Want to Join a Startup: Tips on Finding a Successful Startup Firm
If you really want to join a startup then there are things you can do to maximize your time with the company. Remember that startups do not have a high survival rate, and your job might last just a few months – if not just a few weeks. Here are some tips on finding a successful startup firm.
Investors divide their money between about 10-20 startup companies in the hope that one strikes big – but they maximize the chances of these 10-20 striking big by doing their homework first. That what you have to do – your homework! Startup homework is every bit as important as school homework – in fact, almost everybody in venture capital investment will say it is far more important than school homework.
How to Choose a Startup Company to Work For
From 10 well-researched and chosen startup firms, a venture capitalist might be successful with one. Close your eyes and pick a random one of the thousands of new startups every year and you will be in and out of jobs faster than Father Christmas visits chimneys!
You will also lose more money, because not all startups can afford to pay you. Yep – people often work for zilch to start with in the hope of a huge raise when the company finally makes it. Plus you don’t get a 9-5 clock-in job – unless its 9am to 5am next day! Don’t laugh – that might be truer than you think! You might be checking in deliveries one day, working in the lab the next and cleaning the toilets in between. People pitch in with startup jobs – no job demarcation here!
If you are still reading this then you might just make it with a startup company. Here’s some advice on making sure you maximize your chances of choosing a successful company. First check out the entrepreneur starting up the business. Google will likely be good enough, but if you have a means of checking up in the business world then do that.
Look For Venture Capital Confidence
What you are looking for is somebody that has been successful before. They will have seen the good, the bad and the ugly side of company startups and come out successful at the other side, exiting with a fistful of dollars. Now they are starting another company up for a few dollars more.
If you are lucky you might find someone like that. If not, don’t worry because every successful entrepreneur had to start sometime. You might find the next to work for if you research properly. Think like an investor does. As mentioned earlier, an investor seeking to offer venture capital funds to a startup company will carefully research 10 or more possibles before investing in one.
Check to find out if the company has received any JV capital. That might be the only homework you have to do, because if so then somebody must think the firm has potential. The more investors, the more the potential. You can then seek to join that company and do as best you can to help the owner make it succeed. The more money going into a new company, the more likely it is to succeed, because not only do others believe so, but it will have cash to spend on development – so it is more likely your job will last and perhaps turn into a career!
Have Low Workplace Expectations
Offer your services, and be prepared to do any job that needs done at the time. If they say there are no vacancies offer your time as a volunteer without regular pay (or any pay) while you search around for other options. As the firm develops a space is sure to found for you.
One of the benefits you will get is that you will be working in the trenches, possible alongside the founder who you can get to know better. Such relationships can work wonders for your career further down the road. There is one proviso here – you must believe in the mission of the company. If its work doesn’t inspire you then look somewhere else.
Finally, make sure your loved ones understand what you are doing. When you come home with no pay it’s better that they understand why. Let them know your job will not have set home times. If you discuss all this in advance, you will find it a lot easier and less stressful to stay with a startup company until it finally succeeds. You will benefit from its success if you were in at the start.