Working for a startup isn’t for all - the Pros and Cons will vary from person to person however here are a list of a few pros and cons we believe there are to working within a Startup...
Work-Life balance, more like Work-work?! Maintaining a work-life balance is difficult especially during the early stages of a startup whilst getting the business established.
Be regimented with your work-life and home-life. Work hard during work hours, leave personal calls/emails/social media alone during this time, then during personal hours you can switch off and concentrate on home life. You can then fight any guilt that you should be doing more work with the knowledge that you have given 100% already.
Low pay and benefits initially. The money won’t be rolling in initially so the company won’t be able to pay those high salaries.
Startups will pay what they can for the talent they need. However, newly formed startups tend not to be able to offer the cash package that larger companies can so they often offer equity to potential employees as well (see pros regarding stocks and potential for huge financial returns). This may be worth something in the future but probably relatively little when signed over to you.
Job stability. Keeping your job once hired is not guaranteed.
Founders are new at this game and are learning as they go along. They will hire the people they need but some may not have the experience to manage employees, workload, and money to keep them. It may be a tough and emotional decision but it's do or die with a startup and you may have to be let go.
With this in mind, it is always best to confirm the redundancy terms when accepting any job.
Lack of structure. Founders may not have the experience of managing people which could leave staff without structure and not knowing who to report to.
Although this lack of structure can form a team that can move in any direction enabling them to gain new customers and maintain a flexible business, key in the beginning, this lack of organized structure can become a hindrance to future growth.
Limited resources. Low cash flow means you won’t have all the gadgets a larger corporation could provide. Learn to make do and carry on!
Startups can be great for personal growth. There is a lot that can be learned from the startup environment. In the early years, your role may be one of wearing many hats. E.g. being the Commercial Manager looking after clients one day and the next being the Website designer creating and managing the website. Prepare for a steep learning curve that will provide you with multi-functional experience which will be a real asset to your future professional growth.
Potential to get an executive position early on if you start early in the company's life. You can avoid the corporate ladder climb within a smaller company.
High-stress atmospheres can lead to higher innovation, creativity, and rewards.
It is acknowledged that this can be a big con for some and that without stress better work can be produced. However, if you thrive in a high-stress environment you could flourish!
Potential for huge financial returns. If you have stocks and the Startup grows big or is acquired by another company you may find your pockets full!
New Business contacts and friendships. Startups are on the lookout for new contacts and clients whereas established businesses may be dealing mainly with repeat customers. You will be creating these new contacts and will create friendships that could last and be useful throughout your career, providing new business opportunities to career changes.