How should one evaluate a potential startup to work at?
Which factors should be considered when applying to work with a startup? How should someone evaluate the company's team and potential for success? Answers from anyone with venture capital/startup knowledge or experience would be greatly appreciated.
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Can you be contributor to their ideas and development? Are you willing to sacrifice what you would make with an established company? Do you believe in their Mission and vision? Do you like the people at the startup? But most of all, if all other statements are true then you have to understand that there's no true time frame as to when this startup company will be successful. So if you are willing to stay the course then you may have something.
You need to talk with the startp team, look at the deal that they are giving you, and there potential to get funding from an Angel investor. You may have to try working with a couple of startups to get a better idea to set your evaluation criteria.
The business plan will go a long way in evaluating any business. Check out such sections in the plan,
The market section-is there enough market for the products/service, the sizeof the market, is it a growing and at what rate and competition, conducting your swot analysis besides the managers-their qualifications, wealth of knowledge and experience and their tract record,
Hi Mr. Warden,
First question I would ask is:
a - Is the product/service something I would die to buy and consume at a repeated rate as a sustainable habit?
b - Is this a me-too product that is fighting for a slim market share or something innovative and patent protected?
c - Is the affordability across all demographics of the population?
d - Questions to evaluate the potential for success or risk of failure?
e - If he equity they offer is something I would like?
f - The time I invest there - would it affect my daily job and primary source of income?
g - List goes on and on...
We can discuss more of it if you are interested in an offline discussion.
In my experience - the most important things are the passion, experience, and past successes of the management team. If they are disorganized and lack expertise it will spiral through the organization and they will be their own worst enemy. Funding and customers come if they have a good process and vision to articulate their value. Economic variables are out of your control- you can't anticipate everything - sometimes luck and timing just aren't with you- but passion and discipline are critical to get through the challenges out of your control.
The company profile is the key, the product mix, the potential market, and the feasibility of making the venture viable. The numbers, the technological grades and the start up costs, all these should be evaluated.
Ask to see their business plan, if they have one. If they do not have a plan, or are unwilling to share the plan with you, I would look elsewhere.
It is CASH the most critical success factor. To secure success, one should measure his potential success by assessing his periodic net cash cash inflow. I would recommend you go through the following process:
--Decide your products and marketing mix
--Take account of all business variables and market influencing factors
--Ascertain the availability of the team and resources that make business success doable
--Assess the shape of results and bottom line figure
--Sensitize the forecasted results
--Go ahead only when you're sure of the results
Thomas a good question but the answer is not what you might think. Most people don't do this part right and find themselves giving up when the road gets rough. First and foremost understand that the business is NOT the end goal it is a vehicle to get you there.
With that in mind the first first step requires deep introspection, what is it that you'd like to achieve next OR better yet ultimately in your life? Once you understand the answer to this question then you can determine the ways that you might achieve this by starting a business. Make time on your calendar to work on research about this kind of business and DO IT!
Our SPARC process may help you better understand what to do. Here is a link: http://dinoeliadis.net/business-solution/
I hope this is helpful. - Dino