| Offered a job in potential start up company. 09:21 - Aug 31 with 2608 views | runningman75 |
I have been working in an established company for a while and sometimes go through the motions of work which I can do a lot of in my sleep. Was looking on job sites and had 2 telephone interviews for a company and was then invited to meet the team. The team consisted of 3 managers and an admin person .The office is in a prime location in London. I have looked into the office suites and some of them are temporary offices so am concerned about that. There will be 2 other people employed in September. They are offering me the same salary I am now and seem to have expertise in their field. However am concerned about leaving a relatively more secure job ( in today's climate nothing is so secure) , and taking the risk of going to a company which could decide to move or not get the business they need. I checked the linkedin profiles of directors.
The CEO wants me to get back to her by Monday though I am trying to work out feasible questions to ask such as how long the lease is for where they are as do not want them to move in under a year and also wondering about question of salary. As they are seeking contracts with people I feel for the risk taken I should be on a lot more money rather than leave somewhere with a pension and some security which is established in the market to going to a potentially new place. Anyone had start up experience? |  | | |  |
| Offered a job in potential start up company. on 09:37 - Aug 31 with 2558 views | RangersDave |
First of all, check them out on companys house, its free to do so.
Then do a general name and company google, and see what comes up?
If its a company that makes product or supplies stuff, then check google for feedback on them?
Otherwise, if in doubt, leave it out! |  |
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| Offered a job in potential start up company. on 09:40 - Aug 31 with 2528 views | 2Thomas2Bowles |
50-70% of startups fail within the first 10 years
50% of all business fail
I would want to know a lot more about these 3 managers, so you have to interview them.
Think Mark Hughes |  |
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| Offered a job in potential start up company. on 09:48 - Aug 31 with 2524 views | californiahoop |
I have done start-up’s on several occasions, some have been successful some have been hmmm.
You should be looking for shares, dividends and more importantly, copies of they CV’s, they need to prove they have the experience and expertise to attempt this project.
I am a risk taker so it easy for me to take chances, it takes time for these types of projects to take flight, you have to be prepared for hard times.
They must be able to assure you they have the funds for say, the first twelve months.
Good luck with your decision, all I say is, I have built companies that are now turning over millions and some that have been liquidated! | | | |
| Offered a job in potential start up company. on 09:49 - Aug 31 with 2516 views | Toast_R |
I would advise caution, if they're not upping your salary is it worth the risk? My job is also quite boring but the flexibility and security it comes with is worth a bit on top of my salary alone I fee.
A mate of mine got a bit screwed doing something similar. He left a secure number and joined a company that had just opened up a new avenue of their business and was offered a fat pay rise and was told he would be managing the accounts of their biggest customers and he'd have a lot of management responsibility hence his salary and commission base. Turned out it was bull and rather than managing accounts he was just told to go out on the road cold calling local businesses. Needless to say he found it odd that they were paying him so well for a job a school leaver could do with a bit of training but carried on for a month before the CEO called him and his team in for a meeting to tell them the section of the company had failed, they would be folding and he was out on his arse and as he'd been there less than 6 months, his redundancy would be minimal if at all. He didn't take it lying down though and managed to get them to pay him off a years salary in compensation as he'd blatantly been lied to. His last day, where he's been scrimping on his allowances by booking cheap hotels and meals, he went to town in a 5 star hotel, had the works in their restaurant and bought everyone in the bar a drink. Apparently the company were asking him to provide receipts for that lot for a while before they gave up. |  | | |
| Offered a job in potential start up company. on 09:52 - Aug 31 with 2511 views | robith |
A lot of my clients are start ups, albeit ones making their moves into serious advertising.
They can be exhilarating places to work, but there are risks. 80% of start ups fail, and often they can be not anyone's fault. It takes a certain personality to drive that forward and take a risk potentially shaping a successful business the way you want it. Often it's down to senior leadership, and that can feel overbearing as they struggle to let go. I wouldn't worry about the office space though, I have a client who has been based in a WeWork for 10 years.
Maybe I'm out of line here, but reading your post and your clear (understandable - I couldn't function without a steady pay packet) focus on financial security I worry it might not be the right kind of place for you? |  | | |
| Offered a job in potential start up company. on 09:56 - Aug 31 with 2487 views | pastieR |
As the other say, check out their finances, if there is no history on companies house.
Are they willing to share their forecasts/trading history, similarly what funds the business has raised/left to support it going forward.
