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Should I work for a startup or start my own business?

I'm at a crossroads at the moment in my career. I've been in my current industry for many years now and have a successful career working for others but I'm looking for a new challenge. Should I take the plunge and struggle with my own startup or work for an existing startup at a more senior level. Curious to know what others would do.

Career Pathing
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Question added by Suleman Chikhalia , Head of Technology , Privilee
Date Posted: 2014/08/25
Upvote (5) Views (15) Followers (9) Answers (6) Report Question
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zafar abbas minhas
by zafar abbas minhas , Freelance Writer , DAILY MASHRAQ

DEAR FRIEND........... ITS NICE TO KNOW THAT YOU HAVE TWO OPTIONS IN MIND,,, ALWAYS THATS FINE TO HAVE MORE THEN ONE NARROW OPTION..... I BELIEVE IF YOU GOT SOME HANDY RESOURCES TO START YOUR OWN SEGMENT THE BEST IS TO GO FOR THAT, BUT KEEP IN YOUR MIND THAT MOSTLY WE PROFESSIONALS ALWAYS REMAIN IN THE SUEDO DREAM WORLD OF BEING EXECUTIVES ,,,, SO GET RID OF THIS DROZI FEELING .................. BE YOUR OWN BOSS ,,,, GOOD LUCK

Anish K
by Anish K , Partner , AART Refreshments

This is a very good question. There is no right or wrong choice, subject to your ability to understand, counter and manage the risks involved. Having your own business, in the long run will give you a definitive advantage over being employed. The risk is commensurate to the reward. In your own business, you are at risk of not having a steady source of income, but should you make it successful, the profits will more than make up for the risk taken. You also need to understand that a start-up will require a level of contribution unlike being an employee. Depending on your business model, you will need to do all of whatever is required to get the business operational and profitable, unless you have enough funding to employ specific talents. The best way I would recommend is to start your business, whilst being employed and to get full time into the business when it absolutely clear that it not only requires your100% input, but also that it can sustain you from then on.

Khatim Abbas Seed
by Khatim Abbas Seed , BUSINESS CONSULTANT , Google

I will give you a psychological answer. You are the only one who can answer this.

 

By narrowing down your options to only two options related to entrepreneurship and startups, you already seem to have reached your bus-stop, at the cross-roads, but you are not yet sure where the bus will take you.

 

You seem to have a high-tech background related to e-business and you're working at one, right? Ask yourself:

 

  1. Do you have this urging desire to go about e-business differently at your own merit and with all freedom of creativity? Do you think you know better now?
  2. Do you have what it takes in terms of know-how and entrepreneurial personality to start your own business?
  3. Does your current work at a start-up give you enough satisfaction?
  4. Does working for a startup entice you to start one yourself OR does it rather "scare" you from taking so much responsibilities?
  5. Do you have enough experience with startups? Is this an advantage or a disadvantage in terms of your idea?
  6. Does this business idea haunt you often? Is it clear enough in your head? Is success a fantasy or a big opportunity in your head?
  7. Did you think through all the steps needed for starting own business, like capital, location and possibly, partners?
  8. Are you the person for abandoning security of income and comfort zones for the thrill of taking a plunge and professional freedom and tremendously hard-work?
  9. Are still thiking of different ideas or do you have ONE nagging idea that keeps popping up in your mind? 
  10. Is now the right timing or next year or over3 years?

Awadh Mahgoub
by Awadh Mahgoub , مدير مشاريع , مؤسسة بيوتنا السعودية للمقاولات

Refer to the story of the man who went to Microsoft to work as a tea boy but rejected his application as he has no e mail then he start his business with just a box of tomatoes cost not more than10 USD and you will understand. Once you have chance and willing then go ahead and good luck..You may fail once or two or even three times but sure you will end with success.

Salauddin Mohammad
by Salauddin Mohammad , Sr. Manager, Software Development , Aspen Technology Inc

Dear Suleman, if you think you have enough financial backup and are ready to take up risks to start your own business, and you have business opportunities and can foresee a growth, then I think you should go ahead with your own business...

Ibrahim Hussein Mayaleh
by Ibrahim Hussein Mayaleh , Sales & Business Consultant and Trainer , Self-employed

Dear Suleman,

It is great to share your thought with this group of excellent and skilled team, however, I don't believe that you will get the right answer. All you will get is just few advices on how to look at your situation. 

In order to be able to give a "Fatwa", allot of details is needed. What are your capabilities and capacities? Can you manage a business? Can you take full responsibilities or prefer less responsibilities? What are your weaknesses? .....

What are the risks? What are the opportunities? What are the challenges?.....

 

I believe you are the only one who can answer this question

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