[dreamnid]

Hi,

Most of you probably don't know me, so here is a quick introduction. I'm a 3rd year Computer Engineering Tech (Applied version of CompE) student at RIT with two more years to go. I'm in MS/BS program so I hope to graduate w/ a MS in Computer Science.

One of my classes asked us to do a report on the next acadamic/career step after I graduate. I didn't really know what it would be, but I thought it would be interesting to study the differences between starting my own company or joining the workforce.

I'm sure there are a lot of you who did start your own companies, probably not right after college, but I think it will still apply. If you don't mind answering the following questions, I would appreciate it

1.) What company did you start?
2.) Why did you decide to start your own company vs. joining an already establish company in the field.
3.) Are you happy w/ your decision?
4.) If you had the chance, would you go w/ the same decision again?
5.) Salary range (Can be very general, or be left ommited if you wish).
6.) Any tips for those who want to follow in your footsteps?

For those who are reading that didn't create a start-up, I also would like to hear your responses. Namely,

1.) Did you ever wanted to start your own company?
1a.) To both yes and no, why did you decide to get a job somewhere else?
2.) Salary range (Again, be ommited if you wish).
3.) Are you happy w/ your decision?

Please let me know if you don't want to be quoted or wish to be anonymous. Thanks a lot

 

[jefemeister]

I've been out for 3 years now and I'm always thinking of starting something up. I have a lot of, what I think anyway, are great ideas. The problem with starting something up is getting initial capital. It's especially hard when you don't have much to prove yourself with so early in your career. It almost has to be something you can develop yourself--at least a working prototype to take to potential investors. Unfortunately, most of my better ideas would require a few very experienced engineers to pull off and I can't afford that. Besides capital you also have to be able to convince these employees to take a chance on your idea. Kind of goes with the point of starting off with something you can manage/create yourself. As far as salary, you can pay yourself whatever you want as long as it fits into your cost structure and you're profitable. If you're not profitable, then there is no salary.

 

[armaniwearr]

I was in high School when i started my first business(recording studio) and am a second year college student planning on starting my next business(import/export).
2.) Why did you decide to start your own company vs. joining an already establish company in the field.
I chose to do this soley for the money that i can make and my work ethic
3.) Are you happy w/ your decision?
VERY HAPPY!!! (19 years old getting ready to buy a mercedes)
4.) If you had the chance, would you go w/ the same decision again?
YES i WOULD
5.) Salary range (Can be very general, or be left ommited if you wish).
rather not say
6.) Any tips for those who want to follow in your footsteps?
Get ready to work hard, but also reap the benefits of your hard work!!

 

[Kiwiclx]

Well although I haven't given any thought to starting my own business being a first year college genetics major, my brother who is a third year ICS major at UCI has already started his own business this year (currently an LLC) programming for businesses and doing misc. IT work. So far he's been doing well due to referrals from previous clients - he's actually booked well into March. He usually makes at least $50 an hour for his programming contracts and his IT work and consultation is really more like pocket money for him. At first my parents were very skeptical about him starting his own business since he A) Is in school, B) Has attention deficit disorder, C) HAD a history of being lazy. My brother was able to prove to my parents that he would be successful in school and in his business when he started picking up paychecks after project milestones. Then, to both my brother's amazement and mine, my father started to support my brother's business by buying him a whole setup (He was coding on a pretty old system) for programming.

I suppose the things to watch out from what my brother tells me whenever we talk over the phone (which is a few times a week) is that certain people he works for lag with information/content he needs, which at times aggravates him because he wastes values periods of time in which he could be working. He's also trying to get away from the IT work and just provide IT consultation - he hates being on-call, and it's usually only one client of all of he has that always contact him.

Although I'm not an employee, I still help my brother out by setting milestones for managing previous clients (webhosting or whatever else) and managing our dedicated servers (can't complain since it's "free" webspace/bandwidth for me). I do this not only because I have a great friendship with my brother, but also because he's a recovering drug addict (clean for over two years) and I know he deserves a second chance and a good life.

Just be prepared for what you're getting into, especially if you pursue something similar to what my brother has. He's pretty happy with his decision since he gets to be his own boss and runs the show (on his end). Just try to get some connections -- I believe my brother got his first job through a referral made by his math professor.

Right now my brother is working for three people, one a multimillion dollar corporation which manufactures and sells jewelry worldwide -- they design and make the jewelry for a major US motorcycle manufacturer. He does their IT work, too. :X

Actually my brother did buy me a new computer case and memory modules as a college parting gift (since he continues to live at home as UCI is 10 minutes away). I'm planning to pay him back for it though since I have my own job here on my campus, but I'd like to see him enjoy the money instead.

Ohh it's so hard to pay back people when you keep shelling out cash for headphones, amps and cables. :/

Hopefully you find which decision is right for you!

 

[Illah]

Freelancing and starting a company are very different things - sounds like your bro is freelancing as a contract programmer. Is he incorporated? Does he have separate corporate and personal accounts?

Anyway, in the 'doing something for yourself' vein I've started two sidelines:

www.SeanMulholland.com
www.Grooveeffect.com

One is my freelance video production website which I've used to get myself some clients in the video world. The other is a style, music, and events editorial site which I started with my fiance. Check it out this Wed Nov 16th, 2005 - we'll be posting our interview with Paul Van Dyk, voted DJMag's #1 DJ in the world in 2005. We've also interviewed John B, who is in my opinion the leading drum'n'bass producer in the world right now.

