There are many advantages to being a successful business. However, it is not suitable for everyone. In order to determine whether or not you should start your own company, you must look closely at not just the sector you want to enter, but also at your own abilities and psychological makeup.
It’s a process that I went through personally. Working in a highly competitive sector (skin care and beauty goods), I was well aware that I could either work for one of the large companies that control the overwhelming bulk of the market or go it alone and start my own business. I made the decision to establish my own company.
And I’ve never looked back since. It was an absolutely correct decision. Over the course of more than three decades, I’ve had the opportunity to make my own decisions. I’ve seen what it takes to be successful and to last a long time. I’ve also seen the rise and fall of other entrepreneurs, as well as their successes and failures. Some of the most essential things to consider while making your choice are listed below.
a strong desire to learn
If you want to be successful on your own, you must continuously develop and refresh a reservoir of information. You must be up to date on all of the most recent advancements, technologies, and trends that impact your industry and your target audience. Also necessary is an understanding of what it takes to operate a company, from finances to development plans to recruiting the best workers or subcontractors, among other things. This cycle will never come to an end since new methods of conducting business will continue to emerge.
As a result, being an entrepreneur entails committing to a work life that is packed with opportunities for growth on a daily basis. That is why you must have a real enthusiasm for it. The pursuit of new knowledge and abilities is considered drudgery by many people who do not want to be entrepreneurs.
It’s fantastic. Despite the fact that I have a demanding schedule, I look forward to attending courses and activities. Additionally, my desire to continue my education helps to retain customers coming back to me. They have faith in me to find a solution that will benefit them.
Money is not the only source of motivation.
Building a business requires a significant investment of time and energy, as well as a willingness to accept significant risks. The prospect of one day controlling an empire or selling your company for a large amount of money is unlikely to be sufficient motivation to get you through all of that hard labor. You must have a far more profound sense of purpose.
If you have access to this, it will be a vital source of fuel. I’m business-minded enough to make sure my firm is financially sound, but I’m motivated more by a passion for the job itself than anything else. It’s what pulls me out of bed in the morning.
No matter what sector you’re contemplating, whether it’s to assist companies (B2B) or customers (B2C), establishing your own company is only worthwhile if you have a true passion for it.
Confidence in one’s ability to establish connections
One of the ironies of striking out on your own is that, in many respects, it may force you to become even more adept at establishing and maintaining connections.
If you want to work with the finest individuals possible in every area of your company, from suppliers to professional advisors, you must be confident and secure in your ability to reach out to them. This is something I like doing. The development of genuine relationships with people is equally essential in the development of consumer trust and respect.
Starting a company has the potential to provide you with a great deal of freedom in terms of directing your own professional future. However, it takes a village to get you to where you want to go.
Belief in one’s ability to cope with stress
My upbringing was very difficult. Because of my family’s circumstances, I had to manage some significant difficulties from an early age. Consequently, I became too cautious. I learnt to find paths in circumstances that were dark because of the way cats can see in low light.
I was able to manage tension as a result of this encounter. I don’t give in to the pressure; instead, I search for other routes to go where I need to go.” It has helped me succeed as an entrepreneur because of the toughness and resilience that I developed early in life.
Consider how well you are at dealing with stress in your life. Try to imagine yourself in a difficult scenario and how you would behave in that situation if it occurred. Interview company owners to find out when they are the most stressed. Take steps to ensure that you have the strength and bravery to face similar difficulties.
If you want to be successful in your own company, you must be steady and loyal to your beliefs and objectives. In certain instances, though, you will have to make concessions to accommodate the situation.
With the evolution of your category and market, you will need to make adjustments to your product line. Your company’s strategy will need to change as new rivals emerge or as current competitors take unexpected turns. It is necessary to work on refining your first successful product or service as well as developing your next one even after you have achieved success. In this day and age, no industry can survive by remaining the same. Consequently, ensure that you have the humility and perseverance to always push yourself to perform better.
If I had to choose another profession, I would choose this one without hesitation. Businesses and individuals alike will reap enormous benefits from this strategy. If you believe you possess these characteristics, then go for it.. Maybe you’ll be surprised to discover that you’re even more capable — and more prepared to start your own business — than you thought.
