In the past few years, we have seen a lot of creative minds coming into the business and making it big. According to multiple surveys, this has been concluded that the last 5-8 years saw a significant rise in new startups coming to existence. Now, be it the advancement of technology or the creative heads of people coming into business but this rise has left others with a set of questions that they need to answer before starting their career in one of these startups.
You get a lot of things to learn in a startup right from time management to understanding the market. You get a better taste of work in-line with your career and much more. But before getting into a startup, you should always do some research on their products and services so that you get the idea about the company's future. Also, good research would definitely help you in evaluating a potential startup to work as a full-time employee. To make things simpler for your research part, this article brings a few important points in front of you that can help in accessing the same.
1. Company's objective
Even the investors consider this point as one of the most crucial ones, so why shouldn't you? The first thing you should understand about the startup is its objective. To a very great extent, many founders fall to the "confirmation bias" and they aren't flexible in deciding the course of their idea. So thoroughly study the company's objective and their ways to achieve it.
2. Read about the expert's reviews.
Every startup works on an idea that is either technology-driven or idea-driven. The startup you are aiming to get in should also be backed with some good expert reviews. Any idea that pops up in the market in the shape of a startup, there is going to be a lot of experts analysing the startup. You need to check the experts' reviews to get affirmation on your decision. Surely, opting for a startup can be risky, but executing this step will refrain you from making a foolish decision. This has become an important step for you because startups have now changed from being a niche to mainstream.
3. Take small steps
Your research about a startup can never be completed all in one go. You will have to break it down into a few steps and then decide what's good and what's not. It might be a fun question to answer "Whether joining a startup is a wise idea or not?" But many experts consider it to be a crucial and equally difficult question to answer. So, it is better to think about transitioning your steps while researching a particular startup. One should always have both sides of the coin in their heads while researching about any startup. If you think it is going to hope that the startup will become big someday; you are surely making a foolish decision. Rather check your facts, figures and the functioning of a startup.
4. Know the team better
One of the best perks of evaluating a potential start to work as a full-timer is that you don't have to run after a lot of people. With limited people in the growing organisation, you only have to check about the leaders, right from their idea behind the startup to their efforts and ways of getting what they want. You need to evaluate all of these things step by step. There are a lot of potential startups in the market. But after reducing the numbers, you need to spend more time in the research and come with a realistic preview of these organisations. Once you have done that, you inch a step closer to a good organisation.
5. Financials are also important.
Though understanding and pulling out the digits of every potential startup is not possible, you can still try and check the financials of an organisation before getting into it. Though most people overlook this factor, it is unwise to join an organisation, especially a startup without knowing its key competitors, revenue, and profit margins. Many experts have kept this factor on the top of their priority list while analysing a startup. When experts are doing this, you should definitely do this. It's obvious that this data is sensitive for every organisation and they do not make it public so you will have to dig deeper or ask the people in the organisation about it. Another good way to get the needed information is to check the funding source, burn rate, growth curve, future funding and much more. All these things will help you in getting a better idea. Gather as much as financial information about a startup as you can. After all, you are considering it to be your next organisation; isn't it?
6. Explore the alternative as well
It is not just the one startup you are looking at, available in the market. There are many others. So, understand that joining a startup is not only going to be your job, but it will become a lifestyle for you. While considering to join a startup, you need to be ready for long working weeks, extended working hours, work pressure, deadlines, and many similar things. On the flip side, the startup might just turn out to be a game-changer for your life. But whatever the case may be, you should always keep exploring, and before joining any startup, you must explore all the alternatives as well.
There is another very crucial factor that drives your decision of joining a startup, and that's the responsibilities you hold. When you are young and have fewer responsibilities, you are free to take chances whereas on the flip side when you have a spouse, old-age parents, or a kid to take care of, you might not be able to take the risk.
There are several factors that determine the future of a startup but if you are considering any one of them as your full-time employer, then make sure to be updated with your research. Though there are several factors to consider including the geographical location, employee strength, your pay-grade, the working environment but the above-mentioned points are sufficient enough for you to get a good result at the end. So, at least be prepared with these six researching points while evaluating a potential startup. The rest depends on you as to how you approach the organisation for your employment.
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Q. I am starting my professional career. Is it wise to join a startup?
Ans: With so many options available in the market in every field, it depends on you which company to join. But if you complete research on any startup and find one to be a potential startup, you should surely join it.
Q. Are there any extra benefits of joining a startup?
Ans: Now, there are many benefits of joining a startup; firstly if you are a fresher, there are high chances for you to get the job. Secondly, if you are capable enough, you can get to higher posts quickly.
Q. Is there any growth in a startup?
Ans: Now, this is a curious question to ask, but as you see, you are working in a startup, so there are all sorts of growth chances for you. As the company grows, your knowledge and understanding also grows. Moreover, a startup is the best place to work in if you want to understand the market and wish to learn.
Q. Isn't it risky to work in a startup?
Ans: We are not living in the '90s. The world we live in is a technology-driven world. Though there is no guarantee that a particular startup would become big but solid research on their products and services can give you a fair idea of the company's future.