Significant facts to consider before joining a start-up
Significant facts to consider before joining a start-up
A start-up can have multiple perspectives. Surely, working with a start-up company can be enjoyable and addictive but it will not be a guaranteed easy task. Start-ups are known to be journeys full of ups and downs. If you are interested in joining a start-up, there are a few areas that you should clarify before starting your start-up career.
The company culture
The first and the most important point to consider would be the culture of the start-up company. Start-up cultures are quite famous for being exquisitely vibrant. This would be a small team of people chosen by the founders. Therefore, the interactions would be among a small group of different people with different personalities. Every start-up has its own rhythm and flow in which it operates, this can vary from start-up to start-up. These workflows are usually defined by the founding partners where the rest of the crew follow them. Take your time to experience these flows and understand if they would be a fit for you. If the start-up culture, how they work, and their product or service do not excite you, you might end up losing interest eventually. So make sure to ask this question yourself before joining a start-up.
The start-up structure and its flexibility
The next important point would be the structure of the start-up company. We all know that start-ups operate in different structures when compared to normal organizations. These start-up-specific structures will be a brand new experience to a person who steps into a start-up from a firm that is well structured and highly organized. Regardless of whether you are going to join as a manager who manages a team or a junior, you might have to adhere to these structures if your roles do not involve restructuring them. The other aspect that falls in line with this is flexibility. It would be guaranteed that your plate will be filled at all times because the work environment in a start-up is quite energetic and well-loaded. Therefore, you might have to make sure that your work schedule works well with your personal life. If not, there can be a high chance of you getting burnt out and frustrated about working.
Information about the founders
This is one of the mandatory research you must do before joining the start-up you are interested in. The founding members of a start-up must have adequate knowledge and experience in building up teams and managing them. Likewise, they should possess an ample amount of experience in the start-up culture and proper know-how involving every aspect of it. You should be a bit judgmental here and dig deep to find information about the past achievements of founding members. By doing so, you will be able to figure out whether they know what they are doing or they are still going through a learning curve. Therefore, this would be another important point to consider before joining a start-up.
Investors of the start-up
Start-up stories are not always rainbows, butterflies, and unicorns. One of the toughest bad news in the scene would be, losing investors. You must have a clear idea of how the financing will be done for the start-up, does the start-up has a sufficient number of effective investors, is the product or service you offer aligned with the investors’ expectations successfully. The financial information about start-ups won’t be publicly available, so you might have to get this information from the founders. It is best if you ask the founders about their current and future sources of funding, how the burn rate, and other related information when you are planning to join a start-up.
The financial stability of the start-up you choose to work with will have a direct impact on your payout. Most of us dream of joining start-ups with the intention of earning millions; whereas, the actual scenario behind the picture of start-ups is very different. You should be clear of the fact that the expectations of getting paid in millions or anything that is over your base remuneration will be rarely succeeded. You might even experience negative situations such as late payroll due to bootstrapping funds. Therefore, make sure the fluctuations of your payout will not affect your financial stability.
Your expectation in joining the start-up
This would be one aspect where you need to put your thought into. As soon as you feel interested in joining a start-up, you have to map the expectations that you wish to fulfill by joining the start-up. If you are not eagerly concerned about the variations in the payout, start-ups would be a great opportunity to develop an experience that will be unmatchable to work experiences gained by working in corporations. Moreover, start-ups can grant you effective exposure that will eventually create an impact in joining better start-ups in the future. By considering all the points mentioned above, ask yourself about what you exactly expect from joining the start-up that you are interested in.
Trust and transparency are two essential pillars of all businesses including start-ups as well. Since start-ups are usually small groups of people, you will be working with the entire team doing the day-to-day activities where trust and transparency will play a crucial role. If you are being offered equity of the start-up, that means the founders trust you enough to work in an executive role, where transparency would be mandatory. Similarly, this might go in the opposite direction as well, where you feel like the founders are not quite open with you, and your instincts convey to you that the company is holding secrets from you. Therefore, it is quite important to identify whether the founding partners are fully transparent to you when you thinking of joining a start-up. The lack of trust and transparency can lead to various drawbacks in all kinds of careers; one valid example would be the increased stress levels since situations as such will leave you clueless about job security.