Bad decisions make great stories, but that doesn’t mean that you should make them — especially before applying or accepting a position at a startup. Here are a few pointers on what to consider before making the leap.
Know if the company has found a niche in the market
This sounds like common sense, but many startups fail due to the lack of a need in the market for their products and services.
During the first quarter of 2017, many startups already had trouble thriving in the competitive market. CB Insights published a post containing 204 post-mortem messages from the CEOs of failed startups.
One such startup was Besomebody – a mobile application that allowed its users to sign up for classes ranging from art to fitness. It had great potential, but both the investors and the public just weren’t buying it.
Though risky, most entrepreneurs continue to introduce their products, in hope of gaining traction one day.
In some cases, this approach proves to be effective. For example, Rappler, a media startup from the Philippines, continues to thrive even though dwarfed by corporate competitors much bigger than themselves, largely thanks the rising demands in the ICT industry.
Do a background check of the company’s founder
Has the founder started up before? Did the startup succeed? Why or why not? What are his or her credentials? These are only a handful of the questions you should do your homework on, either through Google or your personal network.
When a startup shuts down, a post-mortem report is customarily written by its founder. Many founders publish these pieces on Medium. If your company-to-be’s CEO failed at any one point, it’s best to know why.
Find out where the funds come from
Some companies fail due to the lack of funds.
This can mean that investors, advertisers, clients, and/or consumers aren’t confident enough to put their money on it. For example, Chacha, a human-powered search engine, closed down after a decade in the market due to the decline in advertisements on their site, which was a huge source of revenue for them.
Keep in mind the company’s culture and ethics
Some startup companies require their employees to pick up more work than employees in big corporations. This means you have to be willing to work more than the required number of hours.
On top of that, since startup companies can be much smaller and responsibilities might overlap, you may also have to take on roles that aren’t in line with your present skill set.
Aside from researching about the nature of the job and the company, you should also find out if you are replacing a former employee, and if so, who that is and why he or she left the company. This can help tease out certain red flags such as a tendency to be overworked, the lack of career progression, office politics or the like in your new company.
Working for startups can be very demanding, but also very rewarding. Learning new things, gaining experience, and building your portfolio along the way are all just part of the package.
In the end, where you work and what kind of work experience you’d want is entirely up to you. It’s also your job to assess the risks and rewards before you apply for a startup job or pick up a job offer.
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This post 4 things to know before joining a startup appeared first on Tech in Asia.
from Tech in Asia https://www.techinasia.com/4-things-to-know-before-joining-startup
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