Business Education

Pros and Cons of Working for a Startup

There are pros and cons of working for a startup — everyone knows this. But, it’s the actual realities versus the imaginary which cause a lot of undue anxiety and stress. Of course, it’s only natural to feel a bit uneasy about joining a fledgling organization. Even if it’s a great idea and a wonderful team of individuals, there are still up and downsides of working for a startup.

Cons of Working for a Startup

Let’s begin with the downsides first. It’s certainly no secret that salary is a huge concern. Often, what you’re paid is either low or in some circumstances, it’s “sweat equity.” Even if there’s an acceptable salary, there’s the real possibility your job description will contain a whole host of duties. In such an environment, it’s quite common for specialists to become jacks of all trades.

Working for a startup can involve a lot of risk, that’s no secret; according to the Wall Street Journal, three out of every four startups fail. In fact, there are startups funerals in Silicon Valley where CEOs can highlight the demise of their defunct companies and ruminate on any mistakes made. But that doesn’t mean taking a job with a startup – even one that ultimately fails – won’t allow you to gain valuable experience and skills to add to your resume. —Monster.com

Then, there’s the real possibility of working with less. It isn’t unheard of to have little to practically no resources at your disposal. Of course, one of the most common downsides of joining a startup is those long, irregular hours. Finally, there’s the real risk of untimely failure or an inescapable decline toward failure.

Pros of Working for a Startup

Obviously, it’s not all bad news. (If it was, no one would ever even consider working for startups. In fact, startups might not exist.) So, here are the upsides for working for a startup:

A potential huge ROI. We’ll begin with the ultimate enticement — a gigantic payout. After all, isn’t this why startups get going in the first place? And, there’s certainly no shortage of examples out there to showcase big-time successes.
Big gain in experience. Okay, let’s suppose you just earn a good salary and don’t hit the entrepreneurial lottery. You’ll gain a whole lot of experience during your journey that’s probably not available anywhere else.
Making new connections. Another advantage of joining a startup is your ability to make new connections. You’ll meet a host of people in different roles which can really expand your professional network.
The intangible excitement factor. It’s not just all about money and experience. There’s also the excitement of an unknown journey. It’s all wrapped up in a whirlwind of circumstances and emotions.

What other factors would you say play into joining a startup? Please let others know about your thoughts and experiences by commenting!

Interested in learning more about business? Then just visit Waters Business Consulting Group.

