ENTREPRENEUR: 5 Essential Pre-Launch Strategies, to Join a StartUp
- Posted by Bibhor Mohanta
No one likes being dominated when it comes to doing a particular piece of work his own way... Startups, break the monotony of a typical work sector, providing much ease and comfort to its employees... A startup company, though, cannot be explained in much detail as each startup company works in a different way...is undoubtedly a great career option to opt for as it has not many competitors in the market...The best part of any startup company is that it keeps evolving with the changing time...
It's a whole new sensation to the young generation, cause people crave for such an ambience at the workplace. But as we all know, " All that glitters is not gold"... similarly, everything might not be as cool and happening as it appears to be... Hence a good amount of research needs to be done about the startup company so that the roller coaster of your life only finds its way up with time and not vice-versa. So the 5 cautions or the calculative steps one needs to pre-assume before joining a startup are:
A good, detailed study of the product and service offerings and its Unique Selling Proportion (USP) needs to be done before thinking of joining the startup. The particular firm must be innovative and provide benefits both technologically and economically to its consumers and win the confidence of their targeted consumers...
A startup company will always be prone to many risks, as there is no certainty of market growth and competition may creep in any time... hence one should prepare himself both mentally and financially before entering the firm to face the harsh consequences if need be.. also since it is a startup, one may have to go on working without pay for several months as the company may take some time to establish itself in the market.
SOCIETAL /ECONOMIC/POLITICAL IMPACT
According to the consumer psychology, people tend to remember or prefer those ideas which have left a powerful influence on their mind. The firms which are able to leave a greater impact tend to get major boost ups from the government or policymakers.
PROMOTER CREDENTIALS, TRACK RECORD, INVESTORS AND MANAGEMENT TEAM
The fundraising strategies and the background of the investors need to be known well as it may have an impact on the preferability of the agenda in the longer run. A variety of experience and expertise might be brought by the investors when they are global. A careful evaluation should be done of the track record and credentials of the promoter and the management team. This is one of the most important parameters that should be considered while making a decision whether to join the particular firm or not.
MARKET GROWTH RATE OF THE PRODUCT/SERVICE AND ITS POTENTIAL TO GROW
One always makes it a point to get into an organization which has some minimal reputation or social standing in the market or has the probability to establish itself soon. Scalability of the product or service is critical to take a decision whether the firm can sustain the short term and long term headwinds in the industry or market. One need to evaluate whether the offering is a copycat or new innovation which is first of its kind in the market, as it means a lot if the organisation is a leader or follower in the industry.