Choosing a startup over a corporate job comes with so many benefits. There’s a lot of flexibility and a lot of growth potential. All of these opportunities, however, come with tons of responsibility, as well. Making the right startup career choice is incredibly important to feel 100 percent fulfilled and confident in your decision.
Even if you’re in a rush to get started with a new project, it’s important to take your time and define the right opportunity. Here are six tips on how to make the right career choice in a startup.
#1: Choose a Field that You’re Passionate about
Being a part of a startup can be quite challenging in the beginning. This is why you need a lot of motivation to keep going even when things feel rough.
In order to have the drive and the passion, you have to choose a field or an industry that you have a particularly strong interest in. Having good knowledge and passion about the topic will both determine your growth potential and your ability to persevere when things get rough.
If you’re pressed for money and you need to start working immediately, you may feel tempted to compromise with your beliefs and dreams. Try to hold in there and wait a bit. Otherwise, you may end up regretting the hasty decision you’ve made in a time of need.
#2: How Much Risks are You Willing to Take on?
A startup is not a universal term. There are dozens of fields, possibilities and developments. Each one comes with a certain level of risk.
Generally, startups are the ones that are inclined to take on some risk. Still, the business format will be heavily dependent on the amount of risk that you can cope with.
Some startups are pretty revolutionary and daring, which means that the risk level is very high. If you’re not adventurous and ready to accept the challenges, such a business format will only put you under a lot of stress.
Other startups require a minimal upfront investment and they start generating revenue right away. Such businesses are a lot let risky.
Need some motivation today, read this Running Low on Passion? Remember the First Day Feeling
#3: Lifestyle and Freedom Needs
As already mentioned, startups allow for a lot more flexibility than regular jobs in the corporate world. Prior to exploring opportunities, you have to decide how much freedom you want and how the particular opportunity is going to match your lifestyle.
Is it important for you to spend more time with your family? Would you like to have a flexible work schedule and a chance to work from home? How many hours per week can you contribute to project development? These are all important questions you need to answer in order to choose the right career development path.
#4: The Team
A startup is only as powerful as its team.
If you’re starting a new project, you will need to focus heavily on finding the right professionals. These people can contribute with tons of ideas and enhance the growth potential of the startup.
If you’re looking for startup employment, you should definitely obtain a bit of information about the team. What’s the size of the company? What kinds of experts work there? Are there plans to hire even more people?
The people that you work with will be responsible for giving you support, helping you bring ideas to reality and pushing you forward. A startup that doesn’t feature such an environment of cooperation will be very difficult to develop into a successful business.
#5: The Financials
When it comes to a startup, having a pretty good idea about financial parameters in advance is one of the keys to survival.
Many digital companies need a tiny initial budget to start operating. Still, a financial plan is a must for sustainable development. There should be clearly defined goals, budgets and estimates. Financial stability will determine profitability and the satisfaction of employees while the company is growing.
Figure out how much money you need to survive and be happy on a monthly basis. While many startups can’t offer major salaries, it’s still important to know what the absolute minimum is for you.
#6: The Market
The assessment of a startup idea usually involves analysis of the potential market. Take a look at the products and services. Do they meet a specific market need? What’s the competition like?
Good startups have products and services that are unique and niche. They appeal to a highly specific market persona and they don’t compete against the biggest players in the field.
Making the right career choice in a startup will require some time. Do your homework in advance and don’t be afraid to ask questions. The more data you have, the easier it will be to choose a successful opportunity and ensure your professional growth.