Is a corporate or startup job better to initially build my resume?
I am very passionate about learning and would like to launch my own startup, but I also want to start building my resume. Would a startup help me do that or would it be better to first go to a larger company? In either event, I think having a mentor would be helpful. I would have mentoring at a larger company, but how do I find mentors if I start my own business?
Large companies have set hours, but startups are more flexible. Large companies offer benefits; startups offer free food. (And free travel. And free concierge services. And office pets).
Startup job or not. It depends on what you want to be.
My company is Worldvaping.com. It's a startup. It provides more flexible hours and more of a challenge.
I think in a startup you have a huge potential if your business is a success and would be well settled in life but in the latter, it may or may not work. So don't try to build a resume, Instead build a career. For Startup mentoring visit: http://www.startupxperts.com/business-mentor-for-startups/
If you want to launch a startup, your resume doesn't matter once the business is a success. But having some experience in your industry first would be helpful so you know the tips & tricks to grow a successful business.
I don't think I ever cared about "building my resume" - I cared about gaining experience & knowledge to help me grow. The fact that I added it to my resume was secondary in focus.
Don't assume mentoring occurs at larger companies - every company is different, every department is different, every co-worker is different. And I always find it better to have a mentor that does not work at the same company.
If you have a passion to do startups, then I recommend sticking with your passion and go work for a startup. It's been almost 20 years for me since I chose the path of entrepreneurship. After finishing up my doctoral work, I had opportunities to work in academia, government, and large companies. I chose to become employee number one at a startup and haven't looked back.
Entrepreneurship isn't for everyone, so before embarking on the startup route, I recommend asking yourself why you want to do startups rather than work in a larger company.
I do recommend having mentors though. Such mentors can fill the void that you may feel you have in not getting any large company experience.
Any experience helps build your resume. The key is to enjoy what you do ...and do it well.
What may seem to be a good idea, does not always come to fruition. Of all businesses which should be thriving in my sector is Credit Control , Debt Recovery and Management.
However, as I have found there are three main issues in my case:
1. Businesses expect you to wave a magic wand and everything disappear in a
instant. To the average employer it seems the line of thinking is :" The more you
throw at the wall the more will stick", by default [sic] the more you recover.
2. I have been a registered Limited Company (SME) for at ten years and actually
far from being an asset, as it was in the 1980s, it has become a liability.
The fact is that the average employer is so frightened now they look at numbers, not the reasons behind them. Also they do not like to hear bad news!
In the first instance, some of the firms that I have approached are either too embarrassed to admit they have problem; or actually on the brink of Liquidation/Bankruptcy. The problem is compounded by overzealous banks too quick to foreclose on securities and larger companies bullying smaller ones in to bankruptcy.
3. In your situation you have to consider whether being an Ltd is actually viable.
i) If you are a sole trader, not pretected with a Limited Company, then you can find
yourself in a lot of difficulties if the business concept fails to perform and you have
debts in your name ; trading as...: those debts still attach to you as the trading
names is merely a front for your.
ii) If you are a sole director of a Limited Company, with the minimum share capital
(paid or unapid) with £100; that value is all you can be personably be liable for.
If you are a sole trader you can lose everything from your house downwards.
That is despute whether you have a trading account with another bank and your
personal affairs under a bank with another name.
There is no protection with a sole trader business as you are the business.
In the case where you are providing a "virtual" service (in my case debt recovery which is merely number crunching, and advice with nothing to physically sieze) it depends whether you are having to make an outlay before your monies become due.
As an example, someone who lends money to a farmer to buy seed for the next crop, you are at a massive risk should that crop fail in 6 months time. You are having to service the debt on an overdraft (19.5% APR -> ), and if the debtor has no funds upon the failure of the crop, you are, if you pardon the pun, up a gum tree!
At least with a Limited Company behind you, only the assets and write offs' affecting the (genuine) trading of that company will not directly affect your own belongings. It should be noted that as a sole trader using your house, flat, bungalow as a trading pitch, particularly if you in a lease scenario (mainly flats and maissoinettes) most will bar you from using that as a trading address, particular if you have people actually visit you site/house.
No matter wherever you trade from; your house (freehold) or rented [Leased] commercial buildings, should the business fail, you will be held liable and could find yourself in more trouble than you could imagine relating to the Head Lease or First Mortgagor. As I note above in the case of flats and maisonnettes, the terms of the lease will /may not allow you to operate a business or Limited Company's Registered office. In the case of personal collateral which is already subject to a Charge (mortgage), the Mortgagor, may not allow business debts to be secured, unless under a Court Order for debt recovery.
Always go for a Limited company which is either registered at a Solictiors's or registered Accountants Offce, so that legal documents are "served" there, not on yor own door-step where you may find your own goods seised. You can also go through Holding Companies which may act as point of service for lots of small bussiness as subsidiaries of that Company name e.g.
trading as@ Abc Limited, Cde,Limited, Efg Limited etc. These cases are usually where the terms of trade of each division of a large busiess cannot be held under a common "Aim and Conditions" which may conflict. XYZ Iimited becomes the holding company. By using an "umbrella company" each business can be opened and closed as it pleases without going through a lot of paper work. Equally they can be very expensive to run in terms of fees by the holding Solicitors/ Accountants or even large PLCs.
The point of a limited company is to protect you to a limited value of shares (say £100) should the company fold. As a director, providing you can show that there is no fraudulent intent then, that is the value that you use, out od your own pocket (so to speak) to pay out any liabilities of the business. Beware of banks who insist that you sign a "debenture" ( a cross between preferential shares in a Limited and also holding the director(s) signing the debenture personally responsible for the debt [ think of a mortgage on your house) - defeating the object of a Limited Company.
Read anything carefully !
I don't think it really matters. I would make sure that you go to a company where you can learn what you want to and get great experience. At a start-up company, you have the ability to do lots of things. On the other hand, a large company offers mentoring and the ability to focus in on areas that you would like to learn. Just make sure that you research the health of any company that you are looking at and you understand how the stock is performing. Glassdoor offers great advice from real people who have worked at the company.
Hi Basant, provided the start up is in the same or closely linked field to the one in which you are seeking a job, you should be fine. What employers are generally looking for is transferable skill. In other words, can you show that by working in the start up you have gain the same type of experience and skills that would be needed in the job. If you can do this, you should be fine. I hope that helps.
JTFoxx mentoring / coaching is a good place to start. He and his team do seminars and workshops around the world. Sitting in on it will give you a good idea how billionaires built up their reputation and qualifications - there's almost no mystery to it!
I think you have a nice academic interest but I would worry less about either path if you are really hungry for success. For that, find out what your passion is and go after all that surrounds that. You can go nuts with the pros and cons of corporate or startup and I'd tell you in the end there isn't a right or wrong answer anyway. To find a mentor find someone you admire and respect what they've done and tirelessly work to have an audience to express that admiration and ask if they'd be willing to share a little bit of it. From that share your ambition and ask if it would be okay if you emailed them once a month or so...you'd be amazed how relationships build from that. Someone from your own college or hometown or other common person or place is an easier path.
If you want to be an entrepreneur, try for the start up. That way you'll be able to do four things:
1. Build some connections and some cred in the start up community
2. See if it's the right path for you by throwing yourself into the fire immediately
3. Learn what it takes to succeed (and/or why some start ups fail)
4. Gain a lot of experience quickly
I have two sons in NYC who have been working for start ups for several years, and they'd never want to work in a corporate job at this point. But that's them. You have to find out for yourself.