Neither is incorporated however, so I can't really call them 'companies'. I don't really have a staff. On the video side I work with other freelancers when I can't handle a job on my own, but they're not really 'employees'. I guess you can say I've launched businesses, not companies

Both of these sites were launched as I graduated school, so you *can* do it. But again, they aren't corporations, so if 'Grooveeffect' gets sued for whatever reason they're essentially suing me, and thus could very well take all my personal assets. With a company you have a layer of protection in that the company can be sued but your personal assets, i.e. house, car, etc., are safe. Of course there are times when you can be personally liable, but if you're running a legit business and play by the rules your personal assets will be safe most of the time.

However, I also have a 'day job' that brings in the majority of my income. My day job also give me the marketing budget necessary for a site like Grooveeffect

If I really went at the freelance video thing full time I'd make less than I do at the day job, but I could survive.

- BUT -

I do hope to establish a 'real' company one day, and investors invest in people, not ideas. In other words, a great idea managed by idiots is less valuable than an OK idea managed by Bill Gates. By proving myself in a 'day job' and going for an MBA it greatly increases my odds of getting the investors needed to really launch a 'real' company, as they will respect my management ability and experience. Stories of Michael Dell launching Dell Computers from his UT dorm room are nice, but that leaves out the part where he surrounded himself with good people and hired a COO with much more experience than himself to provide the expertise needed to make Dell what it is today...otherwise 'Dell' might have just been a regular old PC repair shop in Austin (not trying to marginalize Dell's contribution to his own success, but he couldn't have done it alone is what I'm saying).

--Illah

 

[Kiwiclx]

Quote:

Originally Posted by Illah Freelancing and starting a company are very different things - sounds like your bro is freelancing as a contract programmer. Is he incorporated? Does he have separate corporate and personal accounts?

He's in the process of incorporating. It seems the more well established clients are icky about freelance/self-proprietorships. He's already created corporate accounts - just waiting for the right time and people before he moves on.

 

[1911]

yeah a car audio store run out of a friend and i's basement. it didnt last too long...come to think about it neither did the bookie ring....haha...it is all about your business partners!

 

[mbriant]

I worked for other people for the first 15 years after college. Then while still working for someone else, I started a part time business in photography. Then I started up a full time business 10 years ago which is still going strong today. I don't think I even considered starting my own business in the beginning because I didn't have any experience at anything except working at a variety store and a pizza restaurant at that time.

I think one of the good things about working for someone else in the beginning is that you're learning how businesses operate and are making those early mistakes on someone else's nickel. Sort of like an apprenticeship. IMO, In most cases you'll have a better chance of succeeding in your own business if you already have some solid business experience.

But don't tell that to Bill Gates.

 

[dreamnid]

Thanks for the responses so far

Quote:

Originally Posted by mbriant I think one of the good things about working for someone else in the beginning is that you're learning how businesses operate and are making those early mistakes on someone else's nickel. Sort of like an apprenticeship.

RIT requires every student to do a co-op (internship) for at least 5 quarters (about 1.25 years). For that reason, the majority of their programs are 5 years long. So hopefully I will get 1.25 years of experience by the time I graduate. Of course, looking for a co-op is another story

 

[Illah]

Quote:

Originally Posted by Kiwiclx He's in the process of incorporating. It seems the more well established clients are icky about freelance/self-proprietorships. He's already created corporate accounts - just waiting for the right time and people before he moves on.

Nice, yeah it's always nice to not be just a 'freelancer' or a 'contractor' anymore. Now he'll be a 'consultant'

And yeah, like mbriant said having a little work experience helps a lot. Sure Gates and Dell managed to pull it off, but they are the corporate equivalent of a garage band being discovered and selling out stadiums for the next 20 years. Possible, but very, very unlikely. Alot of it is a matter of the right thing at the right time.

For example, if Google was launched a few years earlier or later it might not be what it is today. A few years earlier it could have very easily bubbled and subsequently burst 2001 - they were late enough that they caught the 'wave' but weren't part of the IPO spree of 1999-2000. But if they lauched a few years later and they may never have been able to get any funding in the first place!

--Illah

 

[Tuberoller]

My experiences may not apply but I did start a company after I seperated from the MARINE CORPS. I do still have a job but only because I really love it.

I started off as a union electrician with a large contractor who I found to be very stubborn and unwilling to learn new technologies and try new methods of doing things. I saw all the work this guy left on the table and I knew there was opportunity for me. I was hired on as a Firefighter three months later and the extensive time off allowed me to keep the other job. I started my own electrical contacting firm a year later and it's going very well to this day. I initially took on three partners but was able to buy them all out two years ago before I made my largest contracts. I also bought out the contracts of my orginal employer about six weeks ago. He was once the biggest sub-contactor around and I know it must have pained him greatly to sell out to me,but the times clearly passed him by.

You can do this if you find the capital. This will be the most difficult part. I had to beg the spouses of the three guys I took as partners and convince them all that I could somehow make them all wealthy. I did convince them and I did make them all at least "well off" but I did not enjoy my days when things were tough. It took a bit more than hard work and determination. It took the willingness to bury my competition and the ability to hire the guys they laid off when I put them out of business.

You wanna see how things are done in today's business world? Take a look at Google and Yahoo. They routinely steal each other's employees and ideas. I know that s**t is ruthless but it's how they run things now. You and I did'nt make the rules but we have to run our businesses by them now.

 

[LTUCCI1924]

AH after college? How about after dropping out of high school. And then after 4 years in the MARINE CORPS and then 20 years as a unemployed partier.

Then after being in a 12 step program for a few addition's. Then I started a CO. And for the last 20 years still going strong and sober for the last 13 years. I have had many of the same customers for all that time since I started it.

Its nice to work for ones self and be responsible to same and stay in business for over 20 years.

 

[Shizelbs]

Hell nah, I got a job. But, I do have a decent business plan just sitting here ready to go into action.