I'd love to hear opinions from those currently in their early 20s - what you're doing - as well as older folks - what you did, and what you wish you did (if they aren't the same! :) )
(by early, I mean age ~20 to 25)
Explore jobs. Explore places. Explore hobbies.
I personally think that unless you've had this totally overwhelming idea about a company for several years you shouldn't try to start a company at this stage. If anything, work a couple of years at a larger or established company. Get a feel for how things are done, so that when you do go off on your own, you have some better idea of what the "finished product" is supposed (or not supposed) to operate like.
Travel. Buy a ticket someplace and just go be there for a while. Work, write, hang out, whatever, just do it.
Have relationships, probably none too serious, but enough to see how your personality fits with other types. Try your hand as a pick up artist (really, you can learn a lot from this).
Basically, spend your early 20's really looking at the world and figuring out what/who you want to be when you grow up.
What are you currently/hoping to do?
Hah, well, I'm not quite sure, hence this post.
But after spending the past few months researching and meticulously laying out a conquer-the-world startup idea, I've come to the realization that I'm not quite prepared for it. It's going to require too much money and I don't have all of the necessary skills to get it off the ground.
So, until I'm ready, I'm working on a couple smaller projects, both of which, coincidentally (or not), apply directly to the "big" idea. The goal is to make enough income from these projects in order to finance some travel (and the future startup.) Ideally, the skills from these smaller biz projects will prepare me for the big game down the line.
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As far as the big corporation vs. your own venture, my advice would be to try and develop your own things before you graduate. That way, it will be an easier decision in 2 years; either you need a job, or you don't.
That said, I personally would go for my own venture, simply for the personal freedom. Running an online business that makes ~30k a year would be worth significantly more to me than a ~60k stationary full-time job.
Are you the business or engineer side (or both)?
I'm striving to be both the business and the engineer, although I have much more experience with business (family and small money-making projects I've done through the years.) Ideally, I'd like to build the site entirely myself and then bring on a technical wizard (for salary or a small chunk of equity) to be the CTO. Call me selfish, but I want to have control over my business - no huge dilution to co-founders and investors for me, thanks.
I also agree with your goal of working for yourself and making less money than working for a large firm. I am hoping to work for a start-up/start my own business eventually, but I have student loans to pay off so I went with a high salaried job right out of college to pay them off quickly.
Did freelancing and contract work when I was 19, then I joined a large company at 20 where I worked full-time for nearly three years (I really just wanted an escape from university where I was questioning why I was there when I cared little about my major and seemed to bell well-off without a degree). After that I did PR work for a gaming startup for a few months.
Looking back, I wouldn’t have changed a lot of what I did other than hustling more towards my degree and other side projects when I took on the full-time gig. I was so burned-out from that one job that I just spent the rest of my time playing video games and taking one course per term. I became too complacent and didn’t explore all my possibilities when I had great freedom to do so.
So, whatever you do, just don’t do only that. Go for a breadth of experience; travel while doing freelancing, join a large company while doing a startup on the side, etc.
Did the traditional college route. (Stanford)
This was great for me because I needed the resources to pursue a gymnastics career. It also exposed me to lots of interesting people and ideas. I had the opportunity to initiate projects and start things. Stuck around for a masters after my undergrad (both in biology) and to use my last year of athletic eligibility.
23
Ran the business operations of my college newspaper.
It was a paid full-time job where I got to manage adult and student staff and report to a board of directors. Great experience running a small business with real revenues and expenses (had to cut expenses massively while reorienting the sales side to stop the revenue decline). Let me know I wanted to be an entrepreneur.
24
Worked in sales and marketing at an ad tech startup. (isocket)
Also great experience - gave me handson skills, saw how a b2b startup launches and starts to get traction. Built my network. Started blogging. Worked my butt off.
25 Started my own startup. Got together with some good friends who were in startups working as developers. We decided to take the leap and start something. We're targeting a big market and the odds of success are slim but we're hopeful and hungry. =)
Hard to say what I'd do differently. Wish I had done more personal projects and less student groups in college. Wish I had learned how to code. Wish I had started blogging earlier. Wish I had traveled outside the country more (the startup will keep me busy). But since I'm pretty happy with how things have turned out so far, can't really call those strong regrets by any means...
You're asking the right questions - keep thinking about this stuff ... and if you have an inkling of a good idea, DO something abou it, even if it's just to send an email or write a post about it. You never know where it will lead...
Do something crazy occasionally. (I emigrated to the US, from Germany - and I spent all my vacation time working on cruise ships)
By your early thirties, you'll have had a lot of fun, and a decent idea what you like. (Although that changes occasionally - did games for 15 years, working on the Internet side of things now. No more games, got over it)
Above all, have fun. If things go wrong in your 20's, a reboot is not a big deal. As you start accumulating the things that go with age (a family, a higher salary, a mortgage, etc.) a restart is more terrifying and probably harder.
Seems like there is no right or wrong way to go. I'd say just make sure you're happy and always challenging yourself.
I would recommend doing some corporate gig if you are unsure about starting your own company, but realize that it is very hard to cut the pay check. It is difficult to leave a stable well paying job.
I am pretty firmly in the camp of entrepreneurship and it is still difficult for me to remove myself from the matrix.
On the plus side: this set me up financially for the rest of my life; I developed high skills and a good reputation; and the work was interesting in itself.
On the minus side: I lost touch with most of my school/university friends; had trouble maintaining relationships with girls.
Funny thing is: I am not sure whether I'd do it all again, or not... so I don't know what to recommend... sorry.
When I graduated on 2007, I worked at a major medical software company. In 2010 I joined a more traditional software startup (not the Silicon Valley startups like you see here). I think this was a good path for me. I've certainly learned a lot at both companies, although the startup is much more rewarding.
Regarding graduate school, I'm not interested in paying to learn what I've already learned through experience. When I get to graduate school I'd rather study new stuff (not just learn object-oriented design...ugh).
One day he said that these guys had it wrong, because when he is in his mid 40's, his house will be paid for and his kids will be in college.
Not a bad plan if you can pull it off.
I hope he did/will.