4 Curious Facts About Startups

 

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In simple terms, a young company founded by one or more entrepreneurs to develop a unique product or service and bring it to market is a startup. Such startups are incorporated with initial funding from friends, family, and sometimes angel investors. They consist of a workforce, most of those related to the founder either by relation or acquaintance.


Properly defined, a startup is the largest group of people you can convince of a plan to build a future. For the sustainable development of a uniquely crafted startup idea, it is essential to have a clear vision, an attainable mission, and a cultured work environment. As per the Co-founder of Zappos Tony Hsieh, ‘Chase the vision, not the money, the money will end up following you’. 


Startup Statistics


Startups are a growing culture, and fast-changing priorities should be expected. Global statistics show that 90% of startups fail, 50% of all those found in a year barely make it to the fifth year, and finally, only 25% of the startups cross the 15-year mark. 


India is now the third-largest startup ecosystem in the world, with thousands more born every year. Hiring the best candidate is never easy. For a startup, this percentage may be higher because the demand and supply expectations are different. 


4 Facts of Small Startups


1. Work Experience Achieved in a Startup Is Boundless


Working in a newly founded startup opens doors to multiple job opportunities, prospects to better networking in your field of interest, knowledge, and expertise, better working conditions, and an ounce of experience with a high scope of improvement. Still, the foremost thing to consider as a candidate applying in a startup is that it is important they would enjoy working in a startup culture as a wrong decision can set a career back by years.


Working in a startup enables you to work in ambiguity and getting energy from forging ahead in chaos, along with maximum freedom related to the business decisions based on what best can be achieved at a certain time with the optimal use of resources present. 


2. You Will Land at the Right Spot


The organization must undertake due diligence with regards to the candidates’ track record, startup experience, product knowledge, and industrial skills. Still, sometimes such employees fail to deliver. Though such candidates excelled in structured organizations, they were not suitable to work in ambiguity and an environment that required them to work 24/7.


Just like every organization is defined by its internal and external factors, every person in the corporate world is expected to have worked on a personal level. While the internal factors consist of strengths and weaknesses, opportunities and threats happen to be external factors. SWOT analysis of every candidate provides information about their overall functioning regarding their behavior, decision-making capacity, team-spirit, leadership qualities so that they can be placed at the right job. 


In a regular course where the companies go by post hierarchy while recruiting their employees, the CEO is hired first to preside over the organization at a higher level. The CFO is engaged with the responsibility of managing the company’s finances, including planning risk-management, record keeping, and reporting.


Next to them, the COO is appointed for handling the day-to-day operations and the CTO and the CMO take over to avoid any technical errors and product marketing, respectively. The Product Manager and Sales Manager are responsible for the production, purchase, sales, and inventories. The Accounts, Creative, Legal, Admin, HR departments, and the extra web developers are often outsourced.


3. Enjoy Being Your Own Boss


Startups follow a flat structure, though having a name for a certain post, all the key managerial personnel along the employees work at the same level. Certainly, posts make a difference in the pay-cheque percentage and even in times when the company suffers a downfall. You will enjoy working in a startup if you don’t need to showcase your power and authority and love a close-knit environment where you enjoy the lack of frills.


You do need to think on your feet as the speed of decision-making is relatively faster. You will generally find that your bosses are short of time, so you don’t encounter bureaucracy or love of status quo from colleagues or superiors. The culture is informal and friendly, with employees being passionate and young with big dreams in their eyes. ‘Flexibility has always been a vital aspect of job opportunities for job seekers, especially millennials, who today make up over half of India’s working population’, said Indeed India MD Sashi Kumar. 


4. The Compatibility of Every Individual Is Paramount to the Startup Culture


Hiring Every candidate is unique in their own way and has a particular forte, the candidate must bring it to the attention of the organization. The candidate’s passion for the job and the industry, along with the level of trust that can be laid upon him, is considered during recruitment. Both as a candidate and an organization, you must look at the compatibility of the individuals with a very different ecosystem that works with different rules and demands.


Getting hired in startups simply comes down to those who are passionate, hardworking, and live by the work is worship mantra. It's high energy and intense environment where you can expect a high degree of self-actualization. The rewards are tempting and being part of making history is satisfying but like everything in life, it comes with a cost with very little or no scope for work-life balance. 


In a nutshell, starting your own organization starts with proper planning related to initial stages of incorporation. It starts with making an able business plan having the potential to sustain in the long run, secure appropriate funding, surround yourself with the right people, find a location and build a website, become a marketing expert, build a customer base and prepare for everything.  

Check out some facts about a Chinese Startup. This is going to blow your mind.



Written by - Saee Wagh