Pros and cons of a Startup
The idea of a startup is very appealing in today’s job market. Looking up to entrepreneurs who make a difference and more money than you would make in our lifetime at our current job is enough to start rattling your brain for ideas. The success rate isn’t high but those who make it big become the pioneers of our age. Look at Mark Zuckerberg, if he had taken up a comfortable job, then he would never have made it to the list of billionaires this early in his life. Similarly, how many people do you know who invested their time and energy in a startup and became successful? There must be thousands like him, but only a handful of people make it to the top. Does that mean that you give up even before you try and get back to your desk doing a job you most despise? No, get together with like-minded people to brainstorm but make sure you protect your idea.
You could end up inspiring someone else who has what it takes to go the distance while you remain in the shadows of success because you didn’t take a risk. Have a great idea? Nourish your idea while weighing the ups and downs of the idea to make a feasible plan. Think about the commerce angle as well because underfunded plans are the primary reason for the end of promising start-ups. Hire a financial planner and get your funds in order. You have to have the right plan that is realistic and can achieve those goals with ethical means.
Let’s look at the positive aspects first before taking the plunge in the startup market. If you venture into a startup company, then you are a partner in the earnings. Considering a lot of start-ups begin in college, you will have a few college friends to share the ocean of wealth coming your way when your product or services become successful. When the company becomes wealthy, you get a direct benefit as a reward for your risk of not following the herd and making it on your own. You can have fun in your 30s and 40s when you are still young enough to enjoy life, and almost everything is within your grasp because you can afford it.
You can hire HR Outsourcing firms to expand your company and get the right staff under your wing to continue heading the right direction. You get decades of experience in a few years because, unlike being just another employee at a multinational company, you are the one who takes decisions. It’s your neck on the line for every choice. One incorrect settlement can break the company, but the flipside is true as well.
One crucial wise decision can propel your organization to new heights. Either way, you learn at every step. Irrespective of which direction your professional life takes you, you will be an extremely experienced professional. Some people like the thrill of the hunt in the wild while others crave the excitement of making it big on their own in the urban jungle. An important factor that motivates people to make it on their own is that they are their boss. The thrill of not having to answer to anyone but yourself is beyond words. People will demotivate you and dwell on the risks, but that is a plus point for a lot of individuals who enjoy the long hours because the enterprise is like a child.
It needs to be given constant attention, but all of it is worth the thrilling experience of winning big because you can very easily lose it all. There are some harsh realities of start-ups that you should be prepared for before diving into the market. The paycheck is not going to be regular. Even if it is, you may not get even close to what you could earn if you work at an established company.
You may not have a job profile at all because you are filling in for multiple positions. Juggling many roles can get very frustrating at times. You may even have to work for extended periods without pay because without the company making money, where will your salary come from? You will have to alter your lifestyle and dip into your savings while you breathe life into your organization. You will most probably have to work using second-hand computers or outdated software because your company doesn’t have the money to afford the latest hardware and software.
Budget constraints will also reflect in other areas as well from office space to equipment depending upon your startup's field of work. You may have to use discarded equipment or refurbished supplies. You will have to excel in the use of what you have and repairing old gadgets to work till your startup can start bringing in the expected revenue. You can’t expect to work an eight-hour shift and go home. Depending on your deadlines, you may have to work all night, on weekends and during holidays as well. You will have to put in the effort along with all the people involved in the business to make a name for itself. Overtime will become the definition of your office time, and the sooner you get used to it, the easier it will be for you.
A lot of start-ups fail, and they do so pretty early in life for a variety of reasons. You need to be prepared for that possibility as well and have a safety net in the form of a job that you can get into once the startup is completely dead. You need to believe in the idea of your startup; otherwise, it cannot flourish.
But, you have to be realistic about your plans in life, and if things are not working one way, then you will have to move on and take a different path that has to be in your interest but spells the end of your dreams of a startup.
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