Startups have emerged as the spirit of Indian ecosystem in last
few years. We are constantly seeing a rise of unicorns and the scaled up
levels of funding that are infused towards the support and growth of these unicorns.
The investment trends also indicate the mood of the investors that went from
grim to encouraging towards startups during recent times. India is a thriving
market for startup companies and the scope is exponential. Startups have been
reluctant in hiring MBAs till recent times but with the latest shifts they have
embraced MBAs in larger numbers. Working for startups may have numerous perks,
yet several career risks are involved. It is no secret that more startup
companies fail to establish themselves in competitive world of business than
the ones that succeed. But this surely would not mean that taking up a job here
will not fetch you valuable experiences.
For these new ventures, scaling a business, needs people with
excellent management skills and attributes. And for the MBA graduates working
with them would mean the ability to see themselves making an impact immediately
and growing alongside the firm. Most of the times, it is a win-win situation
for both the parties.
Let us understand the tradeoffs of working in startups. For
those who intend to join a starting stage business, here are a few things to
expect:
Advantages of Joining a Startup for Career
An Exciting
Designation
When working with top companies, there is a schedule for
promotions generally followed by defined appraisal procedures. But the startups
in the early stages do not have such set of rules; therefore this can fast
forward your career even beyond your imaginations. While a blue chip company looks
at your experience but as the time passes by it matters less and your
performance takes a front seat for your path forward. In a startup you grow as
the company grows and you receive responsibilities and promotions irrespective
of time and policy boundations.
Although, these new ventures at this stage may not have structured
processes, but the growth prospects can also turn out to be manifolds. Success
depends much on your obsessiveness to prove.
An enriched
resume
For a
startup, an MBA graduate can make huge contributions. The new joiners need to work
and achieve much more with having to undertake various roles and various
opportunities. The job roles require everything to be done from new launches to
gaining customer base and scrutinizing results etc. This produces some really
good bullets to add to your Resume. There are no job description limitations so
you can move through many facets of business.
Diverse
Thought Process
The
blue chips and big corporates have stipulated path prescribed for doing things.
This is based on what was being done from their past experiences. Here you are required to design, build and
create by making use of vivid skill sets instead of following protocols. This fosters
novel and adaptive thinking and generates abilities to think beyond. There will
be more room for innovation, interaction and this will steeply raise your learning
curve. The problems are hence handled in a different manner and constant
efforts to find solutions are always stirred.
Utilization of MBA
Skillsets in Entirety
In a
startup you see the rise of a company from the ground. You get to know business,
company culture, values and are a part of everything. At least you can be a key
employee, a spectator and learn more about the most important strategic
decisions through the progression of company.
Working with a
Passionate Team
Each
step by a startup is directed towards finding solutions. Nothing is predefined
and systems are still at a developing stage in these companies. It takes a team
of highly self-driven, capable people to take the challenge of building new
things from the scratch. To work in new ventures is one big challenge and a
right team is most important of all the elements. This has to be a team that
wants to construct a Google again. This is a small group of passionate people
who work for company’s success. You will
experience quest and adventure, working with such an energetic lot. So what you
put in will be clearly visible and valuable to the enterprise.
But this kind of life is not everyone’s cup of tea. A number of new businesses that ventured in
the beginning of this century now stand strong after a successful rise. But starting
a new project is not all that rosy, like it looks. So many new businesses give
up not before it is long. There is a lot of risk associated with working in
such environments. Here is a little consideration on what could be the risks
involved:
Disadvantages of Working with Startups
No Formal
Training
This
is not a schoolroom. You are hired with an expectation of reaching the running
ground fast and you need to learn rapidly all on your own. There are going to
be no training sessions and big orientation groups to get you started.
Perks
You
are going to miss out on the perks like training in fancy venues, cafeteria,
gyms, luxe office areas etc.
Unstructured Environment
Processes
and systems would not be in place in these newly born companies. The ones that
are actually critical to the functioning of company are the only processes in
place. There are lesser employees, first-time leaders and no policy handbooks to
refer. This leads to inefficiency, budget discrepancies, no timelines etc.
Responsibilities
beyond the Job Descriptions
Even
when your job descriptions does not state, you get drawn towards the burning
issues of the company. Since there are lesser people to contribute, everyone is
taken into the loop for finding faster resolutions. Also you need to carry on
multiple tasks at the same time as there is lack of human and other resources.
Intense Work
Environment
There
is a lot of energy that goes into working in new ventures. A lot of quick moves
that are required to be taken in short time span may trigger arguments and
disagreements. People are highly focused because, to have the things done is not
just a necessity but is a matter of survival too.
Fear of
Failure
Despite
of all, there is a panic about failure working with startups. But remember that
many successful businesses were started with just an idea, and failure was just
a path to success. It is not always bad to fail,so never loose enthusiasm.
Conclusion:
Working for start-ups is not a bad idea although it seems
risky. New businesses are more progressive
in nature and make room for creativity and individualism. Those working in
startups turn out to be very abled in their areas because they work on building
something of value. More than a job, it is a mission and a path taken to do something
one firmly believes in.
So how do you know if it is worth taking a risk? Since the
career risks attached are bigger, take some time to figure out more about the
company you are going to join. Get ready
with some appropriate questions to ask during your Interview. Gauge about company’s
past records. Know more about the marketplace position of the company, find out
more about the leadership team and their background. Thirdly, understand where
is the company being funded from and what future plan is in place for company’s
future funding requirements.
Do not forget to seek guidance from your mentors and
experienced people around. Since everyone may not think in the same direction,
do your research well. Read articles and latest developments about the company.
Find out more about people who joined them recently and about their
backgrounds. This may give you a fair idea about which path to choose when you
want to decide. It only requires a
better approach and some calculations to arrive upon a verdict.
