Working In A Startup -According to the Bureau of Labour Statistics, the number of new businesses has grown to an average of 400,000 a year over the past two years, which indicates recovery from the 2010 doldrums. The rise of startups and startup job opportunities means that every working professional or job seeker must weigh the pros and cons of working for a startup. Working for a startup company can be different than working for an established and enduring organization. It’s important to understand these differences to decide whether a startup is proper for you.
Benefits Of Working In A Startup
The Company Has A Mission.
Most startups start by improving, solving, or transforming a social problem, and that mission is often more than just generating revenue. Such an example? The now-giant Google, which Forbes says has been motivated since day one.
The Impact On Employees Is Obvious.
In a large company, you can be one of several employees in your role. In a startup, you might be the only one doing your job and being in other functions simultaneously.
As a result, you will see the impact on your business and be able to measure progress. And since everyone is working on starting the business, your peers are likely more focused on teamwork and encouragement than the competition. Your excellent work is evident as the company is small, and there’s no way anyone else could take the credit even if they wanted to.
A Cool Environment.
Thanks to movies and TV shows, it’s almost impossible not to associate startups with modern office environments: arcades, skateboards, hoodies. And while some of that may be Hollywood’s creative license, stimulating work environments fuel the creativity and innovation that drives business, and startups recognize this. As a result, the dress code tends to be much more relaxed when dealing with colleagues. After all, there is only a handful.
You Will Find Flexibility And Freedom.
Flexibility and freedom in startups are two different things: your schedule and your approach to the work itself. While that doesn’t negate the need for compliance (remember, you may be the only one doing your job), you can be flexible about when and how you get the work done. You may need to be flexible in how you work, especially when working on something that has never been done before. Trial and error is the order of the day when starting a new business, and you may feel flexible as you take on roles you never imagined.
You Take On More Responsibility.
A more minor team means more responsibility for team members, and again you may be the only person with your skills and therefore responsible for the entire “split up.” It means your liability can grow as the business grows. You will also be involved in decisions that would not be available to all employees in a larger organization.
You Will Learn A Lot.
Breaking new ground means no corporate training department has a set path for new hires. Instead, you must learn as the business grows. They also work closely with qualified entrepreneurs who often motivates, creative and original. And that means you’ll learn a lot by observing your peers and management.
Disadvantages Of Working In A Startup
You Are Taking A Risk.
Startups can be unstable. Most of them will fail. While this doesn’t have to be a failure of your decision, it does mean that your employment situation could potentially change. And even if the company doesn’t go bankrupt, there may be funding or resource shortfalls that can reduce or suspend wages.
Your Work-Life Balance May Not Be Very Balance.
Structure a business from the ground up takes a lot of passion and dedication. And while that means inspiring colleagues, it also means working long hours, sometimes even on holidays, weekends or nights. Working hours are often odd, rarely sticking to “9-5” when startups are scrambling to launch products, build a client base, or multitask. The need for quick and early wins can accelerate stress and urgency.
Expect Lower Wages And Fewer Benefits.
When startups struggle to raise funds and launch a product or service, they often spend every free penny on operating expenses, not salaries. It means that you should expect a lower salary in a startup company than in an established company. Instead, you could be paid shares in the company depending on your level in the organization. Likewise, startups with a smaller workforce typically cannot negotiate the same sweeping benefits as a large organization.
The Structure Will Be Minimal.
With fewer employees, new territory, and many new leaders, startups often have little or no structure. Which can lead to disorganization, lack of budgets or deadlines, and a dynamic strategy.
Is Starting A Career Right For Me?
The answer to this query will be different for everyone. You need to consider your work style and whether a lack of structure will inspire or hinder you. You should also consider your situation and determine if your finances can handle a lower salary or if you have debts or obligations that require more money.
With the rapid growth of startups, you may have a chance to seize the opportunity again, even if the cons outweigh the pros for you now. After all, they say the only constant changes.
Like an online Bachelor of Business Administration or Master of Business Administration degree, business acumen and education can help steer a startup in the right direction.