Start-ups have a reputation for being volatile and showing more than their true value. Following the economic market downturn in the Covid-19 era, there have been cases of massive layoffs and funding freezes by many of these companies.
To avoid disappointment, employees must do a little research before joining a start-up. As reported by Moneycontrol, candidates should cross-check the details of the company they are applying for, including a quick background check of funding, the job profile of the founder, the organization’s mission and vision as well as the actual what it provides to them. Among the main points, applicants should check:
Start-up funding status
It is important to know about funding a start-up as regular cash flow means timely salary. According to Uday Virmani, assistant dean, BITS School of Management, startups burn a lot of cash because they are under pressure to reach the top which can lead to insufficient funding.
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Virmani says, freshers applying for start-ups should be more aware of these facts as they may have education loan, which they can repay only if they get salary on time. Many start-ups lay off top B-school recruiters when they feel the business is slowing down or their investors’ attitudes are changing. In such a situation, the graduates face the most problems.
Is the job profile really delivering what you want?
Candidates should check if their skill set matches with their job profile or if it is providing them with the skill set they want to acquire. “Do the skills you have match the value of the company? Will the startup provide you with the ability to try new things? Will you need to expand your skill set and capabilities before joining,” said Vice President of Imarticus Learning Joy Vaz told moneycontrol.com.
According to experts, when one is excited about a new job opportunity, they may underestimate the risk that comes with it. But sometimes it’s important to ditch the passion and excitement and be rational instead. Lokesh Arora, CEO, Study24x7 says, “Time, money and reputational capital” are tested by a startup.
Founder background check
It can be beneficial to have a thorough check about the educational background, previous job roles and track record of the founder, says Kunal Sen of Oders Berndson India and it helps in giving the candidates an idea about the company and it Where can I go? If there is more than one founder, see how they met, how the company started and their future goals. “Most start-ups fail, thanks to weak leadership,” Sen said.
mission and vision
Daya Prakash, Founder, TalentOnlys, says that despite initial success, success cannot be guaranteed. They should do their own research about the company’s objectives to make sure the organization they intend to work for has “the best chances of survival,” he said.
A candidate should have a clear understanding of the vision, mission and culture of the startup and if it aligns with their thought process. An employee or employer may be good at their job but if the mission is not aligned, performance may suffer, Prakash said.
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