If you are considering working for a new start-up company, it can be an exciting career adventure because Apple and Spanxs were once start-ups and look at these giants now. You begin imagining yourself on the ground floor or something that will grow exponentially.
The statistics for starting a company versus their success is around 9% for all American businesses that will close each year and around 8% will remain viable.
Working for a start-up allows you to get your feet wet in the knowledge of business structures, with a staff that will become like a family because we must work together to become successful. But, not every start-up is designed to be a giant in the business world.
There are a few differences in working for a start-up versus an established corporate entity. Consider the following pros and cons before you sign the dotted line for your potential start-up company employment.
- Check the risks
Place homework above your excitement to start something new and adventurous. Learn more about your new company and its trajectory. Just like the motto of NZ Youi, which is to ask question because that is the only way that you get to know each other. Start-ups must file the required paperwork, so your research can begin with their filed public documents. Remain alert about the progress or sudden changes in the company because a start-up can soon become just the opposite. Look at your employment with a start-up company as an opportunity to learn the genesis of a business, but hold your reserves for considering it a kick starter success.
- Salary and Benefits
Start-up companies can’t start paying its employees six figures, maybe only three or four figures. Remember, this is going to be your financial future. But, if they begin to do well, this can invite better benefits, like the ability for you to work out of your home or other compensational perks. New entrepreneurial leaders will encourage your ego in order for you to stay with the company by reminding you that you are a part of a ground-breaking company or they will make each employee an equitable member of the company. These kudos are welcomed, especially if the start-up springboards to success, then you will have the secure finances and benefits you need.
- Job Title
When you work for an established company, you hired to fill a specific position, but generally with a start-up, you will wear several hats and will often share it with a team. With a start-up you learn on the go, the leader will ask you to perform certain tasks that you are unfamiliar with. This type of pressure is stressful because you want to do your best in a job that you weren’t necessarily trained to perform. If you can’t perform in an environment like that, maybe rethink your career with a start-up. On the other hand, if your tasks prove beneficial, you make the company look good, your boss is pleased, and you get a free lunch or dinner. Continued success in a start-up can also lead to a promotion, most likely a management title that is made up to fit your many project tasks.
What if your background has always including a career at a corporate company and over the years you could probably perform nearly all the positions within its structure. You are now looking to do something different and you know of a start-up company that could use your expertise and for you it would be exciting and challenging. Yes, a start-up could greatly benefit from your experience and expertise. Remember to stay humble and not join the company like a bull in a China shop, mowing over the neophyte staff. The start-up company could benefit from your innovative input which could be the impetus of its road to success.
- Is This A 9 to 5
Start-up companies is rarely built around a 9am to 5pm timeframe. Be prepared to share your e-mail address, your cell phone, and your time. You may be contacted early in the morning and even late in the evening. A start-up company may work with other businesses in different time zones and different parts of the world. Your time is part of the investment in our new start-up career. Your new company is now a part of your daily life, which also means that you could be its janitor, meeting planner, break-room host, or weekend employee and any number of minimal tasks that are called for each day. Many start-ups don’t have the money or resources, so you contribute your time and energy into making the most out of the least. Just remember these days when the company takes off and you can look back to your contributions.
- Stepping Stone to Entrepreneurship
Beginning on the ground floor of a start-up lends your skills to different facets of a business. You have a front-row seat to learning human resources, IT systems, marketing, accounting, telecommunication innovations, customer-based methodologies, and networking. All of these experiences could prepare you to start your own business. Either you have gained enough experience that you believe you could start a business in another field that you have always enjoyed, or you can suggest you start a new branch in another state.
Start-up companies either succeed or they fail, and it depends on what risks you are comfortably with taking. At the same time, start-ups are a valuable experience to jump start your own endeavors. Each new company has its different organizational starts, but the continuing theme involves varying hours, small staff members working energetically together, entrepreneurial experience, and passion for success.
Joining a start-up to begin a career or to become stimulated to begin something different, should be a rewarding experience and not an experience that you should see as short-term. Go into a start-up believing that its success is your success for years to come.