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How to Fire a Client

May 24, 2017 No Comments

Every entrepreneur will eventually fire an employee or severe a relationship with a supplier or vendor. These are the most common scenarios we associate with pink slips and the practice of doing business. However, there’s another we don’t often think about, or, only privately suffer because it’s difficult to own-up to a mistake. In this particular situation, you’ll have to fire a client and it can be very difficult to face. You must consider the financial impact, and, the dynamics [read: pain point] it will unleash on your business in the aftermath. You might be confronted with a negative review, an unpleasant back-and-forth, or even a total disruption of your business workplace. Ways to Fire a Client With the new year fast approaching, you’ve probably begun to focus on your personal and professional resolutions. One of them could very well be to purge toxic relationships, which include bad clients. These can be individuals who love to demand rather than delegate, micromanage work to the point there’s no real point someone else does any of it, insists on rushing which compromises quality, or other detrimental behaviors. When you are just getting started with your business, you’re probably willing to work with any and every client who comes your way. However, not every client is a good one. The emotional, physical, and mental drain caused by a bad client relationship can keep you from enjoying your job and negatively impact the work you do for other clients. At times, the best way to grow your business is to let go of those clients who are holding you back. —Forbes.com It could be a well paying client who has a penchant to promote pandemonium, one who expects deep discounts but superior work quality, wastes your time without remorse or even any acknowledgement of it. You know who he or she is because you dread any contact and even the sight mention of his or her name is enough to make you cringe. Still, you put-up with their bad conduct because you feel a sense of loyalty. So, how are to you end such a relationship? Start with some genuine, introspective soul-searching. Is it something that you’re taking offense to that’s more about your personality? Are you contributing to the chaos with your own behavior? If you’re honestly not part of the problem, then try to resolve the situation first. Approach it subtly, but earnestly, and see what happens. If this doesn’t work, there are ways to fire a client and depending on the situation, one will probably be the best solution: Inform the client you are refocusing your efforts. Every new entrepreneur will accept any type of work when first starting out, even if it’s not a strong-suit. At this early juncture, revenue flow is a top priority. However, it undermines and erodes the relationship over time. Use this to your advantage and explain how you are not serving his or her best interest. Point this out and gracefully bow-out. Announce to the client you have to raise your rates. Money is a big deal — make no mistake about it. You know it to be true as does the professional who’s always espousing the healthy attributes of professional relationships, giving back to the community, good will, and the like. While those are indeed wonderful things, money is a practical part of business and announcing you’re raising your rates might just be the nudge which sets you free. Give him or her options for other service providers. Explain you are moving in a direction to serve a specific subset of your clientele. Along with it, give him or her options, recommending different competitors. Manage his or her expectations by providing actionable steps. Some clients will resist ending the relationship at nearly any cost. They’ll make promises about changing their behavior, bringing you more business, or other saving graces. Since you want to sever the relationship cleanly and permanently, provide a list of actionable steps he or she can take without your assistance. If you aren’t necessarily dealing with a problem client, just one who is no longer profitable, but still pays on-time and is good-natured, speak with less expensive, alternative service providers and give them the business. This creates a win-win scenario for all parties. In my past businesses and as a business consultant and coach, I have experience in each of these circumstances with customers and clients. I have found that the best approach is an honest approach with a strong dose of caring and encouragement. So, what customers will you fire or have that crucial conversation with in 2016? Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Use Your Past to Build a Better Future

May 16, 2017 No Comments

Mistakes, missteps, adversity, hurt, and failure. All of these are negative experiences, at least, at first impression. We’ve all dealt with heartache and heartbreak, with disappointment and resentment. So many pessimistic experiences and impressions can easily discourage to the point of apathy. It’s choosing another path to deal with such occurrences that’s one of the single most difficult things to do in life, and in business. There’s just no avoiding the fact that mistakes will be made, perhaps even to the extent of leading to outright failure of a company, even for entities that are established and realizing a profit. No matter the size or presence of a brand, it can deteriorate and ultimately flounder to the point of no return. We’ve seen this before in the business world, particularly in giants: Blockbuster Video, Circuit City, Borders Books and Music, Radio Shack, Montgomery Wards, Steak & Ale, the list goes on and on. Use Your Past to Build a Better Future One obstacle to overcome is being creatures of habit. Sure, these definitely differ from person to person, but regardless, remain part and parcel of our day-to-day routines. It’s quite easy to let this phenomenon creep into a business environment, and sometimes, with the best of intentions. Habit (read: practice and procedure) can be a good thing. It can also be a death knell, and when you can’t pinpoint the root cause, make you susceptible to more than one failure. The more clearly you understand your strengths and how they enabled you to get to this point, the more effectively you can leverage them into a bright and fulfilling future. It’s important not to regret the past. Instead, you must appreciate all of your positive experiences and find a way to learn from the negative ones. —Business Insider Our past is part of who we are, but, it doesn’t have to define who we are or what we can become. If you think about it for a moment, your past is one of the most valuable weapons you have in your arsenal leading you into the future. This is so understood, it’s actually become a set of quintessential cliches. We see these motivating messages all the time and get a lift. That feeling subsides and it’s human nature to let the past work its negativity on us. I share with my clients that although my successes are something I appreciate, it is my failures that provided me the learning to excel and help others accelerate their success in less time and less mistakes. Failure is the precursor to success. Failure is an event so do not let it define who you are. Use your past to empower yourself and move forward with your future: Change small things, one at a time. There’s a technique in the world of psychology known as, “solution focused brief therapy.” In short, it works by putting focus on building solutions instead of problem solving. It works in a splendidly simple way: you change one small thing at a time. It could be waking-up 10 minutes earlier, exercising just a little every day, or working on this or that skill. Whatever it is, when you become better at it, you’ll feel a genuine sense of accomplishment. Take-on tasks you regularly avoid. Speaking of exercise, this is one thing many people avoid, though it certainly isn’t the only one. You might not like talking on the phone, going-over or creating certain documents, or some other task. Here again, whatever it might be, incremental change is key. Know and accept your weaknesses. You might not be good at this or that, and that’s perfectly okay. For entrepreneurs, this is a very difficult concept to accept. Being natural self-starters, optimists, and enthusiasts, not being able to excel at something is foreign and frustrating. When you do accept your weaknesses, you’re actually demonstrating your own strength, particularly if you bring-in someone else that has those exact skill sets. Look at yourself through another’s eyes. You probably get compliments from time to time, though these might not be overt. Take stock in each one by accepting them for what they are, and know it’s how the person who gave it truly feels about you. [shareaholic app=”follow_buttons” id=”26833294″]