In addition to being a Master Esthetician, Joanne Gogue is a Certified Advanced Skin Care Educator (CASCE). She has been in the skin care industry for more than 30 years and has built a profitable company. In addition to skin care for individuals of all ages (including girls and boys), she has a strong interest in the beauty industry as well as entrepreneurship, business, and assisting others in living their best life. As the founder of Joanne’s Skin Care, she consults with customers one-on-one and tailors each treatment to the individual’s needs and preferences. Along with waxing and brow artistry, she also offers airbrush tanning and a variety of other services.
Is it preferable to start a company or to work first?
Whether to work for a start-up or a large corporation such as Apple or Facebook is a topic that many of us wonder about. What criteria should I use to decide what is best for me?
When I was applying for a position with a company with less than 10 people early in my career, the CEO inquired as to the kind of businesses I was interviewing with.
When I informed him that I was also considering larger corporations such as Yahoo!, he responded in a surprising manner: “Then you’re stuck trying to figure out what you want. You can’t be taken seriously if you’re going to both large and small businesses. There are significant variations, so be clear about what is essential to you now and in the future in your professional life.”
Over the years, I’ve worked for businesses of all sizes and have discovered that what he said is accurate: while it’s important to consider all of your options when looking for a job, there are significant differences between small and large businesses that should be considered before pursuing either.
Although having experience in both camps may be helpful, it is important to do it with purpose and forethought, rather than solely on the greatest offer or advantages. Consider where you will be challenged and flourish, as well as what will best serve your objectives. Tenacity and impact are the two most important qualities of a resume builder.
If you’re debating whether to work for a startup or a large corporation, here are three things to consider:
First and foremost, what do you want to achieve?
There are difficulties associated with working for and starting a small business. A lack of resources, product and business changes, and a greater likelihood of turnover are all possible outcomes of a reorganization. While a startup is excellent for learning fast on the job and when problems arise, it is also perfect for making significant things happen, taking on more responsibility, interacting with people from other disciplines, and developing a more diverse set of skills and knowledge.
In a larger organization, your job is clearly defined and measured, which allows you to more quickly become an expert; but, with more structure comes greater politics and red tape. However, although the framework for promotion and job level is usually more apparent, promotions are sometimes only granted when someone quits and a vacant position becomes available.
A certain degree of prestige comes with being associated with well-known, large companies in terms of future possibilities and networking. As a result of my work at The Economist Group, I was often informed that having that brand on my CV would be advantageous in future employment prospects. When you have a greater amount of brand experience, other businesses are more confident that you have fulfilled specific requirements.
2. What kind of organizational structure and procedures do you prefer?
As a result, larger businesses such as Google or Facebook are more established and have more structure in place for onboarding, training programs, and evaluations, all of which may be critical to the success of a company’s development.
Despite the fact that smaller businesses may be less organized in terms of their organizational structure, this may also offer a chance to contribute to or provide input on new systems or procedures, which can have a positive effect on how the firm operates.
With regard to the interview with the CEO of the company described above, I ultimately decided to take a position with Yahoo! Despite the fact that it was obvious that I was better suited for startup settings at that point in my career, I wanted to get valuable experience at an established company in order to further my career.
3: What are some of the difficulties you wish to face?
Challenges arise in every organization, but the size of the organization counts. In a bigger organization, it’s more probable that there will be more individuals who can prevent you from progressing. A more methodical approach to promotion is being used, and a greater focus is being placed on titles and official responsibilities.
Small businesses tend to be more flexible, placing a higher value on ideas than titles and linking your advancement to your ability to make a positive difference.
In addition, depending on how tiny or young a business is, there is a risk associated with its success and long-term survival. Is it possible for you to envision yourself growing and developing there? Is there a long-term business plan in place for the company? The ability to comprehend the business model, the route to success, and the contribution of your position will allow you to have the greatest possible effect and advance your career.
An opportunity to launch a new sales effort at a rapidly expanding software business came my way once.
