Depending on who you would ask, joining a start-up company can be exciting and rewarding or it can be quite risky. These responses are both correct, it’s a matter of perspective and preference. As an agency that has helped many start-ups in the region, hiring for start-ups can be quite challenging but experience taught us a few tricks.
When we interview candidates for startup roles, it’s good to look for similar previous experiences with startups from the past, but that’s not all. If candidates exhibit examples of being a self-starters, able to work independently, and showcase success, they can also be good candidates for startups.
This is where the candidates’ MSA (Most Significant Achievements) separates the most suitable from the rest. Candidates who exhibit being a self-starters multiple times within the span of their career are who you should look for, so you can be sure that their success is not a fluke. Why this professional trait, in particular, you ask? Let me expound.
"Being a self-starter exhibits initiative and leadership qualities"
The ability to be a self-starter is a very good trait to have in a candidate for a startup role. Being a self-starter exhibits initiative and leadership qualities, they take charge and drive projects forward. People who are self-starters also tend to be very productive, they don’t rely on external deadlines and supervision to get things done.
To be an efficient and effective self-starter, it’s important to cultivate a few things. First, always set clear goals even though you have the energy to initiate a project. If you don’t set goals and milestones, you might lose steam easily. This is important so you can stay focused and motivated. Another is staying organized and developing time management skills. It is essential to keep track of your commitments, deadlines, and priorities
On the other hand, if your candidate thrives in an environment that follows strict SOPs and very clear and designated responsibilities, then an established large MNC might be the right fit as a company. This is not to say that these types of candidate profiles are not any good, they can both be A candidates, it’s just a matter of matching them with the right type of working environment that would bring out the best in them.
If you are considering joining a startup, it will be beneficial for you to understand where the company stands at the moment and how far along they are in terms of funding so that you get the full view of the opportunity you are dealing with.
What are the different stages of funding and what does that mean for a tech start-up company?
Seed Funding is the first official equity funding stage. It represents the first official money a business venture or enterprise raises. Seed funding helps a company finance its first steps, including market research and product development. With seed funding, a company has assistance in determining what its final products will be and who its target demographic is. Seed funding is used to employ a founding team to complete these tasks.
“This early financial support is akin to watering the seed planted during pre-seeding. Given enough revenue, a successful business strategy, and the perseverance and dedication of investors (enough water and care), the company will hopefully eventually grow into a fruitful tree." (From an article in Investopedia.com)
Series A funding. Investors are not just looking for great ideas, rather, they are looking for companies with great ideas and a strong strategy to put these ideas into business plans. Typically, these funds come from more traditional venture capital firms.
Series B Funding comes in to take the business to the next level by expanding market reach. An emphasis on business development, sales, advertising, and employee engagement to support the growth of the company planned.
This series of funding is often led by many of the same characters as the earlier round, including a key anchor investor that helps to draw in other investors.
Series C Funding, the businesses that raise Series C are already quite successful. These companies look for additional funding to help them develop new products or expand into new markets. Series C funding focuses on scaling the company.
Most commonly, a company will end its external equity funding with Series C. For the most part, companies gaining up to hundreds of millions of dollars in funding through Series C rounds are prepared to continue developing globally.
Series D Funding is all about propelling your venture to unprecedented heights. At this stage, the company has already established its market presence and demonstrated substantial revenue growth.
There’s still series E, F, and so on but they more or less give you the idea that the company is established enough in the market.
What skill sets would set you apart as a good candidate for a tech startup role?
In a start-up environment, dealing with ambiguous situations can be a recurring ordeal. However, people built for start-ups thrive in these situations because ambiguity can trigger some valuable professional traits.
Creativity and innovation would be high on the list too. In a situation where you don’t necessarily have all the information you need, people tend to think outside the box, bringing out their creativity and ability to innovate. Another one is problem-solving skills, especially anticipatory ones are valued immensely. They try to answer the what-ifs in an ambiguous situation, the possible ways things can develop, and then problem-solve beforehand so they will be as prepared as they can be. They hope for the best but they also prepare for the worst. They are also flexible to tweak or change their approach to what is needed to move the needle.
Usually, these people also exhibit effective communication skills. In fact, the more ambiguous the situation, the higher the need to clearly define the problem and what information is needed to formulate a plan, problem-solve, or simply bring more clarity to the tasks at hand. These will need some knack to dig more, research, and ask questions, whether internally or externally.
These people are usually not afraid to ask questions and are able to communicate in such a way as to draw the info they need from different sources. In a startup environment, things can change in an instant. Be sure to ask for input and feedback, and learn from your experiences.
Lastly, take ownership and be accountable. Accountability is vital in a startup environment because it highlights and focuses on results, allows for efficient resource management, as well as builds trust and credibility amongst your team. By holding yourself accountable for the outcome of your initiatives, the startup can increase its chances of success and competitiveness in the market
In summary, it takes a combination of specific skills, perspectives, and preferences to be successful in a startup environment. It is not for everyone and not for the faint of heart.
Do you think you have the personality to work in a tech start-up?