How to Get Business Referrals in Secretive Industries

May 16, 2017 No Comments

Referrals are one the most important parts of a successful business. When these come in and you deliver, more are likely on the way. In addition, these are a surefire sign that those you serve are more than satisfied and want to show support and appreciation. Unfortunately, there are industries which operate under a significant amount of discretion (read: secrecy). Examples are sports agents, investment bankers, ghostwriters, healthcare providers, and even business development professionals. Because of this, it’s a lot more difficult to get referrals. You can’t necessarily ask your clients to spread the word since they don’t want others to know what you’ve done for them. To the outside world each client is successful on his or her own and not because you provided advice, action plans, and of course work product. Although you feel a sense of accomplishment and pride, you can’t just use these experiences freely. How to Get Business Referrals in Secretive Industries Referrals are a cornerstone of doing business, and it’s what entire entities are based upon — examples include Angie’s List, Yelp, Healthgrades, and Home Advisor. These services provide consumers with real customer reviews and that relatable trust is what gets people to pickup the phone. In some industries, like those listed above, the provider might not be able to tap into the same resources. Your best source of new business is referrals from happy customers or clients. You cannot receive a better lead than one that has been sent your way with a strong referral. You cannot have a more motivated prospect arrive in your store or restaurant than someone sent there by a raving fan. —Forbes If you want to get referral business, but are in a business that’s subject to secrecy, you can still do so you just need to be a little more creative. This is especially true if it’s not just based on discretion but also guaranteed with non-disclosure agreements. Here are some ways to get business referrals in secretive industries: Use a “degrees of separation” approach. One way to get referrals when you’re subject to secrecy is through former industry insiders. Connect with individuals who use to be in the business and speak with each about being a brand advocate. The friend-of-a-friend approach is also worth giving a try to get more referrals. Ask a willing client to speak on your behalf. You might have a current or former client or two that are willing to speak with others about doing business with you and their experiences. Take advantage of this and show your appreciation with a gift, discount, or another way of saying, “Thank you.” Give potential customers more control. One thing that scares new prospects is the fear of making a big and/or long-term commitment. To overcome this objection give potential customers flexible and short terms. Openly demonstrate your plans. Possible customers might also be unsure of what you’ll be able to deliver — because of this, the secretiveness balloons into a larger problem. To combat issue openly demonstrate your plans and let him or her evaluate and ask questions. Another thing you can do is to give away a little to entice potential clients to doing business with you. By doing so you’re demonstrating your confidence in your abilities and willingness to do what it takes to earn his or her business. Want to find out about what a business coach can do for you? [shareaholic app=”follow_buttons” id=”26833294″]

Pros and Cons of Working for a Startup

Cons of Working for a Startup

Pros of Working for a Startup

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How to Fire a Client

Use Your Past to Build a Better Future

How to Get Business Referrals in Secretive Industries