If you are not going to "make install" ArangoDB in its final destination, but instead want to start it from the source directory, please use
bin/arangod -c etc/relative/arangod.conf --server.endpoint tcp://127.0.0.1:8529 --database.directory tmp
The configuration files in the "etc/relative" directory hold all the defines to start arangod and arangosh without installing it.