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Things To Think About Before Leaving Your Corporate Job For A Startup

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Starting a new business can be exciting. You finally get to be your own boss, follow your own hours and execute your ideas. Leaving your corporate job for a startup is like going on an uncharted adventure. But is it really as thrilling as it sounds? Startups, like any other business, have its own risks. Yes, it feels like an exciting adventure but entrepreneurs will tell you that it is not always rainbows and butterflies. If you’re seriously thinking about leaving your salaried job for a startup, here are things you need to think about.

You can Fail

Startups seem to be taking off left and right and many of them are successful. However, there are also startups that crash and burn. According to studies, the chance of failure for a startup is high; around 40-90%.  What does this mean for you?

This means that you really need to do your research. If you’re joining a startup, you have to find out if the product is something you believe in and if there is a market for it. You also need to find out if there is room to scale the business. The same is true for those hoping to start a business. Your product has to resonate to a large number of people for it to be successful, and that’s just for starters.

If your startup has no benefit over its competitors or if you’re struggling to find customers, there is a large chance that you’re going to fail. There are also other factors that can cause a business to fail and you need to be ready for it.

Be Prepared for a Pay Cut

Most startups won’t pay you the same amount you make in a big company. In fact, if you’re the founder of the startup, you can expect to not get paid at all. Going into any business is risky and startups are among the riskiest. They are untried, new and just starting up, hence the name. There will be no customer base because it has to be built from the bottom up. For startups, the first few months of business mean more money going out than going in. during instances like this, startups need to conserve money so they won’t be able to pay you what you make at your old corporate job.

This is very important to many people because even if you decide you want to take the pay cut, bills will still keep rolling in. Your school loans, rent, utilities and other expenses are still going to be your responsibilities. Before leaving your corporate job, ask yourself if your savings can take the hit should you decide to join a start up.

How Equity Works

People who are thinking about joining a startup also need to know how equity works. Part of the allure of joining a startup is the prospect of owning a piece of the company.

But if you don’t know how equity works, it could end up costing you money in the end because there are risks involved in equity deals. For example, employees of Good Technology lost money on their stock option when the company was sold to BlackBerry at less than half of its private valuation.

If you’re serious about joining a startup you need to know about some of the basics like:

  • The number of shares you’re offered, the buy price and their current valuation
  • Type of shares offered
  • Vesting period of the shares
  • Estimated future valuation of the shares
  • Tax and other cost implications of the shares

Expect Long Hours

Getting a company off the ground involves working long hours. Unlike a corporate job, startups usually have a few people working with limited resources. However, it is also a fast-paced environment where employees are responsible for its success. If you want to be successful, you need to put in extra hours to ensure that it gets off the ground. Why? Because the stakes are higher because you own part of the company. Expect less time with family and friends and more time at the office if you’re going to join a start up.

Startups are usually composed of small teams responsible for the company’s success. Generating results mean better opportunities for you and your colleagues. Some people will want to hide from the thought of not having enough time with friends or not getting a big salary. For other people, working for yourself is the greatest motivation there is.

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How To Attract Millennials To Your City

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Location matters in the means of professional success. Millennials are reported to be getting married and starting families later than their parents. This means that their main focus is strictly on their professional career, so these matters are taken seriously, as they involve these factors into determining where to live. Millennials select cities that will help them thrive. This goes vice versa, cities need to attract people in order to be sustainable. The city of Camden has been successful with this process. With the increase of millennial entrepreneurs entering the city, the better the economy gets, as it is shown around the waterfront.

To create more jobs and attraction, cities must attract the job-seeking millennials. There are 3 determinants for millennials to move into your city:

Affordability

Someone who is financially responsible will always consider the cost of living foremost. Cities that contain a high population of millennials often have low employment rates and affordability. If the city is popular but does not meet within millennial’s budget, then it wouldn’t be worth the cost. Money is the only physical asset that holds us restricted. The city of Camden holds that title of affordability. Tax cuts are what attracts entrepreneurs mainly, however the overall value of the stay is well worth it. Camden is located outside of Philadelphia, just close enough to go into their city to network without paying Philadelphia’s cost of living.

Entrepreneurship

Millennials are an ambitious generation. A reporting claimed that 54% have either wanted to start a business or have started one already. This characterized millennials as hard-working and motivated individuals. A location that showcases trails of entrepreneurship deliver a desirable reality to people. Silicon Valley embodies this example, as it is the most known startup hub for technology companies in America. Famous companies like Apple, Facebook, and Google are in that area, so the status of Silicon Valley is held at a high standard.

