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Deciding whether to join, or even launch your own startup, can change your life. It can be a shift in lifestyle and mindset and can reshape not only your professional trajectory but your entire life and mindset.
While working in startups sounds appealing with promises of excitement, innovation and potential financial rewards, it’s important to figure out the pros and cons before taking the plunge into the world of entrepreneurship. We’re big believers in the power of startups and the innovation, excitement and meaning they can bring to your life, and champion anyone who is ambitious enough to give it a go (you can do it!). But, we also recognise it might not be for everyone, and might just not be the right time. It’s up to you to make an informed decision, so here’s a non-exhaustive list of pros and cons of startup building that might help.
Innovation and Impact
One of the most exciting opportunities that working for a startup presents is the opportunity for innovation and impact. Startups are often at the forefront of innovation and are breeding grounds for cutting-edge technologies and revolutionary ideas. Working for a startup means you get to build something, and be a part of something that could change the world. It’s not always easy, but the rewards of contributing in the early days of a company mean you have the chance to really contribute to the direction of a business and the product it offers.
Responsibility and Development Opportunities
In startups, you’re not just a cog in the corporate machine. Usually, you’re an integral part of a small, relatively new team. This means you’ll have more responsibility and the chance to dip your toe into a range of tasks. While this can be nerve wracking, it allows you to work on a range of skills and experiences that can be invaluable throughout the rest of your career. The opportunities for learning are huge in the dynamic, ever-changing world of startups. Change is constant, and often quick.
Flexibility and Autonomy
Another benefit of working in startups is the flexibility and autonomy it can bring. Startups can have a more relaxed way of working compared to larger, more traditional companies. Additionally, you may have more autonomy and influence over decision-making, which can be empowering and allow you to try out new ways of working you might not be able to experiment with in a larger, more established organisation.
Potential for High Rewards
There’s also the potential for high rewards as a result of all your hard work. While there's no guarantee of success, if the company takes off, your equity stake can become extremely valuable. This can result in a significant financial upside that is often unavailable in more established companies, or reserved for staff of a certain seniority.
All that said, any sensible entrepreneur will also consider the risks involved with working in a startup environment. It can come with a level of uncertainty and risk; while there is a chance you will achieve greatness, not every startup succeeds. There can also be long hours and stress involved in the early stages of a business. You’re building everything from scratch, with limited resources, so whether it’s a new product, process or team, it takes work and commitment and sometimes a last-minute deadline might scupper your plans.
While there is potential to fail, if you’re in the position to give it a go and feel comfortable doing so, do. Perhaps you have an idea that you’ve not developed yet, or you want to try and hook up with another person to share skills and build a business together. If that sounds like you, join our online community and apply for Techscaler membership.
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