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My Question
Is it worth it to spend the time working for someone else, learning everything about the profession, to start my own company? Or should i just work for other people?
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David’s Answer
It really depends on how comfortable you feel taking a gamble that you are likely to lose. Most small businesses fail, and fail early. The good news is that you can fail multiple times. You only need to succeed once -- and then keep doing what succeeds.
Many people don't want to take on the risk that comes with the big chair and the door that says "Boss". That's fine, too. If you're one of those people, then you should focus your efforts narrowly on being the best you can be at the specific job you've chosen. If you want to take the big leap into business ownership, then your early career should be less focused. Work for someone else until you learn the ropes, and remember that there's learning to do in all areas of the business. Make friends with people all throughout the company. They all have something to teach you.
You can learn even if you're working for a business that is not directly in the field where you intend to open your company. Every business has the same basic processes of reaching out to possible new customers, helping them assess their needs and finding the right solution for them. The process of actually building that solution will be different between one field and another, but even with that they all share some common characteristics. Every production process must purchase the raw materials and resources, schedule the people and work of transforming those resources into finished products, and deliver it to the customer. Doing those things in any business context will help you when you have to manage these things on your own.
Working in someone else's company can help you identify areas where specialized knowledge is required. Every business must deal with government record-keeping and finance requirements, and pay taxes. There are detailed procedures for these things. You will probably end up hiring someone to do those things for you, like a Certified Public Accountant (CPA), but you need to understand the overall processes. If you don't, you won't be giving the right information to the CPA, and you'll get wrong answers in return. Knowing a little something about specialized areas like accounting or law can help you communicate with the specialists you hire and understand the advice they give you.
Assess your comfort level with risk. If your new business fails, how will you make it through?
Investigate the elements of starting and running a business. Consult the Small Business Administration's resources at https://www.sba.gov/business-guide
Many people don't want to take on the risk that comes with the big chair and the door that says "Boss". That's fine, too. If you're one of those people, then you should focus your efforts narrowly on being the best you can be at the specific job you've chosen. If you want to take the big leap into business ownership, then your early career should be less focused. Work for someone else until you learn the ropes, and remember that there's learning to do in all areas of the business. Make friends with people all throughout the company. They all have something to teach you.
You can learn even if you're working for a business that is not directly in the field where you intend to open your company. Every business has the same basic processes of reaching out to possible new customers, helping them assess their needs and finding the right solution for them. The process of actually building that solution will be different between one field and another, but even with that they all share some common characteristics. Every production process must purchase the raw materials and resources, schedule the people and work of transforming those resources into finished products, and deliver it to the customer. Doing those things in any business context will help you when you have to manage these things on your own.
Working in someone else's company can help you identify areas where specialized knowledge is required. Every business must deal with government record-keeping and finance requirements, and pay taxes. There are detailed procedures for these things. You will probably end up hiring someone to do those things for you, like a Certified Public Accountant (CPA), but you need to understand the overall processes. If you don't, you won't be giving the right information to the CPA, and you'll get wrong answers in return. Knowing a little something about specialized areas like accounting or law can help you communicate with the specialists you hire and understand the advice they give you.
David recommends the following next steps:
Updated
Simeon’s Answer
You want to work for other people to start with because there are almost too many skills to teach yourself starting out. You can start out for yourself, but there are some painful lessons around employee management and cost controls that will be much more painful if you are the owner of the company dealing with much higher risk since you don't have a larger company taking the brunt of the lesson. Plus, to even start out on your own in the first place, it is helpful to have connections from your time working for others to assist you in starting your business. You can get around the downfalls of starting out on your own somewhat if you are able to find a business mentor who will sit down with you regularly. The first meeting would probably to look over your business plan, research, and proposed revenue compared to costs.
Updated
Taeyoun’s Answer
There are skills you will not be able to learn by working for other people that include owning and managing a company. I suggest you work for as an employee and work to create a small company on the side to learn what it takes to manage a company. Your first company can be a YouTube channel, or a small online store. This will give you great learning opportunity for you to create and manage your own product on a budget.
After all this, you can decide to become an entrepreneur or an employee. Experience if the best, so try it first.
Learning about the profession is important to create a great product. That is why I suggest you do both.
After all this, you can decide to become an entrepreneur or an employee. Experience if the best, so try it first.
Learning about the profession is important to create a great product. That is why I suggest you do both.
Updated
Atul’s Answer
Are you thinking of learning the trade, such as plumbing, electrician, masonry, etc., that you want to do, acquire the knowledge, and then work for yourself?
The short answer is to acquire these skills - watch and learn until you feel comfortable before going on your own. Please remember that customers do not come w/o making efforts such as website, and be part of the community where people look for experts.
If you are exploring highly talented skills such as Accounting, Architect, Civil Engineer or becoming a Doctor or a lawyer - you also need to know the profession's basics before venturing out your own.
Net: The knowledge and skills you will acquire from experienced and experts in the field will not go to waste.
Learn the ropes and try it unless you want to do a profession where your skills are good enough to start your own such as playing and teaching musical instruments.
The short answer is to acquire these skills - watch and learn until you feel comfortable before going on your own. Please remember that customers do not come w/o making efforts such as website, and be part of the community where people look for experts.
If you are exploring highly talented skills such as Accounting, Architect, Civil Engineer or becoming a Doctor or a lawyer - you also need to know the profession's basics before venturing out your own.
Net: The knowledge and skills you will acquire from experienced and experts in the field will not go to waste.
Learn the ropes and try it unless you want to do a profession where your skills are good enough to start your own such as playing and teaching musical instruments.