So You Wanna Leave Your Job For A Startup?

About the Author:

After a stint at a UK based NGO and then ILO , I went into banking, My journey began as a sales officer at the largest local bank before moving to Barclays, where I gained valuable experience in Payments, Treasury, Credit and Customer support for Business customers. Seeking new challenges, I then served as the Head of Payments at a regional bank in Eastern Africa, honing my expertise in the payments space. Eager to expand my horizons, I joined Ecobank as the Head of Corporate Banking & Payments Business, There I led a 20+ people team in managing relationships with corporate clients, fintechs and payment partners including Mastercard, Cellualant, Flutterwave, VISA, Mpesa, Facebook, Google and UBER. Now, driven by a passion for innovation and building meaningful products. I left banking for fintech and I don't think I am going back, but I keep going back as, profitable partners, we build the future of financial services which is better, inclusive and useful in Africa.

Introduction:

In today's rapidly evolving business landscape, the allure of startups has captivated many full time professionals seeking new challenges and opportunities outside the confines of traditional corporate environments. As someone who successfully transitioned from a corporate job at a bank to working in the startup world, I have personally experienced the transformative power of this career shift. In this article, I aim to reflect on my journey and share five key recommendations for full-time employees at big corporations, specifically banks, who are considering a move to the dynamic world of startups. These are recommendations based on what I know now, I might be limited by that and that is okey, just roll with me, You may find a thing or two.

The 5 key recommendations for those who wish to leave their corporate 9-5 jobs to join startups.

1. Develop Transferable Skills So You Can "wear multiple hats": When transitioning from a corporate job to a startup role, it's important to focus on developing transferable skills that are highly valued in the startup ecosystem. Skills such as sales, operations, customer management, product development, project management, communication, finance management, negotiation, and partnerships are critical for success in startups. Identify opportunities within your current role or seek additional responsibilities that allow you to enhance these skills. Showcase your ability to adapt and excel in various areas, as startups often require versatile individuals who can wear multiple hats.
2. Gather Deeper Domain Experience To "Break and Build Faster": I always say you got to be able to "break a bank to build a better bank", To truly excel in the fast-paced and ever-evolving startup ecosystem, it is essential to have a practical understanding of how things actually work as opposed to theoretical understanding. This kind of experience-backed understanding goes beyond academic knowledge or imaginative ideas without reality checks. It is the ability to boil things down and build them from the ground up, based on firsthand knowledge of their inner workings and general practices. It allows you to see the bigger picture and the "smaller picture at the same time", identify potential challenges, and find innovative solutions as you go. By broadening your experience across different domains, you will gain insights into how these functions interconnect and operate within a startup environment.This diverse domain experience will equip you with the practical understanding necessary to navigate the complexities of a partnerships and regulators.
3. Build Relationships and Networks, it might be "the only missing piece": Building strong relationships and networks is crucial in the startup industry. Cultivate connections with former colleagues, industry professionals, and friends of friends who may provide valuable insights and support. Networking should also extend to your competitors, as they might become future partners or very important collaborators. Emphasise the importance of relationship-building in your journey to a startup career , as these connections can open doors, bring deals, investors to valuable opportunities to collaborate. As you prepare to jump make sure you also have fair connections and good rapport (or at least a not bad taste of you) with the regulators or officers working at licensing agencies.
4. Join a startup with a full time technical founder: Joining a startup with a highly technical founder gives you the opportunity to work closely with them to build and refine the product or service. In this dynamic, the technical founder will primarily focus on developing and building the core technology or solution, while your role will be to ensure that the product works as intended and meets the needs of targeted customers. Your expertise lies in creating the core useful product (CUP) that customers are willing to pay for. As you collaborate with the technical founder, your understanding of the market, customer requirements, and industry trends will be crucial in shaping the development process. You will provide valuable insights on the practical aspects of the product, ensuring that it aligns with customer expectations and addresses their pain points. In one sentence, I am saying you and the tech guy should be able to build and acquire the first few customers before any additional hires.
5. Live in the future, Hang out with your future colleagues. Keeping tabs on the startup ecosystem years before you make the jump is an essential strategy for a successful transition. By actively staying informed and engaged with the startup landscape, you can gain valuable insights and develop a startup mindset even while working in a corporate job. This knowledge will not only expand your understanding of the startup landscape but also provide you with valuable insights into emerging technologies, innovative business models, and disruptive trends. Engaging with the startup ecosystem allows you to build connections with founders, investors, industry experts, and other professionals in the field. Attending startup events, conferences, and meetups provides opportunities to network, exchange ideas, and potentially find like-minded individuals or future co-founders. By observing and learning from the failures and successes of startups, you can gain valuable lessons that can inform your own transition. Understanding the common pitfalls and best practices will help you make informed decisions and mitigate risks when you eventually join the startup world. Additionally, keeping tabs on the startup ecosystem enables you to identify potential startups or co-founders that align with your interests, skills, and aspirations. You can track promising startups, explore their offerings, and evaluate their potential for growth. This knowledge can help you make informed choices when the time comes to make the leap into the startup space. Immersing yourself in the startup ecosystem helps develop a mindset that is agile, innovative, and adaptable. You gain exposure to the entrepreneurial mindset, where experimentation, learning from failures, and embracing change are central. This mindset shift is valuable for navigating the dynamic and fast-paced startup environment. By actively staying connected to the startup ecosystem years before transitioning, you can make a smoother and more informed transition, setting yourself up for success in the startup world.

Conclusion:

Transitioning from a corporate job to the world of startups requires a preparation, deliberate approach and a willingness to "embrace the madness" . By developing transferable skills, gathering practical domain experience, building strong relationships, joining a startup with a technical founder, and keeping tabs on the startup ecosystem, you can position yourself for success. These recommendations provide a framework for navigating the challenges and seizing the opportunities presented by the dynamic startup environment. With the right mindset, skills, and connections, you can make a meaningful impact and contribute to building a better future in the world of startups.