They already had a successful software product, but they wanted to experiment with a SaaS product that was still in its early stages. When I saw how difficult the task was, I set out to market a SaaS video product to big media organizations, which eventually became a significant component of the company’s initial public offering (IPO) 18 months later. I was well aware of the danger, but I was also enthusiastic about the possibility and possible effect. In this particular instance, it was successful.
In the end, your professional objectives and the organizational structure that best supports your ability to flourish will determine what size business is ideal for you. Your professional life is a journey filled with highs and lows, errors and victories, so if you’re thinking about it, go for it. If you don’t like it, don’t stay and try anything different. To advance your career, the most important thing you can do is to have significant experiences, pursue something you are enthusiastic about, and make “learn something new” a continuous aim.
5 Things You Should Know Before Starting Your Own Business
5 Things You Should Know Before Starting Your Own Business
Working for a start-up company may be very appealing, even overwhelmingly so in certain situations. It’s common to see words in job descriptions such as “casual, pleasant workplace atmosphere” and “opportunity for fast development.” When answering questions on their unconventional job application (such as “Which reality TV show star would you be?”), you picture yourself balancing on a stability ball while wearing yoga pants and wearing a t-shirt, working on projects with like-minded colleagues over chai lattes.
It’s true that joining a start-up may be a fun, sensible, and even life-changing decision if done properly and with the right attitude. Moreover, while not all start-ups have the atmosphere (or the budgets) of sexy tech companies, and not all are run by a visionary who will put you on the fast track to Facebook-like stock options, many new businesses provide a unique opportunity to learn the ins and outs of building a company from the ground up.
Even yet, it isn’t all fun and games with the business next door; there are some significant distinctions between the start-up world and every other kind of organization you have previously had a position at. Prepare yourself by memorizing these five mantras for working for a start-up before you sign on the dotted line with your electronic signature!
One of the most important qualities you’ll need is the ability to adapt.
Startups are able to make changes more rapidly than established businesses, which have well-defined processes and procedures and hundreds of workers who have been trained to perform the same behaviors day after day. Changes are made to things like job titles, desk assignments, reporting structures, and project plans on a more regular basis than changes are made to the filter in the workplace coffee machine. During my first six months at my current company, I changed offices three times, yes, three times, and occupied a total of six different workstations in that period.
The continuous change may be irritating, particularly when you’re just getting used to the environment or if you’ve come from a business that is set in its ways. When it comes to starting a business, though, you must be willing to embrace chaos in order to be successful. Launching a business is an exciting time, and entrepreneurs aren’t hesitant to change things up in their teams of enthusiastic young professionals. One approach to guarantee your success is to demonstrate your ability to effortlessly roll with the punches.
There are no more excuses.
There are an infinite amount of clichés to explain why you’ll be expected to do pretty much everything when you work for a start-up, like being a team player, jumping right in, rolling up your sleeves, and getting your hands filthy. Your daily tasks will most certainly change based on the project you are working on at the time, despite the fact that you may have a title and job description.
While it’s possible that you never envisioned a day in which you fill envelopes, deliver pizza for lunch, answer phones, and submit a proposal to the board of directors in the same day, the statement “This isn’t part of my job description” should never be spoken in your workplace. Expect to be asked to do a range of activities, both routine and difficult, and be prepared and eager to complete them.
Too many new employees at start-ups make the same rookie mistake: they concentrate on how the start-up will benefit them (and their resumes) rather than on what they can provide to the table. Start-ups are brimming with motivated, enthusiastic workers, and any who are unwilling to be flexible or to put the company’s interests first will be quickly offloaded (see point #1 of this paragraph).
Veterans Should Be Considered Mentors, Not Opponents
An concept and a small group of talented people are the foundation for most start-up businesses. They raise money from investors and surround themselves with clever, driven (typically young) individuals who will work tirelessly to see their vision through to completion. Later, when the business starts to smell success, it may decide to hire experts: people with years of experience and tenure who can assist the organization in reaching its full potential.
Existing workers may become apprehensive, if not resentful, if veterans begin to join the team. For the past six months, you’ve been working 16-hour days (yes, you should be expecting that as well), and now this grandma is going to walk in and tell you how to do your job just because she has a master’s degree in business administration, an outstanding track record, and an endless network of industry contacts? Isn’t that ridiculous?