On the flip side, I've seen that it can be very rewarding for those who joined at the start (if they've been included in equity) | | | |
| Offered a job in potential start up company. on 10:12 - Aug 31 with 2428 views | SimonJames |
What is their strategy? How are they going to grow?
How are they being funded? Is it sustainable, i.e. from existing sales that are growing, or is it vc backed investment (or a loan) which could be burned through before they get enough revenue to continue?
Why will people want to do business with them instead of their established competitors? What is their USP? Is it strong enough to make the sale?
Why do you want to work there, as opposed to another new opportunity, or staying with your current employer? Perhaps you could speak to your employer and ask for something more challenging. |  |
| 100% of people who drink water will die. |
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| Offered a job in potential start up company. on 10:24 - Aug 31 with 2393 views | ingeminate |
Do you due diligence, but beyond that if it is a small company accept that regardless of what you are told in interview there is a good chance it will go belly up.
If you believe the people you met can drive the business forward based on their previous track record and your gut instinct then go for it. |  |
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| Offered a job in potential start up company. on 10:26 - Aug 31 with 2383 views | californiahoop |
| Offered a job in potential start up company. on 09:56 - Aug 31 by pastieR |
As the other say, check out their finances, if there is no history on companies house.
Are they willing to share their forecasts/trading history, similarly what funds the business has raised/left to support it going forward.
On the flip side, I've seen that it can be very rewarding for those who joined at the start (if they've been included in equity) |
If it’s a start up they will be no history in companies house. | | | |
| Offered a job in potential start up company. on 10:29 - Aug 31 with 2358 views | thame_hoops |
Asking for career advice on here... have you not read this board before  |  | | |
| Offered a job in potential start up company. on 10:57 - Aug 31 with 2299 views | eastside_r |
As others have said, you need to do your due diligence. Maybe I don't correctly understand business-speak but as far as I am concerned 'start-up' [an Americanism?] just means a new company.
Fact is the majority of new businesses fail.
There are also a lot of chancers around. Don't just check the directors on LinkedIn, follow up on their history (failed companies etc.) on Companies House and/or a free service like 'DueDil'.
In terms of your current security versus the risk of better rewards that is the age old question.
I think it very much depends what business / industry you are in and you sound like you are well established in whatever it is; so your knowledge, experience and gut instinct should serve you well. |  | | |
| Offered a job in potential start up company. on 11:10 - Aug 31 with 2269 views | Ashdown_Ranger |
This is just from my personal experience - your situation might be completely different.
Offices on 'prime London location'. I knew people who set up in a prime London location, assuming their potential customers would somehow be impressed by their postcode. It was horrifically expensive, clients weren't impressed by the address and they folded pretty quickly.
The FT suggests start ups in London have a 51% chance of failing within the first 3 years.
One of the biggest reasons for failure is the business owners' assumption that their product/service is going be hugely in demand, when in fact it isn't. How confident are you the company's product/service is in demand?
Are the owners working full time in the business, or have they set it up as a sideline in the hope it may take off?
A new venture is exciting, but risky. Do you have family and/or mortgage commitments?
Leaving for a job on the same money, higher risk and fewer benefits (you mentioned the pension) seems odd, unless you have benefits elsewhere - maybe saving a lot of travelling time, more seniority/responsibility (although on same pay scale, could look good on your CV), the ability to work at home, more flexible hours...
My gut feeling says negotiate a better deal at the new job (higher pay/equity FROM THE START - don't fall for promises of 'jam tomorrow') or keep looking for something better - or promotion at your current job if that's a possibility? [Post edited 31 Aug 2018 11:12]
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| Offered a job in potential start up company. on 11:44 - Aug 31 with 2204 views | DavieQPR |
| Offered a job in potential start up company. on 11:10 - Aug 31 by Ashdown_Ranger |
This is just from my personal experience - your situation might be completely different.
Offices on 'prime London location'. I knew people who set up in a prime London location, assuming their potential customers would somehow be impressed by their postcode. It was horrifically expensive, clients weren't impressed by the address and they folded pretty quickly.
The FT suggests start ups in London have a 51% chance of failing within the first 3 years.
One of the biggest reasons for failure is the business owners' assumption that their product/service is going be hugely in demand, when in fact it isn't. How confident are you the company's product/service is in demand?
Are the owners working full time in the business, or have they set it up as a sideline in the hope it may take off?
A new venture is exciting, but risky. Do you have family and/or mortgage commitments?
Leaving for a job on the same money, higher risk and fewer benefits (you mentioned the pension) seems odd, unless you have benefits elsewhere - maybe saving a lot of travelling time, more seniority/responsibility (although on same pay scale, could look good on your CV), the ability to work at home, more flexible hours...
