With growing awareness and government support for startups, starting-your-own-thing has become a trend these days. These new age businesses also help churn out new jobs and often attract passionate, talented and motivated individuals. As a matter of fact, Kauffman Foundation reports that new and young companies drive all net new job creation in American economy and account for almost 20 percent of gross job creation.
Joining a startup or taking up a corporate job has been a quintessential conundrum for youth when it comes to deciding what is best for their careers in the long run. While startups may offer the flexibility to do things in one’s own way, a corporate job brings the security of a constant income stream. Let’s see some of the things you should consider if you are facing this dilemma.
Consider joining a startup if you are looking for the following job attributes
Startups offer freedom to set your own goals, have flexible working hours and provide ample opportunities to try new things.
Exciting office environment
More than anything else, it’s fun to work for a startup. You get a chance to work outside of physical and intellectual cubicles with open minded people who promote flexibility in ideas and flat hierarchies. They encourage you to put your creativity on the table rather than elaborate reports. And of course, you can carry your jeans and sneakers to work everyday!
Professional growth and versatility
There is a higher chance that you work with senior management of the company and make impactful decisions. Thanks to the innovative setup, you can expect to gain a lot of exposure working on multiple job profiles and gain insights into the fundamentals of entire business operation (and, you may feel that’s exactly what you want in the long run—a dynamic job with a variety of responsibilities).
Steep learning curve
There’s more on-the-job learning if you are working for a startup as it promotes learning-by-doing. By working in many functional areas of the business, you gain practical experience of how things work. Startup is the right place for you if you want to gain street smarts to sustain in an ever-demanding professional setup or fast-track your progress towards senior management roles.
Drawbacks you should consider before making a choice
Lack of Structure
Startups lack a structured environment which usually has an impact on the time you spend on the job, processes and organisational relationships. There are less rules that govern how you work and what you accomplish at the end of the day. Moreover, startups usually attract fresh graduates who are inexperienced to deal with exacting situations. Their approach is often driven by emotional and personal touch rather than facts.
If you are looking for a fat paycheck in your account at the end of the month, then startup is not the place for you. They generally offer low pay package with very limited medical and insurance benefits. The equity stake offered also does not carry assurance of huge monetary benefits.
There is high probability that the company may not thrive as expected. There is always a greater risk of job insecurity associated with the unpredictable future of the firm.
Surely, there is a lot to be learned at startups. Since there is so much at stake, workload can be significant and work-life balance could be missing. Having said that, startups spawn creativity and innovation which most individuals vie for. No doubt, the choice is difficult but not an impossible one if you ask yourself right questions at right time.