Yes, that’s correct! Remember that these specialists are not your competitors, but rather your prospective mentors, even if you feel intimidated by them. The vast majority of big corporations would fence them in an office, with just a receptionist and an espresso machine to prevent access. However, you will have the opportunity to engage with and learn from them on a regular basis if you work at a start-up organization.
The company gives, and the company takes away
Employees that are prepared to forego workplace etiquette such as lunch breaks and personal space are highly valued by start-up companies. During the early stages of a company’s growth, the leaders may provide benefits such as weekly happy hours, catered lunches, and tickets to local events. With further growth, however, the company’s management may find itself in a position where they can no longer afford or handle such luxury.
If a free drink used to be the sole break in an otherwise busy day, it may be disappointing when the freebies are no longer available. Be assured that the disappearance of these perks typically heralds the advent of more practical perks, such as health coverage.
You are responsible for determining the level of danger.
It is possible for start-ups to rapidly devolve into shutdowns. The danger of working for a corporation is one of the inherent hazards of the job. And although it’s natural to think that, as a member of a small team, you’ll be the first to learn about possible landmines, this isn’t necessarily true.
It is your duty, whether you are an intern or a financial analyst, to understand as much as you possibly can about your company’s performance and direction throughout your time there.. Investigate what the press is saying about the company and its investors (a Google alert is a wonderful tool for this), and find out how the company is evaluating its performance from the bottom up. You don’t want to be caught off guard if things are going south.
Hopefully, you’ve picked up on an underlying theme: working for a start-up will force you to change your perspective on the workplace. Working longer hours (and later nights) will become a way of life for you, and the business to which you spend the majority of your time may either flourish or crash and burn in an instant. However, if you embrace your position for what it is (a potential learning opportunity) and what it isn’t (a sure thing), working for a start-up may be a fantastic way to jump-start your professional life.
Why do graduates choose to start their careers at startups rather than established companies?
Why do graduates choose to start their careers at startups rather than established companies?
The majority of us dream of working for one of the world’s largest corporations or a well-known brand. Because of the tremendous level of rivalry in the corporate world, it is not as simple as we would assume. After finishing their education, many individuals seek employment with big companies, completely unaware that there are much better-quality, higher-paying, and more interesting positions available elsewhere, where talents are valued more highly than credentials.
Global corporations may enhance the quality of a CV, but they cannot change the foundation of an individual’s character, which is essential for career development and advancement. Beginning in India, startup companies are sweeping the globe by storm; their numbers will only continue to grow.
When college students are asked in a poll, “What they would want to do is either join a startup where they can obtain a job quickly or wait for an opportunity from a global company,” the majority of them say they would like to join a startup. The most often given response was that more than 50% of students choose to work for a startup company because of the rapid development of these businesses.
Although I was still a management student, I began my professional career with a startup company, where I learnt a great deal that I could not have learned while working for a global corporation. Here, I learnt how to cope with workplace issues, maintain positive relationships with coworkers, and, more importantly, how to deal with various personalities by persuading them to work together.
Startups help you grow from the ground up.
Recently, I’ve seen that the majority of grads choose to begin their careers with a small business, for a variety of reasons, including but not limited to the following:
Develop a wide range of abilities.
The most important aspect that encourages students to join a startup is the fact that it allows them to acquire a wide range of skills and knowledge levels. Individuals that work in startups are required to be multi-taskers who also have the ability to expand their way of thinking. Having a small team, according to students, implies that everyone is engaged in problem-solving and coming up with fresh ideas. Ultimately, it gives them with valuable insight into how a company works in its truest form, which is difficult to get when working for bigger corporations.
Participate in the next great thing.
You may quickly achieve the required position inside small businesses without exerting much effort. When it comes to management roles at bigger businesses, only the most experienced candidates are considered, while in small companies, students believe they will be given a wonderful chance as a result of the company’s growth in the future. If you put in the effort, you will undoubtedly be rewarded, more so than if you work for a bigger company where your efforts may go undetected.