Another location that is maintaining that status is Camden. Due to Camden’s location outside of Philadelphia and surrounding fortune 500 companies, millennial entrepreneurs are inspired to bring their startup here. There are multiple different types of organizations located here with 76ers as one.

Accessibility

Millennials are attracted to cities that cater to their needs. About 66% of Millennials identified  decent quality transportation as a main influence to choosing a location to live. People typically pick the option that meets their social needs. To obtain that, a low cost transit is ideally looked for in a city. Cities with an ineffective quality transit fail to attract Millennials. 

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How Millennials Are Changing The Workplace

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Millennials are reshaping the traditional corporate structure. With new CEOs entering the workforce, more companies have been adapting new tactics for managing, motivating, and improving. Millennial entrepreneurs have set the new standards to doing business, focusing on collaboration and efficiency. Soon by 2025, millennials will accommodate 75% of the workforce. This will replace the baby boomers, who have been recorded as the largest generation in the workforce. This instant switch leaves other generations questioning their management. These are 4 ways millennials are changing the workplace:

Emphasizing Technology

Millennials are the generation born after year 1982 and before 2004. This was essentially the era of technology beginnings. To be raised in the ever changing state of development, this generation foresees big things for the digital future. This need for rapid growth has created various platforms for creators, entrepreneurs, and more. Millennials have a profound belief that technology is the future, and so we should precisely use it to our advantage. Networking has been perfected with Linkedin, while Youtube is colonized by content creators, and Slack has better connected employees.

Open To Change

Millennials were born to alternate between innovation and tradition. To be raised in the era of constant development, generation Y has cultivated the skill to be open to change. Arguably, change is intended for growth, so that is how Millennials greet it. The digital age has disrupted traditional systems for the better, a concept that was impossible in the past. Due to the inconsistency they’ve experienced growing up, millennials have subdue their harsh conditions by advocating innovation. Although innovation is a new idea, generation Y strictly believes this is an optimal lifestyle.

This generation does not believe in a constant, that everything has potential. Camden embodies that figure of high potential. Organizations are racing into the city of Camden, for it is the next startup hub for Millennial entrepreneurs. With the economy’s rapid growth and welcoming nature, businesses are rushing in to secure their space. Just outside of Philadelphia, the city of Camden possess hope, just what entrepreneurs need.

Work With Purpose

Millennials differ from baby boomers in one drastic motive. The new generation seek a sense of control and innovation that past generations seem to lack. Millennials deeply value purpose, to even go the extra mile in changing jobs for content. Perhaps it’s due to their entitlement, but Millennials are stubborn to the belief of following your inclination. 60% of employees confess that it is critical to allow them the capacity to do what they do best. Many Millennials will settle in the lower paying job, as long as it allows them the ability to express their talents.

As observed in the city of Camden, non-profit organizations scatter throughout in order to rebuild the city of hope. Devoted organizations and passionate millennial entrepreneurs in the city are growing and giving back to the community.

Work Flexibility

The typical 9-5 business hour job is declining as Millennials continue to enter the workforce. The Census Bureau estimated that 13.4 million Americans work from home. The data will only increase when more Millennials start to work. This new career outlook stems from the disfavored opinion against office confinement. In the strong devotion for both work and freedom, Millennials compromised with the issue by creating careers from the comfort of their own home. Freelance work has been the popular option for Millennials, since it allows independency.  

 

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Holiday 2017 Gift Guide for Stocking Stuffers

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2017 gift guide

Stockings are a traditional ornament to Christmas, but the stuffings inside are what makes it jolly. Stocking stuffers redefine gift giving, that neither size or price matters in the premise of giving a present. These miniature gifts give entrepreneurs the advantage to pick up gifts last minute. The standards for stocking stuffers are to simply be small and compact, but that shouldn’t reflect on the quality of the gift. When entrepreneurs want to impress their receivers, these are the gifts to provide for them in the 2017 Gift Guide:

Vanacci

2017 gift guide

 

The Vanacci lockstone bracelet is the bracelet that I have been waiting for. I have been using the Vanacci bracelet for about a month now and I haven’t taken it off since. Not only is there quality fantastic, there is the added benefit of the my unique scent/cologne will follow me around throughout the day.

Like most men, I did not follow the original directions of spraying the bracelet and letting it sit. I sprayed directly on the arm, and rarely have to reapply. My personal band is black and goes with just about anything. This is a great gift for the fashionable male.

