If you are straight out of college with a professional degree in hand, joining a start-up firm would be the last thing on your mind. And at that point of time, all you can think about is getting into the pay roll of leading firms as soon as possible. There was a time when people would not consider stepping into a new venture. However, with the changing times, more and more people are starting businesses on their own, including out of college professionals. And industry experts say that today, these professionals are no longer hesitant to work in start-up organizations, as they consider these organizations to be challenging, innovative and interesting.
New firms are coming up very frequently, providing various unique and innovative products and services. Professionals who are experienced and willing to accept high responsibilities and challenges go ahead and take the initiative of starting a firm. The scope of using their skills and knowledge to various spheres are high, therefore they get higher job satisfaction. Hence the trend of starting small organizations is increasing.
The fear of failure is no more a big issue. People believe that even if you fail in an entrepreneurial venture, you can get a job in any other organization. Hence, the number of people who are willing to give it a try is on the rise. And unlike the past, professionals are no longer hesitant to take up a career in a start-up. There is more awareness about start-ups and the kind of unique work they are doing.
Newcomers who are interested in getting into new domains and technologies are eager to join such companies. Even if larger companies offer similar work, since the teams in start-ups are smaller and more focused, there is a lot of scope for interactions with seniors and quick learning for these newcomers. Also, they know that even if a start-up does not succeed, it is not going to reflect badly on their careers, since the experience they have gained in such companies will give them an edge in their new jobs.
Experts say that another advantage of a start up firms is the ownership it provides. You might not be the founder, but you are very close. Also with a smaller team, each person in the company has more say. Professionals have more opportunity to voice your opinion and influence key decisions.
Apart from learning opportunities, people like to join start-ups because they can grow faster in a smaller team, their contributions are more visible, and hence better rewarded. The environment in a start-up is vibrant and energizing, and encourages innovation and independent thinking.
A change in the mindset of people towards a start-up is happening gradually and they are given more recognition and importance. However, there are many issues that a start-up needs to address to gain an upper hand. Apart from the challenges of getting adequate funding, competition from the prominent organization etc. one of the biggest problems faced by them is to get quality talent. Though many are willing to join start-up firms today, the percentage is not enough. There is the issue of the image of the company, even if the professionals are fine with joining start-ups, there is social pressure from parents and peers who still believe in bigger names, stability etc.
Though the requirement of employees in start-ups as per number is very less, the quality expected is very high. As experts say the work done by a team of five in a bigger organization, might have to be handled by a single or two in a start-up. For example, asklaila.com has employees less than 40 people in the organization and the work they do is similar to that of any other popular search service.
Start-ups need to be much more stringent in their hiring process, because they don’t have the luxury of making hiring mistakes, and having non-performers in small team. They also need to have people with the right attitude. Pride, passion and perseverance are three factors that are the key to the success of any start-up, and this is not easy to find in the market. This makes the whole process of getting talent much tougher as compared to larger organizations.
Another major factor that is stopping professionals from joining a smaller organization is the compensation offered. Even though the salaries offered by start ups are reasonable, when comparing to multi-nationals and established firms, it is less. Given the importance of a brand name, now start-ups are also keen on creating a brand name and brand recall. Many firms prefer online tools like blogs social networking sites etc. for brand building.
Despite the challenges, there are many who opt for a job at a start-up, as they create plenty of opportunities for creative people and it gives a platform for ideas to be heard and implemented. Even though working for a small firm means a smaller salary in the initial days, employees can enjoy a financial success along with the growth of the company. As the start up firms are booming day by day, more opportunities are on offer and the war for quality talent is going to intensify.