Pros and Cons of Working in a Startup
Startups have been trending these days. They have started receiving a new wave of attention- which they were devoid of in earlier stages. Since they have increased in number, so have their job requirements.
Since there is always a risk involved with startups, here is a list of pros and cons of working in a startup:
1. Risk Factor
The biggest ‘con’ of working in a startup is the risk factor. You are never sure how long they will work, if you will get your salary on time, and if there is any job security at all. Startups are dependent on funding and hence, if their funding gets cut-off and they fail to turn themselves into a profitable model, they fall off and so do all the employees working under them.
Most of the startups are unable to match the salaries and incentives of the traditional businesses and companies which are already running on a profit-based model. This is because they try to minimize expenses in the short term for longer term gains. Therefore, if you are looking for comfortable salaries, startups aren’t for you.
3. Work-Life Balance
With startups, you can expect long and odd working hours. Since you’re not looking at a specific domain but more than one area, you’ll be required to cover up on several areas. Usually, these are also the places where passions run high, and due to that, they tend to work longer than others. The work-life balance is sure to take a hit with working in a startup.
4. Work Satisfaction
The best positive of working in a startup come under work satisfaction. In a large setup, you can easily be lost while working as one of thousands of others; and you will be easily replaceable as there will be others covering up for you. It is a good thing for the company, but there’s no real significance of your job. While in a startup, each of your move is important and you’re an integral part of the work ecosystem. Your work is likely to get more recognition and you are bound to get more work satisfaction here.
5. Skill and CV Development
While in a big setup you’re confined to a particular task, in a startup you have to handle different tasks. So you get to learn more and you’re always on your feet. It adds new skills to your CV and your CV gets much stronger far more quickly. Also, it prepares you for leadership roles, and you get to realize whether or not you’re interested in taking them up in future. Working in a startup is a sure-shot way of developing your CV far more quickly than in a traditional setup.
Overall, while working in a traditional setup gives you more job security, more work-life balance and lesser hiccups with generally more salary and incentives, startups tend to prepare your CV better and provide much more work satisfaction. Working in startups isn’t for everyone and you can figure that out by reading all the pros and cons.