Navigating through the excitement of working for a Startup.

1) Why startups/ SME are important for the economy?

Startups and SMEs are essential drivers of economic growth, innovation, and job creation in emerging economies. They play a critical role in absorbing the growing youth workforce, fostering job opportunities in sectors where traditional industries fall short. By introducing innovative solutions to local challenges like healthcare, education, and access to clean water, startups help these economies modernize rapidly. Additionally, they contribute to economic diversification and increase productivity across various sectors, helping countries like Sri Lanka aim for ambitious goals such as a $15 billion digital economy by 2030. (refer note 1)

Moreover, startups attract both foreign and domestic investment, bolstering the financial ecosystem. Their presence intensifies competition in traditionally monopolized sectors, driving efficiency and consumer benefits. Startups also help emerging economies increase their global competitiveness by creating products that meet international standards. Importantly, they promote inclusive growth by offering opportunities to marginalized groups, addressing inequality, and fostering more equitable development. Ultimately, startups are key to building resilient, competitive, and inclusive economies.

2) What to expect when working for a startup:?

excitement, sense of achievement,? dynamism, chaos, ambiguity, fail fast approach?

The choices you make today create the life you would live tomorrow. Of all the life decisions we face, choosing a career that fits best deserves some good thought, as it significantly influences many other aspects of our lives. Doing a job that challenges you to grow professionally is crucial for long-term career growth and fulfilment.

Startups offer a dynamic environment, accelerated learning, and the chance to be part of a close-knit team. If you're considering joining a startup, you are in for a roller coaster ride. Be ready to drive innovation, take on diverse roles (/? make a tangible impact), as well as for working in an unstructured, chaotic environment.? Be open for? change/ be flexible to adapt to the dynamic environment that evolves with the growth of the company. This dynasim is experienced by the junior intern all the way up to the CEO in a startup.

3) Upside of joining a startup?

High rewards, but back end loaded

• In a startup, initial compensation may be modest, but the long-term potential for financial gain is significant. Founders and early employees often forgo high salaries for equity or other deferred benefits. As the startup scales and achieves profitability or undergoes acquisition, those who contributed from the outset can realize considerable financial returns. This creates a sense of ownership among the team, aligning their efforts with a shared vision and mutual rewards.

• The delayed gratification of stock options, equity shares, or bonuses can translate into exponential financial gains down the road, particularly if the startup succeeds.

Learn to work with limited resources, driving productivity

• Startups typically operate under tight budgets, necessitating resourcefulness and ingenuity. This constraint fosters creativity, problem-solving, and operational efficiency. Employees become adept at maximising output with limited resources, adhering to adaptability, innovation, and quick decision-making skills in the process.

• Cultivating the capacity to succeed in resource-limited settings becomes an important skill applicable to any future roles. It promotes independence, resilience, and the ability to perform effectively under pressure; qualities that are highly valued across all career paths.

Innovation, innovation, innovation

• Startups are inherently centered on disruption and innovation, placing employees at the frontier of developing new products, services, and solutions. The smaller team sizes enable everyone to contribute ideas, take risks, and be part of the iterative process that leads to breakthrough innovations.

• This culture of innovation keeps work exciting and engaging, offering opportunities to work on cutting-edge projects. It cultivates an entrepreneurial mindset and empowers employees to influence the company’s future direction, promoting both personal and professional development.

3)? Employee personality and characteristics required to succeed in a startup environment

Key qualities an employee? should possess/ develop include proactive communication, perseverance, creativity, and the ability to work both independently and collaboratively to survive in a fast-paced work environment.?

4) Culture shock vs working for a steady state corporate?

This is indeed a contrast to working in a steady state corporate firm,? which perhaps has well? written down policies, structures, governance, resources and ensuring more stability. This is driven by the requirement to perform a? predefined set of tasks in a specialized role with a predefined scope. On the flipside, a startup environment offers a wide exposure to everything that is being done inside the company as one would be thrown to the deep end from day #1,? with the requirement to wear multiple hats (that too at the same time).? The limited/ finite resources? drive? innovation given the requirement to overcome obstacles through quick decision making.

A guide to switch seamlessly?

Switching from a steady state corporate role to a startup can be a daunting task and perhaps may not be for all, while highly achievable with commitment and adaptability. Life in a Startup can include volatile working hours and burning the midnight oil quite often: less structure compared to the typical 9 to 5 corporate schedule. Success is largely based on? embracing this demanding nature, leveraging past experience and being open to new roles and a willingness to contribute to various aspects of the business. Corporate experience can significantly benefit a startup through introducing structured processes, strategic planning, and operational efficiency.?

5) Junior Employees

On the flip side, University graduates? can make ideal candidates for a startup environment and could find invaluable opportunities? to gain hands-on experience, diverse skills, and early responsibilities that boost their professional growth. Opportunity to? enjoy accelerated learning, direct impact on business growth along with the opportunity to innovate, which enhance future job prospects.? Furthermore, freelancers would also be ideal for startups due to their flexibility and the ability to plan work effectively. Their experience in managing projects independently and efficiently aligns well with the startup work environment. Having said that, these candidates should be prepared for challenges such as limited resources, a less structured environment, high expectations, and a steep learning curve which can lead to uncertainty with significant responsibilities and facing a fast-paced, high-pressure atmosphere. At times there will be difficulties in juggling work and life at the same time and prioritising tasks to find a balance in between.?

6) Yara Technologies?

Yara Technologies Pvt Ltd exemplifies a dynamic EdTech/FinTech startup which offers exciting opportunities for proactive individuals eager to grow with the company. All joinees? at Yara receive comprehensive guidance and mentorship from skilled professionals, leading to valuable experience that will substantially pay-off. Yara has cultivated numerous individuals who have gone on to achieve significant success in leading corporations. Ultimately, a job that challenges you to grow? not only enriches your career but also positively impacts the ones surrounding you. Hence, selecting a career path that matches your personality, skills and education will certainly prove advantageous over time.

References.

Note 1- https://startupgenome.com/ecosystems/sri-lanka