Start-ups have got quite the reputation of being unstable and showing off more than their actual worth. Following the slowing down of the economic market in the Covid-19 era, there have been cases of mass layoffs and freeze in funding by several of these companies.
To avoid disappointment, before joining a start-up, employees must do a little research. Candidates must do a cross-check of the details of the company they are applying for including a quick background check of the funding, about the founder, the organisation’s mission and vision as well as what the job profile actually offers them, reported Moneycontrol. Among the key points, applicants must check:
Funding status of the start-up
Knowing about the funding of a start-up is crucial as a regular cash flow means a timely salary. According to Uday Virmani, assistant dean at BITS School of Management, startups tend to burn a lot of cash as they have this pressure to reach the top which may lead to inadequate funding.
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Freshers applying to a start-up must be more conscious of these facts as they may have education loans which they can pay off only if they get a timely salary, says Virmani. Several start-ups lay off top b-school recruits when they feel the business is slowing down or there is a change in the outlook of their investors. It is then that the graduates suffer the most.
Is the job profile actually offering what you want?
Candidates must check if their skill sets are matching their job profile or if it is offering them the skill sets they want to acquire. “The skills that you possess, do they match with the company value? Will the startup provide you with the ability to try new things? Will you have to expand your skill set and abilities before joining,” Joy Vaz, vice president, Imarticus Learning told moneycontrol.com.
As per experts, when one is enthusiastic about a new job opportunity, they can underestimate the risk that comes with it. But it is important to lower the passion and excitement sometimes and instead be rational. One must check the “time, money, and reputational capital” a startup consumes, says Lokesh Arora, CEO, Study24x7.
Background check of the founder
A thorough check about the founder’s academic background, past job roles and track record can be beneficial, says Kunal Sen of Odgers Berndtson India and it helps candidates give an idea about the company and where it could be heading. If there is more than one founder, look for how they met, how the company started and their future goals are. “Most start-ups fail, thanks to weak leadership,” added Sen.
Mission and vision
Despite initial success, success can not be guarenteed, says Daya Prakash, founder of TalentOnLease. One must do their own bit of research about the company’s motives to ensure that the organisation they intend to work for has the “best chances of survival,” he said.
A candidate must have a clear understanding of the startup’s vision, mission, and culture and if it aligns with their thought process. An employee or employer may be good in their job but if the mission is not aligned, performance may be affected, said Prakash.
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