Exceptional workplace culture and environment
The working atmosphere of big companies has been described as a combination of a little bit of politics and democracy. This is an accurate description. Employees who smear butter on their bosses’ faces are more likely to advance in their careers than those who are naturally gifted. In contrast, as a graduate student who is a member of a tiny group, a graduate student said that there is a culture that appreciates our talents, knowledge, and abilities Students may work more freely and effectively when there is a good and healthy work culture in place. They can also build relationships with their coworkers.
Transparency and open communication.
Employees may resolve all of their concerns or problems that arise at the workplace as a result of open communication with upper management, while also receiving the finest answers at the same time. I just read an article that discussed the causes of work discontent among employees, and it specifically mentioned the need of effective communication.
Individuals like to communicate all of their views, thoughts, and opinions with management in order to make things obvious; this is something that they can readily discover in tiny organizations since they are new. Managers of SMEs also think that maintaining openness with their workers is important because it fosters a positive connection between management and employees, which makes jobs simpler.
As a result, it has been established that working with startups offers unique possibilities for recent graduates to assume significant degrees of responsibility from an early stage. I have nothing against working for big companies; if you have the skills, you may be able to get greater chances. Even while working for a startup is hardly a walk in the park, it is no less difficult than working for a large corporation. You may choose a platform that corresponds to your vision and enthusiasm, and you can feel the impact of the job you’re doing.
5 Reasons Why Purchasing an Existing Business Is Preferable to Starting a New Business
Buying an existing business is preferable than starting a new one for the following five reasons:
You may wonder, if you are thinking about starting your own business, whether you should start from scratch or purchase an existing business. If you are thinking about starting your own business, one of the first questions that may come into your mind is: should I start from scratch or buy an existing business? Taking a deeper look at the age-old quandary of whether to purchase an established company or build one from the ground up will be discussed in more detail in the next article.
1. A concept that has been around for quite some time
Unquestionably, there are many advantages to purchasing an existing company. The fact that an existing company will have a proven idea is at the top of the list. Start-up businesses are notoriously risky since they need a significant investment in the form of a fresh concept. Is it going to be effective? The reason for the failure of the company must be determined. When purchasing a home, none of these difficult questions should be asked. When a company has been in operation for a long period of time, it has already shown that the idea and all of the factors that go into it are viable and function in practice.
2. Cash Flow that has been shown.
The fact that an established company has a track record of positive cash flow is another significant advantage of purchasing one. The records may be scrutinized in order to discover how much money is coming in and going out of a business. It’s impossible to predict how much money a new venture will earn when it first starts. When attempting to find out how to pay not just your company costs, but also your personal expenses, this may be a frustrating experience.
3. the Unproven Element.
Your new company is still in its infancy, no matter how excellent your concept and/or location are. Despite your best efforts, it is possible that an unexpected variable may emerge that you or your consultants will fail to anticipate or account for properly. You will not be affected by this variable if you choose to invest in a proven and established company.
4.The presence of a well-established workforce
Most of the time, the people who work in and support a company determine how successful it will be. You must go out and locate all of your own workers when you are starting a company from scratch. Rather than just going through resumes, this is a multi-step procedure.
In terms of information revealed by a resume, there are limits. A résumé cannot tell you whether or not a candidate would be a good match for your company, and it definitely cannot tell you about chemistry. According to any competent team sport coach, one of the most important elements in winning a championship is a team’s ability to gel together.
5.Relationships that have been established
Additionally, an established business comes with an extensive network of business contacts. Working out issues with your supply chain in the early stages of your company’s existence may be the difference between survival and failure for your company. In many cases, issues in supply chains have resulted in the failure of a company’s operations. Suppliers who are dependable and consistent may be identified by an established company.
A proven performer is acquired when a company is purchased from an established owner/operator. Knowing that the company has the ability to generate cash flow over a certain length of time was comforting. Customers that know who you are, where you are, and how to purchase from you will also be a part of your client base. Aside from having access to dependable suppliers and reaping the advantages of a well-established brand name and location, purchasing an existing company is a smart investment.