Millions of people dying globally due to COVID19 have brought our gravest nightmare to reality. The lockdown inflicted by the government as a measure to fight the COVID19 has given birth to another disaster i.e. unemployment, which has brought havoc in many lives. Situations are so gross that with each passing minute, an employee is being laid off and those who are fortunate to have their jobs their salary has been deducted to half.
In this traumatic situation, startups are coming to rescue. It’s been said that “it’s the increase in unemployment which will lead to an increase in self-employment”. But the grass is not green where some startups are offering a good salary there are others which are not able to survive more than a year.
So here are certain things that need to keep in mind before joining startups so that you reap great rewards.
Know the Reason for joining a Startup
One needs to very clear about his/her reasons for joining a startup. Ask yourself why startup?
Is it to increase the number of zeros in your salary check?
Or you want to challenge yourself by taking up something new?
Or you want emancipation from a 9-5 job?
Find your Why?
If you are not clear about your reasons to join a startup you might not see light at the end of the tunnel. Suppose you enter a startup to make the big money which you eventually made but you don’t enjoy the work you miss that will to go to work, which you use to have in your previous job where you didn’t make that much money but you had the willingness to go to the job. Things will turn grey for you if you are not clear about the reason for joining a startup. So first know your Why and then move forward to see the How.
Be Clear about your Role and Responsibilities
In a startup, initially because of a lack of funds an employee is expected to perform multiple roles and is given multiple responsibilities. Sometimes you can be given a task about which you were not informed during your interview. So to avoid such happening you should ask your employer to clearly define your roles and responsibilities. It will give you clear view of your work expectations.
Understand your Salary Package
Many startups take the help of ESOPs (An employee stock ownership plan) to attract new talent in their companies. ESOPs are related to buying shares in the company. It’s prudent not to decide on the bases of the ESOPs of a startup because if a startup gets close in that case ESOPs are of no use. Therefore one should not get deceived by ESOPs of a company. One should attempt to understand their salary package and if you are not content with it ask to make modifications in it.
Know the Investors and Funding Sources of the Startup
Before joining any startup, strive to procure explicit knowledge about its funding resources and also about its investors. If possible dig dipper to know about the investments made by them in the other companies. This will help you to know the approaches of the investors which will further help you to choose the right startup for yourself.
Ask about the Date you will receive a Salary
Employees should know the date when they will be receiving their salary. Because then only you will be in a position to manage the rest of the things in your life. Like Payment of your loans, EMIs, insurance everything revolves around your salary. You have to win your private victories first. When your personal life is settled then you can focus better on professional life.
There is no denying the fact that Startups are precarious for most of us who have grown up in a society where people play safe by choosing a 9-5 job. Playing safe is good for surviving but to live a life full of adventures one needs to take the risk.
It’s been said, “Greater the risk bigger the rewards”.
I will add one more line to it. Play intelligently by taking a well-calculated risk, so even if you fall you can bounce back with greater force. Consider all your options from every angle, study well about the project or the company you are planning to work with, and then take a leap of faith.