There is a lot of employment opportunity associated with startups around the world. They are the fountains of new ideas and progressive thinking, constant innovation and exciting projects. Some of them blossom into fruitful business ventures, yet some are doomed to fail. So how do you – as a job seeker or potential startup employee – tell the difference?
There are a few things you can look at that will help you identify how stable the startup is.
Getting To The Root of The Startup
To start with, you’ll need to do some digging. Most of this information might be freely available on the web, but you should use the interview as an opportunity to dig deeper and gain an understanding of where the company is going and what to expect.
1. Who are the investors? If they are big brand names that have invested previously in successful ventures, then the one you’re applying to will probably be a good bet
2. Who are the team members? Have they been involved in inspiring projects before where they’ve hit the ground running and made exceptional things happen? You’ll find that industry greats are attracted to promising startups that have a bright future ahead
3. What past success have the founder(s) had? Do the founders have a track record in the industry? Have they ever had an exit? Even better, have they had multiple exits?
4. What is the product or service and does it have a place in the market? Do some research into similar ventures – if there are any, if not, you’ll have to use your instincts and market knowledge
5. Is there a strong support network?
You can also look at other successful startups and try to identify what elements led them to succeed. Similar aspects might be visible in the startup you’re applying to.
Questions To Ask The CEO
Don’t be afraid to get right to the point during your interview. Ask the CEO or interviewer all the necessary questions to get an understanding of the current and future status of the startup.
1. How much capital does the startup have?
2. When is it expected to break even?
3. What are the key milestones for the next 6 – 12 months?
4. Is there ample funding to support these milestones?
5. How many new people are they hiring in the next 6-12 months?
6. What are the potential revenue models? If one model fails, what are the back ups?
7. How extensive is the market that the startup is working in? and who are the competitors?
8. What is the hierarchy of the company?
If you’ve got other questions you think should be added to this list, please let us and our readers know.
Image courtesy of: startrup.tumblr.com