At some point in your life, you might have wondered whether to work for a startup or a large company. As someone who has personally worked in a large MNC as well as a Fintech Startup, I am more than willing to share my thoughts on the working in a fintech startup.
Benefits in working in a Fintech startup
1. More opportunities and responsibilities
Working at a fintech startup usually means you are part of a small team. Unlike a MNC where the work you get is more specialised, the learning curve is steep here. In addition, you would be exposed to a myriad of knowledge, Often, you need to be an all-rounded individual responsible for various tasks. Hence, the result is beneficial, as you become more grounded in fundamental concepts.
2. Different type of reward
Without stating the obvious that working in the startup will most likely means lower pay than the corporate MNC has to offer. However, working at a startup offers a different type of reward, being the various skill set and opportunity that you would never have if working for a large corporate. This is outweigh the monetary compensation. Personally, I had an opportunity to work in the company’s business plan, really get to know the business model inside out and contribute to the future business strategy.
3. You get valuable mentorship.
As a startup is usually small in manpower, you get to work with either the top management or even the founders themselves. These people are extraordinarily motivated and would go the extra mile to give you valuable mentorship.
4. You are free from office politics.
The startup environment is really a place where ideas can bounce around freely without being judged. You can get your creative juices flowing and develop an inquisitive mind, without fear of repercussions from office politics. This is unlike working in a large bureaucratic company.
There are things to consider in working in a fintech startup. One of them being less job security. 9 out of 10 startups fail, with the most common reasons cited to be a lack of sufficient capital (29%), the assembly of the wrong team for the project (23%), and superior competition (19%)[1]. However, the experience and knowledge that you gained will be invaluable for future opportunities.
In summary
If you are a young and enterprising graduate, consider working in a fintech startup, even if you want to end up in a large company in future. The benefits you stand to gain outweighs the cons mentioned above, as you would be able to add value to your future employers with your past startup experience.
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