What it really takes to thrive in startups

group of people using laptops

So you want to work in a startup?

It’s easy to be enamored by the idea of a more flexible workplace, the chance to be more creative, and the allure of joining a company on the rise. But startups are not for everyone.

In this post, we will take a look at the different working characteristics you need if you want to thrive in startups. We will also dispel some of the myths that often keep people from venturing into the startup scene. Let’s get started!

You’re flexible

If you want to work for a startup, you need to be flexible. Things change quickly in startups, and you need to be able to roll with the punches.

That means being willing to take on new tasks and assignments, even if they’re not in your job description. It also means being open to change, and not being afraid of new ideas or ways of doing things.

You like wearing many hats

Do you have a wide range of skills and a willingness to try new things? Then you will fit in perfectly at a startup. In startups, the team is small and everyone wears many hats. That’s just the reality of the situation. So being adaptable is a vital skill to have.

But it’s not just about being able to wear many hats. It’s also about being able to work long hours and be okay with ambiguity. Because in a startup, things are always changing and evolving. There’s no room for ego or complacency. You have to be willing to go with the flow when necessary.

You need to be a self-starter
a lady drinking tea while using her laptop

Image Credits: unsplash.com

If you want to work for a startup, you need to be a self-starter. That means you can’t be someone who needs constant hand-holding or someone afraid to take risks.

You need to be comfortable working in a fast-paced, constantly changing environment, and you need to be able to hit the ground running. In other words, it’s best if you’re not someone who needs a lot of training or someone who can’t work without clear-cut directions.

Startups are all about innovation and creativity, so if that’s not your thing, then it’s probably not the right place for you. But if you’re up for the challenge, then startups can be an incredibly rewarding place to work for.

You need to be okay with change

In a startup, the rules are always changing. The company is growing and evolving at such a rapid pace. Things are always moving and shifting, and you need to be okay with that.

You also need to be okay with chaos. Because in a startup, there’s always disarray. It’s part of the process. You have to not get too attached to any one idea or way of doing things.

If you can’t handle change and disruption, then a startup likely isn’t a suitable place for you. But if you’re okay with those things and you’re ready for a challenge, then a startup could work out to be a great place for steep growth.

You need to be able to respond to swift feedback

When you work for a startup, you need to be comfortable with giving and receiving feedback. This means being able to respond quickly and decisively to any change that comes your way.

In a fast-paced startup environment, there’s no time to waste. Things are always moving quickly, and you need to be able to keep up. If you’re not able to respond to swift feedback, then you’re going to find it challenging to succeed in a startup.

To thrive in startups, you need to be comfortable with ambiguity, enjoy wearing multiple hats, and be okay with a constantly changing environment. You also need to be proactive and take the initiative to make things happen, rather than waiting for someone else to tell you what to do. If you can embrace these working traits, you are likely in good shape to work for a startup and help it grow.

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5 Ways To Budget Your Start-Up Business Like A Boss

There comes a time when your lack of skills on accounting and budgeting will be a dilemma once you opened your small business. You may be knowledgeable in sales and trading but budgeting is important too. Budgeting helps the business owner to determine whether hey have sufficient money to fund the operations, expand the small business, and generate profit for oneself. Without this, you may spend more than what you earn.

The good news is that, there are modern alternatives to make your budgeting feast quicker and easier such as using Smartphone Apps that highlight your business’ expenses. And, on that note, here are the 5 Ways To Budget Your Start-Up Business Like A Boss…

1. DO TONS OF RESEARCH

Businesses may not be diverse but there are similarities. So, do tons of research on the local library, online forums, and start-up business owners about their company’s budget and financial plan. Use a platform like Quora or Yahoo Answers to enable you to ask the users on certain prices of the materials you must use or where to buy them. This will ensure that you get the best deal without spending too much.

2. ORGANIZE THE NUMBERS

After doing your research, organize the numbers by putting it inside an Excel spreadsheet. Analyze and estimate the total amount of money you must allocate on different categories such as raw materials, rent, insurance, and taxes. You may also put the estimated percentage of revenue for each category.

3. USE A SOFTWARE

Aside from using an Excel spreadsheet, you may budget like a pro by using accounting software called inDinero. inDinero helps you run the small business better as it safeguards your transactions, your cash flow, and your expenses. It connects the bank accounts so you can visualize where your money goes. Furthermore, it helps you with your payrolls and taxes. You can also outsource your accounting tasks with company that is willing to provide cloud accounting service such as Quickbooks or Xero for a fraction of the cost.

4. REMOVE THE UNNECESSARY

Upon analyzing your cash flow and expenses, consider cutting the costs of the things that are unnecessary. Save more by taking advantage of the payment terms offered by the supplier or by purchasing on the start of a new billing cycle.

5. BE READY FOR THE WORST

Most of the expenses, such as office supplies and salary costs, are predictable. But some unforeseen things such as higher petrol prices may happen that will spike up your expenses for that month. This is why it is important to be ready for the worst. Do not let these unfortunate events stress you or put you in debt.

Image Credits: John O'Nolan via Flickr with Creative Commons License

Image Credits: John O’Nolan via Flickr with Creative Commons License

 

Sources: 1 & 2

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