Moment Lenses

2017 gift guide

The size and quality of Moment Lenses are impressive. The detail on each glasses are built professionally, while the weight of the lens are kept at a decent size. These attractive lenses are perfect for either starters or professionals in photography, since the product is easy to navigate through. The lenses offered are in the shape of a Wide 18mm lens, or a Macro 25mm lens, and also includes a 170 degree Superfish field of vision lens. Moment Lenses now have a battery case as well, that is also equipped with its new mounting system. They now offer external shutter buttons, travel cases, and other accessories all on their website. With finally an attached via a mounting clip(these new lenses twist 180 degrees). The perfect gift for self-proclaimed photographers from the 2017 Gift Guide.

Nomad’s Leather Charging Wallet

2017 holiday gift guide

Nomad brings the perfect combo to solving iPhone’s battery problem and wallet situation. The wallet contains a thin lithium-ion battery that holds a 2400 mAh charge in their built in cable. Mobile users are saved from a sudden battery shortage with this unique product. The idea of applying a charger within a wallet stems from the belief that we will always have our wallets with us. Now, with a charger embedded into our wallets, you can charge your phone whenever or wherever. Displayed in brown, the advanced SoC (system on chip) microprocessor additionally enable the battery to fully charge your mobile device. A first choice gift to a loved one from the 2017 Gift Guide. 

Upright Go

2017 gift guide

The device that is about 4.25’ long, 1.5’ wide, and 1’ thick, Upright Go is the perfect gift for people who slouch. The product is made of silicone rubber material and can be used up to 10 days on a single charge. Upright is also connected to your iOS or Android smartphone app, with individual training plan for gradual change. The strict reinforcements in Upright’s gentle vibration delivers a cue to help you remember to sit up. The method is taken from B.F. Skinner’s operant conditioning theory, that is effectively used in Upright technology today. The obvious gift to offer in the 2017 Gift Guide. 

Anker SoundBuds Curve Bluetooth Headphones

2017 gift guide

Anker headphones are the perfect fit for athletes. The headphones have an earhook with a waterproof nano coating for complete comfort, this also includes a gym and running workout headset with pouch. Athletes can continue their rigorous workouts with Anker headphones on due to their lightweight condition. The product itself is durable with a strong connection to devices up to 30 feet. Their most special quality is within their CVC noise cancellation feature that runs on 12.5 hours of battery. Although Anker’s bluetooth headphones have amazing qualities, a headphone can’t be rated without mentioning their sound. With that, Anker provides a quality sound with it’s ample bass, that will allow users to really capture a feel for their music. 

Anker PowerLine + Lightning Cable with Pouch

2017 gift guide

The charging cable for many apple products, including the new iPhone X to the iPod touch. The product is named the lightning cable simply due to their fast speed charge, due to their wide diameter wires and minimized cord resistance. Like many of Anker’s products, the lightning cable is durable. The cable is 5x more durable than other original products also. The product’s performance remained constant, no matter how many times the cable has been bent. The 3ft toughest and fastest cable product comes in black, grey, white, red, and blue. 

Anker PowerCore Portable Charger

2017 gift guide

The Anker powercore ultra-compact 10000mAh portable charger is designed to be smaller than a candy bar. Their unique cut ridged-surface brings a new experience to users, allowing a precise grip to the charger. The surface is also intended to avoid smudges so the product is looking presentable always. This includes an output temperature control, high voltage protection, current regulation, and more. Their most distinctive feature is within their 8-light led sensor to detect the power percentage on the charger. One of Anker’s most unique product and a good choice for the 2017 Gift Guide.

Mikol Marble Notebook

2017 gift guide

For writers, sketch artists, or simply anyone, Mikol provides an attractive notebook for a gift. The Mikol notebooks offer a Carrara white and the Nero Marquina style, made of 100% real natural stone from Spain. With this, their brand name is engraved in gold on the front. This can be altered by an additional $25 for a word of your choice engraved below. The notebook contains 180 pages of cream colored paper, while each section is divided up by a variety of different types of styles. One section of the notebook provided lined pages, the next a grid, and the last section, blank pages. A quality notebook for all types of talents.

Sudio AB

2017 gift guide

Headphones are an essential asset due to the digital age, Sudio AB are as aesthetically pleasing as it is practical. The wireless headphones are lightweight, easy to use, and are perfect for entrepreneurs who desire functionally and beautifully designed products. Tres headphones are ideally for office use, with the 9-hour battery life and quick charge capability. The packaging is simplistic and mirrors Apple’s minimal designs. The headphones themselves come in neutral colors with an accent of black, gold, or rose gold that appears more like pink in person. Different size ear comforters allow fit for a variety of users, although long term wear can leave the ear a bit sore.

 

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