You have had a successful career to date. You are either recently qualified or have successfully climbed the corporate ladder. Then, you encounter a funded, successful start-up and think it might be the one for you. It’s time for a career change – or is it? Rob Mac Tighearnain outlines the key considerations.
First, let’s talk about the reality of a start-up. The truth is that all start-ups are the same – we are faking it till we make it. It’s the nature of the game, but what does it mean for you if you join?
Once you step behind the pretty start-up exterior, you will either find nothing at all or chaos. The likelihood is chaos, and it’s not because the existing team is careless or incompetent. On the contrary, they are incredibly talented.
The harsh reality is that start-ups run on a shoestring. It’s the survival of the most resilient, so when you join, you will likely be faced with a fragmented department trying its best to juggle everything and keep progressing at breakneck speed. As a result, things will be dropped and/or missed.
But don’t let this daunt you. We will talk about how to navigate your first 90 days later in this article.
Two years in one
I tell everyone I meet that the work you do at a start-up isn’t necessarily the most time-demanding job in the world. However, it is some of the most intense and unrelenting work you will ever do.
Every decision you make will materially impact everyone around you and likely affect the ability of the start-up to continue to move fast and, crucially, to scale. However, the following realities must be borne in mind:
- the data you have is likely incomplete;
- the issues you are trying to solve today are evolving continuously;
- when it comes to software, you may not have enough resources for a large implementation;
- what you do must be straightforward and understandable to those who need to know because they are busy solving their own challenges;
- whatever ‘it’ is, it must scale; and
- it must be able to support the organisation as it evolves and pivots rapidly.
So, how do you make decisions in such an environment? Keep your finger on the pulse and make sure you know what is happening in other departments. If you know where other teams are going, you won’t make departmental decisions in a vacuum.
To fail, or not to fail…
If I’m honest, your chosen start-up will likely not be as successful as everyone hopes. Nine in ten start-ups fail, and even those backed by venture capitalists have a success rate of just 25%. So, go in with your eyes wide open.
Financial reward aside, working for a start-up is, in general, incredibly career-enhancing. You will learn how to survive in a challenging, fast-paced and resource-constrained environment. Any company you join (after the likely failure or flatlining) will be lucky to have you with the experience and skills you have gained.
Whom will you work with?
At a start-up, your colleagues will probably be some of the most resilient, resourceful, and courageous people you’ll have encountered in your professional career to date. They will care deeply about the organisation’s success and go to incredible lengths to achieve it.
Ensure that you gel with those you meet during the interview process, as there is no escaping anyone in a start-up. The team you join will be very lean and likely nowhere near as well-resourced as your previous corporate job.
Having the right people on board is everything for a start-up. You move so fast that there isn’t time for ego or office politics. You need to know the culture you’re joining and that you can work with everyone, because the start-up will become your second family.
Time to listen and learn
By now, you have evaluated everything and decided that joining a start-up is the right decision for you. But now what? First, listen and learn – and then stop.
You’ve just joined a business into which the founder (who is likely also the CEO) has poured everything they have. You have been evaluating the business for one week and spotted many issues and opportunities to put out fires. However, remember that the business has gotten this far; it doesn’t need you to get out the firehose and drown everyone.
The key is to listen and learn for at least the first month. This is always harder in a start-up because there are always urgent issues, some of which might appear to be ‘company killers’. Solve those, of course, but keep resisting the urge to overhaul things too quickly.
Once you listen and learn, you will understand the underlying business and what is deemed a priority. You will also know why specific issues remain unresolved and why others are dealt with quickly. This will help you formulate your goals and strategy, and your approach to the start-up’s issues will evolve dramatically. You will recognise issues that need immediate action and, most importantly, those that are bubbling beneath the surface.
The main reason you have been hired isn’t to fight the fires that exist. It is to stop (over time) the fires from catching light at all. That’s why taking time to listen and learn at the outset is so crucial.
Now, go and join
Nothing is for granted, and everything comes with risk: so, should you really join a start-up? Absolutely. It will be the biggest, most all-consuming challenge of your professional life, and you won’t regret it.
Rob Mac Tighearnain is Head of Finance at Tarabut Gateway.