My gut feeling says negotiate a better deal at the new job (higher pay/equity FROM THE START - don't fall for promises of 'jam tomorrow') or keep looking for something better - or promotion at your current job if that's a possibility? [Post edited 31 Aug 2018 11:12]
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Three managers and one Admin ? Sounds all chiefs and no Indians. Unless you are the Indian. |  | | |
| Offered a job in potential start up company. on 12:46 - Aug 31 with 2091 views | Gloucs_R |
Unless you are getting shares I wouldnt touch a start up. Too much risk and not enough security....if its successful, what do you get out of it? Risk v reward. If the reward is high enough and you can manage the risk in your personal life....then go for it. But i suspect its not.
Like others have said, do extensive homework first. |  |
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| Offered a job in potential start up company. on 14:13 - Aug 31 with 2011 views | PBLOCK |
I would say be a bit wary.
There's an old saying that you stay to get promoted and move for money.
Leaving as you describe something stable with benefits for a start up on the same pay is not exactly massively enticing. They can promise you the earth but there are no guarantees. As you are moving for the same.money what shares,dividends etc are they offering. If these are attractive and you think this could be the new best thing then it may be something to consider, if you have decent share options and they float in a few years you could be well compensated down the line.. If none.of these options are forthcoming I would query why?
If you have been with your current employer for over 2 years you have certain employment rights protected. If you leave and join the new firm on the Monday they can sack you for no reason on the Tuesday and all you will be entitled to is your notice period.
If the role is appealing and gets you excited then bargain hard for better pay , shares etc. At offer stage companies expect to negotiate and if you are their preferred candidate asking for a few extra grand isn't going to break the deal, they may say yes they may say no but at least you have tried. Pay rises once in a role are less forthcoming than negotiating a better salary at offer stage.
Good.luck with whatever you decide. | | | |
| Offered a job in potential start up company. on 17:39 - Aug 31 with 1840 views | R_from_afar |
Is there the chance to move up, or sideways and then eventually up, in your current organisation?
I'd ask your potential employer for their business plan, but more importantly, the research underpinning their growth forecasts. Is the research from a reputable, well known source? Who are their competitors and how long have they been around? If the start-up is a technology company, is it a Gartner "cool vendor"? What is the organisation's key challenge? Be wary of woolly answers like "To raise the bar".
If you get the job and decide to go for it, scrutinise the hell out of the contract and don't be afraid to challenge them about it. Where will you be based? What are the severance terms? Who is your manager? Will you get share options?
Good luck whatever you decide.
RFA |  |
| "Things had started becoming increasingly desperate at Loftus Road but QPR have been handed a massive lifeline and the place has absolutely erupted. it's carnage. It's bedlam. It's 1-1." |
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| Offered a job in potential start up company. on 18:05 - Aug 31 with 1797 views | ted_hendrix |
I'm retiring on the 23rd September after being with my Company for 38 Years.
Better the devil you know and all that,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, |  |
| My Father had a profound influence on me, he was a lunatic. |
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| Offered a job in potential start up company. on 23:01 - Aug 31 with 1687 views | goldcoasthoop |
Ask the QPR board they will put you right? | | | |
| Offered a job in potential start up company. on 23:32 - Aug 31 with 1662 views | GroveR |
If it's a tech start-up, I'd recommend reading Chaos Monkeys by Antonio Garcia Martinez. A crackingly irreverent look at the shìt you'll have to wade through. I could have ticked off almost every one of the situations he recounts at a former employer. |  | | |
| Offered a job in potential start up company. on 02:39 - Sep 1 with 1603 views | timcocking |
Hmmm. Be careful. If it isn't a financial improvement, it seems like it could be something that turns out to be a mistake.
My Dad refused to take orders from anybody else, like everybody in my family, so Lord knows how many start up companies we tried. Modelled himself on Arthur Daley and Del Boy. Frequently hard and stressful and usually total failiure. I remember working 20 hour days seven days a week. My brothers seriously had to get up at 3am before school to work. They'd be taken into care nowadays. Ended up fcuking starving and homeless half of the time. Don't forget in Britain, the government will be making you jump through hoops and generally trying to hinder the company in every way possible to make damned sure it's a failure.
I've found people who aren't self-employed (not that you would be) always fancy it. It's awful. No holidays, no time off. No security. Much, much more stressful. I'd strongly advise anybody to think hard before giving up the safety and security. |  | | |
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