1. Everything is negotiable, try to work it in your favor to not have to choose. If your going to lead a company, negotiation is a good skill to pick up.
2. I have always felt there is far too much anxiety around technology/startups ... will it be there when I arrive? Will I still be relevant? Urgency is great when you jump in, but rest assure it will be here when you come back, if you choose to take the time off.
3. Do you want to run from regret or follow your heart?
4. Put your degree as a priority unless you are absolutely passionate about what you are postponing it for. As a 30 year old drop-out, sure it's nice when you have money to walk around and look like a genius because your successful, but it brings on additional insecurity and uncertainty when you do not have that paper behind your name on the way up. How much time do you spend climbing vs. time spent at the peak? Prepare yourself for the climb.
5. Take the trip, discuss your flexibility, listen to the idea, take time to evaluate. When an idea connects with you, the question changes from "what should i do?" to "how do i make this happen?"
Lot's of great advice from the others also. Good luck none the less, you have two really exciting paths in front of you, so its already a win-win.
Fastest: Incorporate in Delaware, cost $157+$20 overnight Fedex for a C-Corp, 24 hour turnaround, registered agent Incorp which is free for the first year and $99 after, done by fax. 10M shares at .00001 par value. $350~ a year franchise tax. Some banks may require a Certified Copy but my bank did not, which is an additional $50. Merchant accounts are pretty easy, just need to apply for one either at the bank or use a service like Stripe mentioned in other posts. All merchant rates are negotiable on the most part. I can start a new business within 72 Hours with merchant account and bank account, incorporated, full startup documents.
Foreign Corporations depend on if you have employees physically located in that state, certain states may differ. Most startups don't follow this rule, it's the wild west in the beginning.
Just make sure you keep good records and you get a decent accountant to make sure you don't get surprised come tax season. If your looking at the lowest tax rates on corporations, I believe Singapore and Hong Kong are great STABLE options, however they come with their own issues when it comes to accepting payments and also are much more costly to set up.
Get your corporation in order, get a merchant account and start making money. These questions are best left for accountants and even at that, not everyone will give you the same advice. Once you have revenue and you have an idea of what your working with, you can see if it's worth incorporating in another state/country.
PS: If your a startup with founders, check out Clerky.com. Very nice guys and will get your corporation done properly. Worry-free. I didn't use them because I was looking at maximum cost savings by doing it myself, but will invest in them later if we need to redo the paperwork or just flat out start a new company.
Start looking, the worst thing I did in my 20's was doing the same thing over and over for years. Yes, you can learn on your own and grow - which is a must, but doing interesting things is absolutely important to keep your passion alive. At the same time, make sure that you are communicating your concerns with your manager/ceo and don't put yourself in the position where you become a volatile hire.
I was once told, a squeaking wheel always gets greased.
Usually startups that make money the fastest are ones with a revenue model, an understanding of who their customers are and a way to get in front of those customers.
This is a very broad statement, but I think if you can apply this checklist to your ideas you will be on your way.
Example:
Product: Website uptime monitoring with SMS alerts.
Revenue model: Free up to 1 site, $5/mo for 5 sites, $10 for 15 sites.
Target customers: Freelancers, Small web shops, owner operators.
Where they visit: Web Design Blogs, Freelance Blogs, Web Dev Podcasts, Tutorial Sites, Web Design Galleries
How to get in front of them: Banner and sidebar ad's, Reviews from related blogs, Press Release, Free Trials, Guest Blogging, Social media, cold calling, email blasts, podcast sponsorshop.
This is just a random idea I pulled out the air, but it could be executed immediately because it hits all three criteria on the checklist.
1. Start to develop a work/life balance. No one can tell you how many hours you should be working or what to do on your downtime. This is just the beginning - you CAN prevent burn out.
2. Start to network, find other entrepreneurs and listen to them. One day you will need someone to listen to you. Not all advice is actionable, but it's crucial to get multiple perspectives so you can play it out in your head. Eventually you will have enough plays in your head to tackle most, if not all problems.
3. Get your product or your voice out there. You need some validation of your ideas and thoughts. I tell you this because I wish I did this earlier.
4. Most of the best advice you will ever receive will be the regrets of others.
5. Capital is to an entrepreneur as a job is to an employee. Idea's are worthless if you cannot execute them. Cost to open a business is at an all time low. Low is not free.
6. Don't fail broke. Know when to cut your losses. I have learned that most people don't cut their losses because they are guilty that they have not done enough to give their business the best shot possible. On the flip side, if you are putting your all and you still 100% believe in your product, you need to get that passion and drive in front of investors to buy yourself as much time as possible. These have been the best times of my life, win or lose, never regretted a moment.
7. Don't ever stop yourself from doing whatever it takes to be successful. At my current startup, I am in the field everyday (I am building a marketplace), answering calls and doing physical work that is far below my pay grade. Why? Because at this point of the business I am far better off doing what I am doing now and to grow accordingly. Don't build an illusion of success by having office space, hiring people to do things that you can do yourself at first and creating the impression that things are happening. Let it come naturally.
8. Finally, Learn to build a life without regrets. There is are no hard and fast rules. You will regret shit, fix it immediately. Move on.
Agreed that the lack of minorities in tech can be traced to dismal STEM programs in high schools, but as a programmer of color, I will tell you, there is a disconnect in the workplace with minorities and the white 'bro culture'. Many minorities come from a different upbringing and when attempting to assimilate into the workplace, you find that you are forced to water down who you are or be alienated. This is not just a skin color issue, I have a white Russian friend that faced the same issues.
I have worked for a startup that went on to IPO and I will name a few things that happened while I was there:
- Was asked by a peer to bring him and his clients coffee during a sales pitch.
- Constantly reminded of my lack of white pop-culture knowledge, to a condescending level. (Most knew nothing of black pop-culture, besides Biggie.)
- Being shown a picture of a guy they saw in the bar that "looked like me". The only thing we shared was the color of our skin.
I can go on, but my point is that there is much more to this than just getting minorities into technology, it's overcoming the stigma that many minorities face on a daily basis with being treated as novelties. I was born and raised in America, but many times I feel as if there are two America's. I also see minorities who have abandoned their identity for something more generic in order to assimilate and it saddens me, but I respect their decisions. As a first generation American, this is part of the struggle we go through.
There is a huge problem with exposure in tech. I believe the tech industry wants to believe we are better than other industries, when in fact, we are deeply flawed - and this is just one of the many problems we face.
