Well another Powerball Saturday has come and gone and I didn't win. The story last week on the dirt poor, 23 year old rancher winning 232 million dollars was heartwarming except for one thing...he bought $15.00 worth of lottery tickets. Now obviously it worked out for him but if you are dirt poor should you be spending fifteen bucks gambling? What's the point? If you are truly going to gamble why not gamble on yourself?
Even during the worst of economic times there are companies starting up...many times by individuals who were laid off. Should you join a start up? Well think about the pros and cons of joining a startup and possibly hitting the lottery. Working for a start-up company takes a certain intestinal fortitude. You could end up being employee No. 2 of the next hot tech company or you could end up unemployed again in a few months.
What is the upside?
- To see business ideas develop.
- To contribute to those ideas and chart a course of action.
- Collaboration with creative, enthusiastic professionals.
- Changing demands and a flexible, changing, schedule.
- Greater autonomy and authority.
- A quick education in how a business works.
- The potential for large financial rewards.
What can do wrong?
You mean besides the company folding in two months and you no longer have any income? For starters how about frequent confusion about who is in charge of what, how to solve problems without precedents, and the possibility of working with founders "in over their heads" who may act unprofessionally. While you could get rich if the company takes off, one financial mistake can doom the company. "If you want to work for a start-up, you must be courageous and very, very flexible.
Questions you should ask:
- How long the top management team been in charge and how well they get along.
- The source of the company's funding and the projected growth.
- What a typical day is like.
- The plan to improve the benefits program.
- How employees progress in pay increases and whether there is a bonus or incentive pay program.
Every year Forbes brings out its "Forbes 400" of the richest people in the U.S. You will find many of those listed got their start by either starting a company from scratch or joining a brand new company in its early stages. As the weekly layoff announcements prove there is no job security, but joining a startup can bring the same riches as winning the lottery...but it can also create more heartache than just losing your job. It's a gamble but a gamble where you have just a little more control of the outcome than you do in Vegas or with Powerball.
Happy Selling!
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