Over half a million new companies get started each month; however, only about half stay in business for at least five years. While startups provide individuals with the opportunity to work in areas they may love, working for a newer company typically involves different types of sacrifices. Building a successful business is difficult, and many people who work for new companies are initially underpaid and work long hours.
There are many benefits of working at a startup, including a shared sense of motivation, a stake in the company’s success, and the opportunity to craft your own role. Nonetheless, it does provide a different type of work environment. Potential startup employees should consider these five questions before taking the job:
How well do you handle change?
Working for a startup, especially in the early stages, is not like working at a regular corporate. Priorities may change quickly, and new companies often must run on a faster pace than established businesses. While those who work for corporations typically know what is expected of them on a daily basis, at a startup, responsibilities may change each day. Your schedule might include 5 days of meetings one day and all solo work the next.
Those who love routine may hate working at a startup. Those who prefer excitement and adaptation –and who don’t mind ever-changing schedules—may be well suited to work for an up-and-coming business. If you believe you’re ready for the startup schedule—or lack of one—emphasize your adaptability on your resume or cover letter. List any job you’ve had that has required you to rapidly improve or change gears.
Do you consider yourself a jack of all trades?
Startups often have few employees, as a result, those who work for new companies may have to take on a variety of responsibilities. The earlier in a new business, the more likely you will have to fulfill more roles. If you’ve worked as a manager, you may suddenly find yourself doing menial tasks like making copies. Although the wide range of activities provides an employee with a wealth of experience in the professional world, it’s important that you feel comfortable performing all types of tasks and are willing to learn new ones.
If you consider yourself a person who knows a little about a lot (versus a lot about a little), you may find that this work is perfect for you. You’ll have to adapt and learn quickly, but you might just enhance your knowledge while playing multiple roles. If you think this is you, include a variety of pertinent work experiences on your resume. While you always want to be focused on the type of job at hand, it can also help that you can learn new things quickly. Further emphasize this ability in your interview by listing a wide range of interests other than your job.
Are you willing to work extra hours?
The early stages of a startup are critical, and often require employees to put a job above other priorities. This may mean working long hours, including nights and weekends, to complete a project by a deadline. In the beginning, it may also be difficult to find a work-life balance. Consequently, those who prefer a nine to five schedule may not be well suited for a startup. Employees who value their family or social life should consider whether you’re willing and able to sacrifice some of your personal time for your job.
Conversely, as a startup employee, you’ll be able to see the direct effects of your work. Your complete immersion in your business will allow you to understand what works and what doesn’t, and will show you the results of your actions in real time. Your tenacity isn’t something you can readily show on your resume, but your longevity under pressure is. You can emphasize times when you were particularly committed to a job or a passion for a long period of time, even in distressing circumstances.
Are you okay with the possibility of failure?
One of the benefits of working for a corporation is job security. Although there are no guarantees in the professional world, it’s less likely that a successful enterprise will suddenly go under or lay off many employees. Although almost everyone has financial obligations, certain life circumstances may deny you this option. For example, the possibility of failure is particularly threatening when you have a new baby or are the primary breadwinner of your family. Employees need to be comfortable with the possibility of failure before taking a job at a startup.
The upside to the possibility of failure is the possibility of a greater reward. Just as failure of the startup almost guarantees that you’ll lose your job, the success means you’ll probably have a greater amount of skills, a better reputation in your line of business, and a stake in the company under your belt. In your interview, don’t just list your accomplishments. You can also talk about the times when you’ve failed and become a more well-rounded employee because of it. Employers like to see resilience and self-improvement. These are also great qualities for a startup employee.
Are you willing to earn a smaller paycheck?
Most new businesses are funded by venture capitalists and don’t have the resources to pay like some corporate positions. If you’re used to a large paycheck, you need to consider whether you can afford to earn less. Although job satisfaction is important so is being able to pay the bills. During the first couple of years at a new company, you might earn paychecks than you would with the same job at a more established company. While money isn’t everything, it’s crucial that you’re okay with their wage prior to taking the job.
The upside? There’s greater opportunity for you to earn more down the road. As a startup employee, you may receive a stake in the company when it first starts out. If the company does well down the road, those stakes can be worth much more than you would’ve been earning with corporate employment. If your interest in the company and team shows through in your cover letter and resume, employers will recognize you as a standout candidate.
Working for a startup, like any type of company, has its ups and downs. If you answered yes to all of the questions above, you may be ready. Before you accept any job working for a startup, however, sit down, talk about it with your loved ones, and go in with your head up.
Do you think you’re ready?
Katherine Wood is Managing Editor at Talent Tribune, where she writes about people, technology, and HR Software.
