Whether you just graduated from college or are looking for a new job, you already know how stressful and daunting a task that can be. But, did you ever consider thinking outside the box and joining a startup?
There’s a lot of uncertainty involved when eyeing startups for a job. And, it’s not a decision that you should make lightly. Which is why you need to do a little research and find out if you’re a good match for the team and if this particular venture suits your career goals. But, once you’re done asking some important questions, you may discover that there’s big opportunity waiting for you.
So, if you have made the decision of joining a startup then consider the following checklist before taking the plunge:
1) Don’t fall prey to the fat pay-package: It’s a tremendous temptation. Startups offer a premium compensation to new managers simply because high risk comes with high return. Look at both of them and decide well. Remember, only you are responsible for your own future, says Andrew Dutta, Associate Professor, Human Resource Management at MDI (speaking in his personal capacity).
2) Tap the social media space: Social media space is the best place to tap in order to decide about joining a startup company, Dutta tells FE Online
3) Risk appetite: First of all, its very important for every candidate to internally determine their own risk appetite as well as style of working (structured vs unstructured) before considering a startup job, says Harveen Bedi, EVP & Business Head, Quadrangle Search. Risk appetite would include immediate & near future financial obligations loans/EMIs, he adds.
4) Your style of working: If you are the kind of person that thrives in chaos then you should target Angel funded to series A, B kind of funded startups, he tells FE Online. He further adds, if you are very structured in your work & like proper guidelines then the big Indian startups (after Series C kind of funding )should be your target companies which have reached a scale & have figured out exactly how each person should contribute to the growth story.
5) Choose a startup which is dynamic: Choosing an organisation wisely is very important. Choose a startup which is dynamic because you don’t know how things will work out in future, says Rajeev Krishnan, EY.
6) Credibility of the promoters: Credibility of promoters comes first, he adds. Agrees Dutta “What were they doing before they floated this new company? What is their background in this business? What is the background of other people whom these promoters have chosen? To what extent they have professionalized their management? In short, are you putting your bet on a thoroughbred horse, is what you need to find out and decide upfront”.
7) Understand their business model: Ask yourself, “Do I really buy-in to this model/idea?” Remember, if you are not convinced about the business model of your chosen startup company, you are not going to succeed in it. Guaranteed, adds Dutta.
8) Domain & idea of the startup: Interest in the domain is of prime importance, says Rajeev Krishnan, EY. You should join a startup for your strong belief in the product/service and the problem it is trying to solve . Carefully evaluate the scale it can grow to, as lot of startups tend to solve very small problems, says Bedi.