s not do things half-hearted. This touches on selfishness, which is find in this instance because you should know who you are, what your capable of and why you want to make a decision either way. In the end, you need to live with the choice you make, so make the truest choice that is closest to your heart and desires and is the ultimate reflection of who you are and who you want to be.
2. Do something for yourself.
You need to be selfish in your decision because the question remains as per what are your needs? How would starting a company or taking up employment satisfy those needs? Do you want to be challenged to create something of your own, then work on a startup. Or would you rather want to contribute to an effort that is already profitable, then seek employment.
3. Who are you doing this for?
Now you may ask yourself is this not similar to point 1 above? No. Here’s why. After you have defined what your needs are, you need to define the needs of your environment. If you have a family the decision may be one thing. If your a fresh (and single) college grad that decision may sway towards a different direction. Are you willing to work a 40, 60, 80 or even 100 hour work week? How would that compromise on the time you would be able to spend with friends and family. Does that choice justify the end result? Can you/will you be able to provide for family swaying your decision one way or the other. At what cost does the decision come?
4. Define what your success will look like.
Prior to getting started on anything, have a clear idea of what would and what wouldn’t constitute success. If you believe that the only way to be successful is to sell your startup for a billion dollars to a high tech company, than so be it and most likely you will never feel fulfilled being employed. On the other hand perhaps your success may be that you would be happy being employed, receiving a 6% equity in something that eventually earns from millions a year. Whatever it may be for you, know what it is and what will make you feel successful and pursue that.
One of my best friends whom I discuss a lot of things with because no matter what kind B***s*** may come to my mind I know that I can bounce off my entrepreneurial ideas off of him and discuss business (that’s what friends are for as well, no?), however as much as entrepreneurship could be for everyone, it just isn’t for everyone and he tells me this, which most importantly to note is absolutely fine and there is nothing wrong with that.
Nobody else can tell you whether or not you should start a company. I think this is a deeply personal and intimate conversation that you need to end up having with yourself about your preferences, your desires, your appetite for risk and perception of what work and life really looks like to you. That in itself will render a very unique blend from one person to the next.
Figure out who you are and then decide whether you should or shouldn’t start a company. Let me know your thoughts in the comments below!