One piece of advice Welch says she wishes she had known in her 20s is the impact helping others can have on your career.
"If there's one thing I wish I had known about business in my 20s," Welch says, "it's that there is this huge, important, powerful, invisible economy that I refer to as the favor economy."
It's about "putting yourself out on a limb for somebody else with no expectation of immediate payback," she adds. "For instance, offering yourself as a reference, placing a call to help someone land a job or working a weekend or holiday so others can be with their families. Essentially, its currency is performing small acts of kindness and generosity as a way of life."
While many people understand "what goes around comes around," Welch says the power of doing good can easily get blurred by the advice people often receive early in their career.
"The problem is, during college, you also hear a lot of messages from peers and from the popular culture telling you success is a zero-sum game — that for you to win, others have to lose," she says. "And that can sort of have a numbing effect. You hit the work world not sure how much you should be helping others."
For some people, it takes a few years of working experience to realize that likeability and teamwork play a major role in achieving success.
"But why wait to have that realization?" she asks. "Start your career knowing the favor economy is there, and understand you're a player in it. Either you participate, which is good, or you don't, which is definitely going to hold you back."